Pak Rupee Witnesses Slight Improvement Against US Dollar to Settle at Rs 278.21

Fri May 03 2024
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Staff Reporter
Pakistani, Rupee, Dollar, Euro, Pound, Riyal, Dirham
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ISLAMABAD: After recording a slight appreciation last day, the Pakistani rupee registered another marginal improvement by gaining 9 paisa (0.03%) against the American dollar in the inter-bank market on Friday. At close the local currency settled at Rs278.21 against the last day closing of Rs278.30.

In a key development, Minister for Investment and Privatisation Abdul Aleem Khan remarked the government would push back the deadline for companies to show interest in buying the national flag carrier, the Pakistan International Airlines to May 18.

Meanwhile over a dozen of companies have showed their interest to buy shares of PIA.

Meanwhile at global front, the American dollar faced some pressure against other international currency and remained in red slightly.

Pak Rupee Against US Dollar

The Pakistani currency registered both appreciation and depreciation, against the US dollar during last couple of months with recent continues improvement except the last few days. From September, till middle of October 2023, the local unit witnessed improvement for record 28 consecutive sessions against the US dollar, followed by continues decline for 17th consecutive sessions from October till middle of November, 2023.

However, at the end of December 2023, and then in January 2024, the local unit mostly witnessed appreciation against the greenback, thanks to the inflow from the IMF (International Monetary Fund) in form of Rs700m followed by a $2b roll over from the UAE on January 20, 2024. In addition, on 29th February, China also rolled over $2b to Pakistan which was due in March 2024. As a result, the local currency improved by over Rs 7 in the interbank during last five to six weeks.

In another recent development Pakistan received $1.1 billion from the International Monetary Fund (IMF) in the final tranche of the $3 billion Stand-By Arrangement (SBA), on Tuesday (30 April). Pakistan would be now looking to get a larger and longer Extended Fund Facility (EFF) of the IMF programme to further strengthen its economic outlook. However, the masses must be ready for further increase in prices in the country as the new IMF agreement is likely to be followed by further taxation.

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Afghanistan continues to pose multiple security threats to neighborly countries. Afghan interim government commonly known as the Taliban regime recently celebrated the third anniversary of their takeover of Kabul. Taliban’s speedy takeover and the quick meltdown of the Ashraf Ghani regime both are remembered as meaningful surprising events in the checkered history of Afghanistan. The subsequent withdrawal of US troops from Afghanistan triggered numerous intriguing questions. The apparent hasty withdrawal of American forces though celebrated as a victory by the Taliban however it could not bring any stability to Afghanistan. Though withdrawal took place under Joe Biden’s watch, however, the grounds were prepared by the Trump administration prior to leaving the white house consequent to election defeat. The arrival of the Taliban in Kabul as an uncontested force on 15th Aug 2021 made the whole American campaign a shadowy affair stretched over almost two decades. Critiques are justified in questioning the outcome of such a lengthy military and political campaign orchestrated by the USA in Afghanistan. No satisfactory response has ever surfaced from the State Department and Pentagon sides about the quick meltdown of the Afghan National Army. It is obvious that the surprisingly expeditious winding up of the Ashraf Ghani regime further exposed the weaknesses of the whole American prescription applied to heal Afghanistan. The multiple damaging effects of the ill-conceived strategy on the war-torn society of Afghanistan are not too difficult to understand. Present-day Afghanistan is more polarized and unsettled under the Taliban’s unelected regime. The demolition of the political façade in August 2021 was not a sudden development but rather a much-expected outcome of the dubious Doha agreement. Analysts having fair insight into the Afghan dynamics were apprehensive about the American deal with the Taliban while Ashraf Ghani was very much present in the office of President. Simply put, the American direct agreement with the Taliban in Doha was actually the beginning of the end of Ashraf Ghani's regime. Bitterness in bilateral ties between Pakistan and Afghanistan has been constantly growing over the issue of cross-border terrorism. Against all the positive expectations of Islamabad, the interim Afghan government has not responded against the Khawarij which comprises the banned TTP and its numerous splinter groups. Ironically, the Taliban regime is providing all sorts of support to those Khawarij terrorists who are involved in attacks on Pakistani security forces, unarmed civilians and military installations. Facts and figures clearly reflect the alarming rise in cross-border terrorist attacks inside Pakistan after the arrival of the Taliban on Kabul’s throne. Pakistan has rightly questioned the liberty of action granted to the Khawarij terrorists on Afghan soil by the interim Taliban setup. These genuine security concerns have been conveyed to the Taliban regime through all available channels. Repeated engagements from the Pakistan side via diplomatic, political, religious and media channels, nothing positive could not gain any breakthrough in finishing the bloody cycle of terrorism. Growing security concerns gradually taking the shape of anger in Pakistan because huge losses to men and materials are crossing the limits of patience. Unwise rulers of Kabul are acting against the interests of a neighbor like Pakistan who always stood alongside Afghan brethren in hours of need. It seems that sympathizers of Khawarij (banned TTP) are now dominating the interim Afghan government and saner elements have lost their say in the decision-making process. Multiple reports released by the UN, EU and international watchdogs have revealed undeniable information about the active presence of global terrorist groups in Afghanistan. The Taliban regime is in denial mode and seems in a mood to continue with the present harmful policies. The loud arrogance of Taliban officials on the highly objectionable stance about cross-border terrorism is endangering regional peace. In a recent statement, the military chief of the interim Afghan government Qari Fasihuddin Fitrat has denied any presence of banned TTP elements in Afghanistan. This absurd denial is credible evidence of the Taliban’s contradicting stance about the presence of Khawarij (Banned TTP) on Afghan soil. How Qari Fasihullah Fitrat can ask for evidence of Khawarij’s existence while Taliban supreme leader Hibatullah Akhundzadah urged Afghans through a fatwa to refrain from joining the terrorism spree of banned TTP against Pakistan last year. 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