iPhone | iPad
Android
Huawei
Second quarter net operating income of Dh6 million compared to Dh24 million in Q1 2022 mainly due to lower trading revenues; Net loss attributable to shareholders of Dh170 million in Q2 2022 compared to net income of Dh6 million in Q1 2022
KT APPDOWNLOAD
Pakistani rupee hits fresh all-time low on political uncertainty
The South Asian nation currency, the second worst performer this year after Sri Lanka, shed another 0.66 per cent to the US dollar
The rupee lost 30.2 per cent of its value against the US dollar this year, second only after the Sri Lankan rupee loosing 78.6 per cent. — File photo
The Pakistani rupee remained under pressure against the US dollar, the UAE dirham and other major currencies and hit fresh all-time low on political uncertainty and rising demand of the greenback from the importers.
The South Asian nation currency, the second worst performer this year in Asia after Sri Lanka, shed another 0.66 per cent to the US dollar and closed at 229.88 (62.63 versus the dirham) in the interbank market on Monday, according to data shared by the State Bank of Pakistan.
The rupee lost Rs3.63 against Friday’s close of 228.37 against the US dollar (62.22 against the dirham) to reach at 232 (63.21 versus the dirham) during the intra-day trading but recovered some grounds in the final session of the day.
In the open market, the rupee was changing hands at 235 to a dollar (64.03 against the dirham) as importers were keen to buy the greenback to clear their payments. The rupee lost 30.2 per cent of its value against the US dollar this year, second only after the Sri Lankan rupee loosing 78.6 per cent.
Samiullah Tariq, head of research at Pakistan Kuwait Investment Company, said the rupee will remain under pressure until the political uncertainty is over.
“I think the rupee depreciated as payments became due for higher energy imports on previous months, delay in arrival of planned inflows, increase political uncertainty, and change in rating outlook by rating agency,” Tariq told Khaleej Times on Monday.
“I think once there’s a clarity on political front and certainty regarding arrival of inflows, the Pak rupee exchange rate against the US dollar should improve,” he said.
Zafar Paracha, general secretary of Exchange Companies Association of Pakistan, the rupee will continue losing ground as no practical measures are being taken by the government and the central bank to stop the dollar's flight.
“Banks are trading the dollar in the interbank market with a big difference between buying and selling rates. This has raised concerns, but the government is doing nothing to contain this practice," he said.
— muzaffarrizvi@khaleejtimes.com
More news from Business
The UAE, the company’s largest market, saw high growth in merchant payments processed from domestic consumers at 20 per cent year on year, and payments from international visitors growing 92 per cent
The company's strong balance sheet will support the company’s growth strategy, including investments in digital and technological infrastructure as well as its active merger and acquisition pipeline
The company’s revenue increased 31 per cent to Dh1.041 billion as compared to Dh792 million in first half of 2021 while its operating costs dropped 16 per cent
Kashkari sticks to his view of 3.9% Fed funds rate at end-2022; Evans sees 3.4% policy rate this year; Both push back on market expectation for rate cuts next year; Inflation, employment data to determine size of Sept rate hike
Approval would save time, money on Asian routes; Q2 net profit $100m versus loss of $81m a year ago; Revenue up sharply, but still below Q2 in 2019
The transaction includes solar power projects in Turkey’s Karapanar and Gaziantep regions and a wind power project in Ankara
The five-year contract was awarded by Adnoc Offshore to Adnoc Logistics and Services (Adnoc L&S) and underpins the world-class capabilities within Adnoc’s group companies