Tag: highs

  • Pakistani rupee tumbles to Rs200 versus US dollar in the interbank

    Pakistani rupee tumbles to Rs200 versus US dollar in the interbank

    The lack of clarity on both economic and political fronts worsened the Pakistani rupee’s (PKR) difficulties, as the local currency sank to Rs200 against the US dollar during intraday trading in the interbank market on Thursday, May 19.

    Pakistani currency officially breached the 200-barrier in the open market on May 18, closing at Rs198.39 after a day-on-day devaluation of Rs2.65 or 1.3 per cent.

    Investors, on the other hand, are concerned about the reactivation of the stalled $6 billion Extended Fund Facility (EFF) programme due to the government’s inability to implement IMF conditions. Meanwhile, market sentiment was severely harmed by continued domestic political uncertainties.

    Pakistan and the IMF are holding talks in Doha as the South Asian country wants to revive the IMF programme. On Wednesday, Federal Minister of Finance and Revenue Miftah Ismail met virtually with IMF Mission Chief Nathan Porter.

    During the meeting, Ismail underlined the government’s resolve to implement the IMF’s reforms and meet the program’s structural goals.

    He stated that the administration recognises the need to make difficult decisions while minimising the impact of inflation on the middle and lower income groups.

  • Pakistani rupee nearing an all-time low

    Pakistani rupee nearing an all-time low

    On Monday, the Pakistani rupee (PKR) fell for the third consecutive session as depleted foreign exchange reserves and uncertainty over the renewal of the International Monetary Fund (IMF) programme weighed on the local currency.

    The PKR lost 0.48 per cent of its value against the US dollar in the interbank market.

    The rupee ended the day at Rs187.53, down 90 paisas, or 0.48 percent, according to the State Bank of Pakistan (SBP). After a 0.5 per cent decline, the rupee finished at Rs186.63 on Friday.

    Considering the latest decline, the local currency is only 65 paisas away from reaching an all-time low of Rs188.18 on April 7, 2022.

    Oil prices fell on Monday alongside equities, driven down by a strong dollar and demand fears stemming from China’s continued coronavirus lockdowns.

    Read more: Bitcoin falls to lowest since January after stock market

    The key cause driving the rupee’s decline against the greenback, according to Arif Habib Limited Head of Research Tahir Abbas, is uncertainty on the IMF front.

    Uncertainty about the programme led to a surge in selling pressure in Pakistani stocks, which fell throughout the day.

  • Petrol, Diesel prices to remain unchanged till April 15

    The government has decided to maintain the existing prices for petroleum products for the fortnight. Petroleum prices will remain unchanged from April 1 to April 15, as per a statement released by the finance division.

    Petrol is currently priced at Rs149.86 per liter, while diesel, kerosene oil, and light diesel are priced at Rs144.15, Rs125.56, and Rs118.31 per liter, respectively.

    Following an increase in global market prices at the time, the government approved a record-breaking Rs12.03 per liter hike for petrol on February 15. Surprisingly, on February 28, the government decreased POL prices by Rs10 per liter, to lessen the impact of existing inflation on the public.

    The Oil and Gas Regulatory Authority (OGRA), on the other hand, has raised the price of liquefied petroleum gas (LPG) by Rs13 per liter.

    Read More: Nisab amount of zakat deduction set at Rs88,927 for 2022

    After an increase of Rs157 per domestic cylinder and Rs606 per commercial cylinder, the prices of domestic and commercial LPG cylinders have been fixed at Rs2,916 and Rs11,220, respectively, for April 2022.

    Conversely, in the aftermath of the Russia-Ukraine conflict, the international market saw massive volatility as crude oil prices reached new highs.