Tag: rupees

  • July remittances post significant hike

    July remittances post significant hike

    The Pakistani diaspora has sent $3 billion back home in July, 48 percent higher than the previous year, The News has reported.
    State Bank Pakistan (SBP) data shows that remittances from Saudi Arabia increased by 56 percent to $761 million in July, while those from the United Arab Emirates increased by $611 million.
    The percentage reflected a 94 percent surge from the UAE compared to July 2023.

    Remittances from the United Kingdom totaled $443 million, a 45 percent increase from the previous year. Workers also sent $300 million from the United States, a 24 percent hike from last July.
    The research director at AKD Securities Limited, Awais Ashraf said, ‘’This increase is mainly due to the movement of worker remittance into the formal channel, spurred by the reduced rate difference between exchange companies and the interbank market’’.

    Throughout FY24, Pakistan posted a current account deficit of $681 million, equivalent to 0.2 percent of the gross domestic product.

  • Employees getting Rs 15 billion of free electricity: Secretary Power Division

    Employees getting Rs 15 billion of free electricity: Secretary Power Division

    The Senate’s Standing Committee on Energy has been briefed by the Secretary of Power Division that 190,000 employees are being given free electricity worth 15 billion rupees annually.

    He said, “Our electricity demand for industry is about 25 percent, decreasing over time.”

    The Secretary explained that 25 million employees of 400 units received a 592 billion subsidy, which has now increased by Rs 692 billion. “244 billion was taken from industry and given to domestic consumers,” he told the Committee.

    Senator Mohsin Aziz remarked, “IPP has become a dragon, and people are on the streets.”

    The federal minister for power and energy said, “Even if we get five rupees from IPP payments, we will help poor people.”

    The minister opined that electricity theft can be reduced with privatisation and digitisation.

  • Interbank trade: Pakistani rupee falls to all-time low of Rs214.74 against US dollar

    Interbank trade: Pakistani rupee falls to all-time low of Rs214.74 against US dollar

    As a result of the ruling PML-N’s defeat in the Punjab by-elections, which has caused political turmoil in the nation, the Pakistani rupee (PKR) on Monday fell to an all-time low of Rs214 against the US dollar in interbank trade.

    Today’s intraday trade saw Rs3.79 depreciation of the local currency against the US dollar. It is still unknown where the local currency will end up after the day’s trading.

    The local currency has reached an all-time low because the US dollar was trading for Rs214.74 on the interbank market, according to the Exchange Companies Association of Pakistan (ECAP).

    Pakistani rupee’s record low against the dollar was Rs211.48 on June 21. Since then, the currency has remained erratic.

    The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index is also down, with the bears controlling trading at the bourse. As of 11:34 am, the index was trading at 41,532.46 points, down nearly 550 points.

    Pressure on import payments and political unpredictability, according to Samiullah Tariq, Head of Research at Pakistan-Kuwait Investment Company, are to blame for the rupee’s decline.

    The results of the by-election on Sunday, according to the analyst, provided clarity, but the market is still waiting for a plan of action.

    PKR is weakening, but Arif Habib Limited analyst Ahsan Mehanti expressed optimism that it would soon rebound because all predictions favour the local currency.

    Mehnti was of the view that Pakistan will benefit greatly from the funds it will receive from the International Monetary Fund (IMF) as a result of the staff-level agreement.

  • ‘Increasing value of dollar benefits overseas Pakistanis,’ Governor State Bank of Pakistan

    ‘Increasing value of dollar benefits overseas Pakistanis,’ Governor State Bank of Pakistan

    Governor State Bank of Pakistan, Reza Baqir, while talking to the media in the United Kingdom (UK) said that the increasing value of the dollar benefits overseas Pakistanis and we should not forget those who benefit from this increase.

    “Rising dollar benefits some people and harms others. Overseas Pakistanis benefit because the money they send to their loved ones has more value. We should not forget those who benefit,” he said.

    Twitter users were quick to react to his statement.

  • Monkey steals money from man travelling in rickshaw

    Monkey steals money from man travelling in rickshaw

    A man in India was deprived of INR 100,000 (Rs229844.73) after a monkey went off with his money and threw it in the street.

    As per reports, a wild monkey snatched a wrapped towel with more than one lac [Indian] rupees from a traveler in an autorickshaw that was stuck in a traffic jam on a narrow road in Madhya Pradesh and scattered the money all over a busy street. People rushed to grab what they could.

    The monkey came inside the rickshaw and snatched the towel from the hands of the passenger before climbing a tree. The animal began to shake the towel, after which the banknotes began to rain down the street.

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    The money’s owner managed to get his hands on INR56,000 (Rs128,666), as the remaining amount could not be recovered after many people went off with the money.

    The police are now facing problems in tracing one of the suspects as there was no CCTV cameras in the area.

    The police said that the monkey often invades vehicles as many people provide food to them.

    Police have not registered a robbery case due to lack of evidence against anyone.