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Despite Covid impact, rupee stays strong vs dollar
Pakistani currency strengthened 6.2% to stand at 157.54 at end of FY21
PHOTO: FILE
KARACHI:
Pakistani rupee showed strong resistance against the US dollar during fiscal year 2020-21 despite serious repercussions of Covid-19 for the national economy.
The local currency appreciated by 6.2% against the greenback between July 1, 2020 and June 30, 2021.
On Wednesday - the last day of the fiscal year - the rupee traded at Rs157.54 to a dollar compared to Rs168.05 on June 30, 2020, translating into its strengthening by Rs10.51.
During FY21, the government introduced strict rules to curb money laundering and its efforts yielded positive results as dollar smuggling shrank, leading to an increase in inflows through legal channels.
Pakistan books 11 cargoes of LNG
Imports aimed at bridging fuel deficit in the economy
In Pakistan, consumption of imported gas has remained low mainly due to the gas import contract at higher price. PHOTO: REUTERS
KARACHI:
Pakistan has booked 11 cargoes of liquefied natural gas (LNG) to be imported during March to partially bridge the deficit part of the fuel in the growing domestic economy.
The imports would, however, be made at an eight-month high price at $9.59 per metric million British thermal unit (mmbtu).
The government would make the expensive imports partly due to uptrend in the energy prices at global markets for the past couple of months and partly due to signing of 15-year long LNG import agreement with Qatargas at a higher rate by the previous government in the centre.
No change expected in interest rate
SBP will announce benchmark interest rate for next two months today
Earlier, the State Bank of Pakistan (SBP) had cut the benchmark interest rate by an aggressive 625 basis points during March-June 2020 to the current 7%. PHOTO: FILE
KARACHI:
Pakistan’s central bank is scheduled to meet on Friday (Jan 22) to determine the benchmark interest rate for the next two-month amid a situation whereby the second wave of Covid-19 pandemic still poses risk to economic activities.
Moreover, the government has increased power tariff by Rs1.95 per unit to resume the International Monetary Fund’s (IMF) loan programme. It has also passed on hike in international oil prices on to the local consumers. The current account balance, after remaining in surplus for the previous five successive months (Jul-Nov 2020), also turned negative in December 2020. Experts, however, believe inflation is manageable.
Pakistani Rupee Loses Big Against GBP, Remains Stable Versus the US Dollar
After a sudden drop in the Pakistani Rupee’s value against the US Dollar on the first day of the week, PKR held its ground today.
Yesterday, PKR lost 62 paisas against the USD, while in today’s interbank session, PKR closed with a gain of 3 paisas, trading at Rs. 160.67 on Tuesday (December 22) as compared to Rs. 160.71 on Monday.
Against other major currencies, PKR lost almost 12 paisas against the Euro, adding to yesterday’s gain of 19 paisas. Against the GBP, PKR lost Rs 2.48 after gaining Rs. 3.5 on Monday.
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