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‘Political uncertainty’: Pakistani rupee hits new low of 215.20 against US dollar

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  • Pakistani rupee depreciates Rs4.25 against greenback. 
  • On June 22, rupee had closed at a record low of 211.93.
  • Analyst cites import payment pressure, political uncertainty as reason behind decline.

KARACHI: The ruling PML-N’s thumping in the Punjab by-elections that has triggered political uncertainty along with import pressure took the Pakistani rupee to a new low against the US dollar in the interbank market Monday.

Data released by the State Bank of Pakistan (SBP) showed that the local unit lost Rs4.25, or 1.97%, against the US dollar to close at an all-time low of Rs215.20.

It is the highest day-on-day depreciation after March 26, 2020.

On June 22, the rupee had closed at a record low of 211.93 against the greenback and since then the currency has remained volatile.

Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq cited import payment pressure and political uncertainty as reasons for the rupee’s hit.

The analyst told Geo.tv that Sunday’s by-election results gave clarity but the market is awaiting a strategy going forward.

“[The] market is looking for a direction, therefore investors are anticipating what would be the way forward. Will the coalition government announce early elections or not?” said Tariq.

On the other hand, Arif Habib Limited analyst Ahsan Mehanti is hopeful that the depreciating rupee would recover soon as all speculations are in favour of the local unit.

Mehanti believes that the funds that Pakistan will receive from the International Monetary Fund (IMF) following the staff-level agreement will give the local currency a “much-needed breather”.

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A bid of ten billion rupees has been submitted by Blue World Consortium for the privatization of the Pan-India Airport (PIA).

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A bid of 10 billion rupees has been made by the Consortium to privatize Pakistan International Airlines.

There is only one bid from the Blue World Consortium.

The Blue World City Consortium has been the only group to submit documentation.

Through circulation, the Federal Cabinet will approve the reserve price of PIA.

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Business Leaders Are Encouraged To Keep Up With New Regulations Regarding Pakistan’s Textile Exports To Germany

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Despite the fact that Pakistan is a significant exporter of textiles to Germany, business leaders in Pakistan need to remain updated about developing laws. A conference on textiles was organized in Karachi, and German Consul General Dr. Rudiger Lotz underlined this point at the event.

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During his meeting with the Qatar Businessmen Association, the Prime Minister of Pakistan extended an invitation to invest in key sectors.

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Meeting with the Qatar Businessmen Association (QBA) delegation, Prime Minister Muhammad Shehbaz Sharif talked about strengthening economic ties and looking into new cooperation opportunities.

His Excellency Sheikh Faisal Bin Qassim Al-Thani led the QBA delegation, which was made up of prominent businesspeople from Qatar who each represented important economic sectors. During the discussion, prominent members of Qatar’s business sector and important leaders from Pakistan discussed how to improve trade, investment, and economic ties.QBA members in attendance included Sheikh Mansoor bin Jassim Al Thani, Chairman of the Mansoor Jassim Al Thani Group; Mr. Nabil Abu Issa, CEO of Blue Salon; Mr. Khalid Ahmed Al Mannai, Executive Director of Mannai Corporation; Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank; Mr. Yousuf Ebrahim Al-Mahmoud, Director of Sendian Group; and Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank.

By highlighting the many prospects in industries like energy, infrastructure, and finance, the prime minister made Pakistan an alluring place for foreign investment.

All of these delegates showed interest in Pakistan’s economic situation, namely in the future energy, technological, and infrastructure development initiatives under consideration.
Throughout the discussion, both parties looked at possible partnerships that may promote innovation, job creation, and sustainable development in both nations. The QBA members expressed interest in increasing their investments in Pakistan’s infrastructure and energy sectors in a positive response to the Prime Minister’s request. The significance of bilateral cooperation was emphasized in order to support regional economic growth and stability.

The meeting was also attended by Federal Ministers for Commerce Kam Kamal Khan, Finance and Revenue Mohammad Aurangzeb, and Information and Broadcasting Attaullah Tarar, as well as Deputy Prime Minister and Foreign Affairs Senator Mohammad Ishaq Dar and Defense Minister Khawaja Muhammad Asif.

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