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Shehzad said Pakistan’s external account issues are not settled as yet and the IMF has yet to be on board to release funds. Since then, the rupee has remained volatile. After reaching a peak of Rs 211.93 on June 22, the dollar had started declining for a brief period and fell to a low of Rs 204.56 on July 4.
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It, however, closed at Rs 221.99, appreciating 3.1%, according to the State Bank of Pakistan (SBP). According to the Forex Association of Pakistan (FAP), the local currency fell by Rs 8.80 in the interbank market following Monday’s close of Rs 215.20. “The dollar is getting stronger in the global market almost against all the world currencies and the Pakistani rupee is no exception,” said Khurram Shehzad, chief executive officer of investment firm Alpha Beta Core. Analysts believe that domestic political and economic situations are not the only factors responsible for the rupee’s devaluation. White House Press Secretary Karen Jean-Pierre said that Mahatma Gandhi has an enduring message of truth and nonviolence.ISLAMABAD: The Pakistani rupee broke all previous records on Tuesday, falling to a new low of Rs 224 against the US dollar before closing at Rs 222 in the interbank market. White House, New York City Mayor condemn recent cases of vandalism of Mahatma Gandhi statue In Bihar Assembly floor test today, altogether 160 MLAs voted in favour of the confidence motion while no vote was cast against the same
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Mahagathbandhan government in Bihar-led by Nitish Kumar comfortably wins trust vote Alert troops fired at them, forcing them to retreat, officials said. In the fresh raids in the ongoing money-laundering investigation into alleged illegal mining in Jharkhand, the ED recovered two AK-47 assault rifles and 60 bullets, official sources said.Īrmy foils infiltration bid along LoC in Jammu's Pallanwala sector, third failed attempt by terrorists in 72 hoursĪ group of terrorists tried to infiltrate into the Indian territory in the Jammu's Pallanwala sector on Tuesday night. Jharkhand illegal mining case: Enforcement Directorate arrests middleman Prem Prakash A Pakistani smuggler was shot at but he managed to crawl back to Pakistani side," said public relations officer, BSF Jammu. "Eight kg of narcotics, likely to be heroin, were recovered. Follow us on Facebook, Twitter and Instagram.īSF thwarts narcotics smuggling bid in J&K's Samba, Pak smuggler shot at along IB Read all the Latest News, Trending News, Cricket News, Bollywood News, Inflation in Pakistan entered the double-digit mark in July, the biggest surge in nearly six years. Additionally, the market is also eyeing the outcome of Prime Minister Shehbaz Sharif and top PML-N leaders' meeting with the party supremo Nawaz Sharif in London for any clues on when the new government would withdraw energy subsidies to restart IMF loan negotiations on 18 May, and whether it will agree to announce fresh elections or not. Since the beginning of this fiscal year (1 July, 2021) to date, the rupee has collectively dropped by a massive 21.7 per cent (or Rs 34.23) compared to the previous fiscal year's close at Rs 157.54. Meanwhile, former finance minister Hafiz Pasha said, "The only way to steer out of the economic crisis is to talk with IMF as soon as possible otherwise the value of the rupee could depreciate further." The local currency continued its downward streak in line with the predictions of the analysts who fear more losses down the road as the country remains mired in political and economic instability, the report added.Īnalysts blame former prime minister Imran Khan to add to the troubles of the economically-challenged PML-N led regime, adding, that lack of direction and clarity regarding the government's economic strategy, delay in decision making as well as rising commodity prices in the international market have dampened the sentiment of the market. The Pakistani rupee on Thursday continued its downward slide against the US dollar as it dropped to an all-time low, surpassing 191 in the interbank market, Geo News reported. Islamabad: Ahead of the delay in the revival of the International Monetary Fund programme and falling foreign currency reserves, the Pakistani rupee hit an all-time low against the US Dollar, crippling the country's economy further.