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Rupee slumps to historic low against US dollar 

US dollar hits the 190 thresholds, a new record against the Pakistan rupee.

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Rupee slumps to historic low against US dollar 
GNN Media: Representational Photo

Karachi: The Pakistani rupee has slumped to an all-time low against the US dollar, plunging for a second day in the interbank market.

The US dollar rose by Rs 1.34 during the business in the interbank and is being traded at Rs190 for the first time in history, surpassing Tuesday’s record low of Rs188.66. 

Finance experts regard this downfall of local currency due to two main reasons. First, due to uncertainty regarding the revival of the International Monetary Fund (IMF) loan programme. And secondly, due to the depleting foreign exchange reserves. 

Moreover, an absence of direction from the government on significant economic policies as well as an unstable political situation in the country, has also led to an upward trend in the US dollar rate. 

Yesterday, the value of the greenback surged by Rs0.82 in early trade and later traded at Rs188.35 in the interbank market, hitting a historic level. 

As per forex dealers, the exchange rate remained under pressure as the American dollar continued its upward spiral against the Pakistani currency.  

The forex dealers have further shared that the greenback is being sold above Rs189 in the open market. 

Experts stated that the surging dollar and gloomy macros will continue to put pressure on the local unit. 

In the meantime, the State Bank of Pakistan's (SBP) foreign exchange reserves fell by $328 million to $10.558 billion during the week. 

Mehak Javed

Mehak Javed is immensely creative and an enthusiastic journalist, contributing in the publication of timely and accurate news. She is a skilled writer along proven history of achievement in the field with several years of professional experience. Mehak is working with GNN since 2020.

Pakistan

Interior Minister responds to Imran Khan's six-day ultimatum to government 

"Police did not even fire a single rubber bullet"

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Interior Minister responds to Imran Khan's six-day ultimatum to government 

Islamabad: Interior Minister Rana Sanaullah on Thursday responded to Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan's six-day ultimatum to the government to dissolve assemblies and announce elections. 

According to details, Interior Minister Rana Sanaullah said that people have outrightly rejected PTI's march of chaos and anarchy. “Imran Niazi reneged on his promise with the Supreme Court to hold a rally at a designated place, and he broke his word by announcing to march towards D-Chowk”

In a statement, he said PTI Chairman Imran Khan, in complete violation of the Supreme Court's orders, entered Islamabad's D Chowk.

The Minister said PTI's armed protesters kept on burning and destroying public properties the whole last night.

He said police did not even fire a single rubber bullet, but eighteen police and Rangers personnel got injured in the turmoil created by PTI hooligans.

Paying rich tribute to the police and Rangers, the Interior Minister said security forces will continue protecting the lives and properties of the people.

It is pertinent to remember that Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has called off his most anticipated long march, giving a six-day ultimatum to the government to dissolve assemblies and announce elections. 

While addressing the participants of the ‘Azadi March’ at Jinnah Avenue, Imran Khan said he had reached Islamabad after 30 hours of traveling from Khyber Pakhtunkhwa (KPK).

He warned the government that if an announcement of elections will not be made, he will return to Islamabad-- demanding assemblies be dissolved forthwith.

Khan and the top party leaders left the container soon after the speech while the party workers managed to enter the Red Zone despite heavy security.

Before the arrival of PTI Chairman Imran Khan at the designated area, the PTI MNAs and workers gathered at D-Chowk where a clash broke out between them and anti-riot police and law-enforcement agencies. 

Police baton-charged and tear-gased the protesters.

The D-Chowk turned into a battlefield between the Islamabad police and the PTI leaders and activists on early Thursday. 

PTI MNA Zartaj Gul got fainted. Many women and children got affected by tear gas shelling.  

Some officials of police and Rangers also suffered injuries in the clashes. The protesters set some trees and vehicles ablaze. 

In a statement released on Twitter, the police noted that when the fire brigade doused the blazes, the protestors once again set fire the Express Chowrangi on fire. 

Since being removed from power through a no-confidence vote in April, the cricketer-turned-politician heaped pressure on Pakistan's fragile new coalition rulers by staging mass rallies, touting a claim he was turned out from office in a "foreign conspiracy". 

In a centerpiece showdown with his rivals, Khan had called for supporters of his party to gather in Islamabad and stage a sit-in until fresh elections are called.

The government headed by Prime Minister Shehbaz Sharif has pledged to stop the convoy from entering the city, calling the rally an attempt to "divide the nation and promote chaos".

All major roads surrounding Islamabad, where a heavy security presence is in place, were blocked off with shipping containers while entry and exit points of major nearby cities were also cut off.

Sporadic clashes broke out between police and protesters who have tried to clear the roads, with tear gas fired in several cities.

Khan joined the march in dramatic fashion, arriving in a helicopter that touched down on a motorway clogged with supporters outside the city of Mardan.

The convoy later crossed a bridge that straddles PTI-run Khyber Pakhtunkhwa province and government-run Punjab province, where shipping containers blocking the route were pushed to the side of the road by protesters.

Earlier, soldiers were deployed at the Prime Minister's Office and the Parliament to avoid any untoward incident in the wake of PTI's long march and the presence of charged workers.

"Pakistan Army has been called in for the security of government’s offices located in the Red Zone," the notification read. 

As the situation turned chaotic after the police clashed with the PTI workers ahead of former Prime Minister Imran Khan's political rally in Islamabad, the government has sought the help of the army to control the situation. 

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Pakistan

Pakistan Navy seizes huge cache of drugs in Arabian Sea raid

Pakistan Navy is vigilant to counter any illegal activity and safeguard its maritime borders.

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Pakistan Navy seizes huge cache of drugs in Arabian Sea raid

Karachi: Pakistan Navy during action in the Arabian Sea foiled a bid to smuggle narcotics worth millions of dollars.

According to PN’s spokesperson, Pakistan Navy Ship DEHSHAT in collaboration with PN air units seized approximately 4500 Kilograms of drugs at the North Arabian Sea. While undertaking maritime security operations, PNS DEHSHAT intercepted the suspicious dhow and recovered a large cache of drugs valued approximately 6.7 million dollars in the international market.

The spokesperson said that the successful operation by the Pakistan Navy in the seizure of a huge quantity of narcotics is a testimony to the fact that Pakistan Navy remains combatted to fulfill national and international obligations and maintaining good order at sea. Pakistan Navy is vigilant to counter any illegal activity and safeguard its maritime borders.

The successful execution of the anti-narcotics operation is a demonstration of the Pakistan Navy's resolve to deter and disrupt illegal activities in the maritime zone of Pakistan, the PN spokesperson said.

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Sports

Former Pakistan Pacer Umar Gul Appointed Bowling Coach

The 37-year-old is widely regarded as one of the finest pacers, particularly in T20 cricket

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Former Pakistan Pacer Umar Gul Appointed Bowling Coach

Kabul: Afghanistan Cricket Board (ACB) has appointed former Pakistan speedster, Umar Gul, for a period of one year. Gul’s first assignment with the Afghanistan side will be on their limited-overs tour of Zimbabwe next month.

The former pacer has earlier worked with the board as a bowling consultant for their three-week training camp held in Dubai in April alongside mate Younis Khan as the batting coach.

However, on seeing his performance with the team, ACB is delighted to announce the extension in the role.

This will be Gul’s first coaching assignment in international cricket after serving as the bowling coach of Quetta Gladiators in the 2021 season of the Pakistan Super League (PSL).

The 37-year-old is widely regarded as one of the finest pacers, particularly in T20 cricket. Gul had an exceptional record in T20Is as he picked up 85 wickets at an average of 16.97 and an economy rate of 7.19 in 60 matches in a T20I career spanning almost 9 years. Gul retired from all forms of cricket in 2019 and has since worked as a coach.

The former pacer has previously coached in Pakistan’s premier T20 tournament, Pakistan Super League (PSL), as a bowling coach for Quetta Gladiators. He has also worked as a coach in the Kashmir Premier League (KPL) and was the head coach of Galle Gladiators in the previous edition of the Lanka Premier League (LPL).

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