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.


US freezes visa processing for 75 countries, media reports Pakistan included

Updated 14 January 2026
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US freezes visa processing for 75 countries, media reports Pakistan included

  • State Department announces indefinite pause on immigrant visas starting Jan 21
  • Move underscores Trump’s hard-line immigration push despite close Pakistan-US ties

ISLAMABAD: The United States will pause immigrant visa processing for applicants from 75 countries starting Jan. 21, the State Department said on Wednesday, with Fox News and other media outlets reporting that Pakistan is among the countries affected by the indefinite suspension.

The move comes as the Trump administration presses ahead with a broad immigration crackdown, with Pakistan included among the affected countries despite strong ongoing diplomatic engagement between Islamabad and Washington on economic cooperation, regional diplomacy and security matters.

Fox News, citing an internal State Department memo, said US embassies had been instructed to refuse immigrant visas under existing law while Washington reassesses screening and vetting procedures. The report said the pause would apply indefinitely and covers countries across Asia, Africa, the Middle East, Europe and Latin America.

“The State Department will pause immigrant visa processing from 75 countries whose migrants take welfare from the American people at unacceptable rates. The freeze will remain active until the US can ensure that new immigrants will not extract wealth from the American people,” the Department of State said in a post on X.

According to Fox News and Pakistan news outlets like Dawn, the list of affected countries includes Pakistan, Afghanistan, Bangladesh, Iran, Iraq, Egypt, Nigeria, Russia, Somalia, Brazil and Thailand, among others. 

“The suspension could delay travel, study, and work plans for thousands of Pakistanis who annually seek US visas. Pakistani consulates in the US are expected to provide guidance to affected applicants in the coming days,” Dawn reported.

A State Department spokesman declined comment when Arab News reached out via email to confirm if Pakistan was on the list. 

The Department has not publicly released the full list of countries or clarified which visa categories would be affected, nor has it provided a timeline for when processing could resume.

Trump has made immigration enforcement a central pillar of his agenda since returning to office last year, reviving and expanding the use of the “public charge” provision of US immigration law to restrict entry by migrants deemed likely to rely on public benefits.

During his previous term as president, Trump imposed sweeping travel restrictions on several Muslim-majority countries, a policy widely referred to as a “Muslim ban,” which was challenged in US courts before a revised version was upheld by the Supreme Court. That policy was later rescinded under the President Joe Biden administration.

The latest visa freeze marks a renewed hardening of US immigration policy, raising uncertainty for migrants from affected countries as Washington reassesses its screening and vetting procedures. 

The freeze on visas comes amid an intensifying crackdown on immigration enforcement by the Trump administration. In Minneapolis last week, a US Immigration and Customs Enforcement (ICE) agent shot and killed 37-year-old Renee Good, a US citizen, during a federal operation, an incident that has drawn nationwide protests and scrutiny of ICE tactics. Family members and local officials have challenged the federal account of the shooting, even as Department of Homeland Security officials defended the agent’s actions. The case has prompted resignations by federal prosecutors and heightened debate over the conduct of immigration enforcement under the current administration.