Pakistan rupee ends at record closing low of 305.5 per dollar

A dealer counts US dollars at a money exchange market in Karachi on March 2, 2023. (AFP/File)
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Updated 31 August 2023
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Pakistan rupee ends at record closing low of 305.5 per dollar

  • Rupee lost 0.4 percent as Pakistan eased import restrictions to abide International Monetary Fund conditions
  • Since induction of a caretaker administration in Pakistan ahead of elections, the rupee has shed 4.6 percent

KARACHI: Pakistan’s rupee fell to an eighth consecutive record closing low on Thursday, dropping to 305.5 per US dollar, central bank data showed.

The rupee lost 0.4 percent as Pakistan eased import restrictions to abide by conditions set under a $3 billion bailout package from the International Monetary Fund (IMF) and on political instability.

Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves.

A caretaker administration is currently governing Pakistan, tasked with steering the country through to a national election that is due to take place by November. It is also grappling with acute political tension, as well as historically high inflation and interest rates.

Since the induction of the caretaker administration the rupee has shed 4.6 percent. Through August, the rupee lost 6.2 percent.

At least one review under the $3 billion IMF Standby Agreement (SBA) will be with the caretaker government.

Pakistan’s sovereign dollar bonds slid on Thursday amid a broader emerging market debt rout. The 2031 maturity fell the most, by 2.5 cents, but several were down by 2 cents or more, according to Tradeweb data.


Pakistan Air Force conducts successful test of air-launched cruise missile

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Pakistan Air Force conducts successful test of air-launched cruise missile

  • The indigenously developed ‘Taimoor’ missile has a range of 600 kilometers and carries a conventional warhead
  • The missile is designed to fly at low altitudes, which enables it to evade hostile air, missile defense systems

ISLAMABAD: The Pakistan Air Force (PAF) has successfully conducted a test of an air-launched cruise missile, ‘Taimoor,’ the Pakistani military said on Saturday, marking another significant milestone in advancement of national aerospace and defense capabilities.

The indigenously developed Taimoor weapon system is capable of engaging enemy land and sea targets with high precision. The missile has a range of 600 kilometers and carries a conventional warhead.

The missile test comes months after a brief but intense military conflict between Pakistan and India in which the nuclear-armed neighbors exchanged missile and artillery fire and deployed drones and fighter jets.

Equipped with state-of-the-art navigation and guidance system, Taimoor is designed to fly at very low altitudes, enabling it to effectively evade hostile air and missile defense systems.

“Its precision-strike capability significantly enhances the conventional deterrence and operational flexibility of Pakistan Air Force, further strengthening the country’s overall defense posture,” said the Inter-Services Public Relations (ISPR), the military’s media wing.

“The successful flight test underscores the technical maturity, innovation and self-reliance achieved by Pakistan’s defense industry.”

The missile’s launch was witnessed by senior officers of the armed forces along with distinguished scientists and engineers, who played a pivotal role in the development of this advanced weapon system.

PAF’s Air Chief Marshal Zaheer Ahmed Baber Sidhu congratulated the scientists, engineers and the entire PAF team on this remarkable achievement, lauding their professional excellence, dedication and unwavering commitment to strengthening Pakistan’s defense capabilities.

“The air chief reaffirmed that such accomplishments are a testament to the nation’s resolve to achieve technological self-sufficiency and maintain a credible conventional deterrent in the evolving regional security environment,” the ISPR said.

“The successful test of the Taimoor weapon system reflects Pakistan Air Force’s continued pursuit of operational readiness, technological superiority and national security objectives.”

Pakistan has placed greater emphasis on battle readiness in recent months. On Dec. 15, Pakistan Navy test-fired surface-to-air missile in the northern Arabian Sea.

Prior to that, Chief of Defense Forces Field Marshal Asim Munir visited frontline garrisons of Gujranwala and Sialkot to observe a field training exercise involving tanks and drones, where he had highlighted the importance of technological adaptability, saying modern warfare required agility, precision, situational awareness and rapid decision-making.