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US dollar touches new heights, reaches peak level since January

Karachi: The Pakistani Rupee declined on the first day of the business week and the last day before banks close and the official Eid al Adha holidays begin.

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US dollar touches new heights, reaches peak level since January
GNN Media: Representational Photo

The exchange rate of the US dollar against the Pakistani Rupee during the trading session touched a new height above Rs160 in the interbank market and was recorded at Rs161.48.

State Bank of Pakistan (SBP) data shows that the dollar cherished by Rs1.54 paisas in the interbank market taking PKR to a new low.

Note that this is the first time in recent months that the dollar has touched the level of Rs160.

The rupee then began to recover and has improved significantly against the US dollar over the past six months.

The rupee had traded at Rs 161.13 on January 16 this year, gaining Rs2.32 per dollar or 1.4 per cent.

It may be recalled that during the current financial year, the exchange rate fluctuated sharply and in August 2020 (FY 21), the rupee depreciated to its lowest level against the dollar, reaching Rs168.70 on August 20 last year.

It should also be noted that the depreciation of the dollar and the appreciation of the rupee came at a time when the International Monetary Fund (IMF) delayed its program for Pakistan for more than a year.

“The supply and demand position of dollars and the upcoming data on the country’s forex reserves will determine the future direction of the rupee. The rupee should conclude this week at Rs160.3 - 161.5 per dollar,” said a currency exchange dealer.

It is important to mention that the Pakistani Rupee appreciates when a lesser amount of rupees is required to get one USD whereas PKR depreciates when more rupees are required to get one greenback.

Fateh Farooq is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Fateh Farooq is nothing less than a Veteran Editor and has been writing for GNN for the past 7 months.

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With 73 new fatalities, Pakistan's COVID-19 death count nears 27,000

As per National Command and Control Center (NCOC), around 2,714 cases of coronavirus were reported while 73 people succumbed to the disease in the last 24 hours, taking the total death toll to 26,938.

Pakistan conducted a total of 56,733 tests in the last 24 hours.

As per the NCOC, total confirmed cases are 1,212,809 whereas 5,122 are under critical care.

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Sindh

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Khyber Pakhtunkhwa

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Balochistan

There are 32,658 confirmed cases while 344 patients have died from the infection so far.

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Islamabad

There are 103,293 cases in the capital city while 892 people have lost their lives.

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New island emerges near Balochistan’s Kund Malir beach

A new island have popped up near Sonmiani beach of Balochistan— discovered by the fishermen sailing along the coast on Thursday.

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New island emerges near Balochistan’s Kund Malir beach

The technical advisor on marine fisheries at World Wild Fund (WWF), Muhammad Moazzam Khan said that the new island appeared in west off the coast of Sonmiani near Kund Malir.

“Such phenomena occurs due to geographical changes within the ocean depths,” he said adding that these kind of small islands emerge, remain in place for a while and then diminish back into the waters.

It is pertinent mention here that such Islands had earlier emerged at the same location in 2000 and 2010.

The first known emergence, during November 1945, was concurrent with an earthquake of magnitude 8.0.

The 2nd and 3rd emergences were in March 1999 and November 2010 respectively.

In 2013, an island emerged off Gwadar coast after a powerful 7.7 magnitude earthquake struck Pakistan. However, the island disappeared after some time.

Landsat images of March 1999 and November 2010 emergences indicate appearance of round-shaped island of 4.4 and 5.2 hectare area, followed by erosion and disappearance. The island was composed of mud breccias and circular vents spewing mud slurry and methane gas.

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Pakistan sees surge in COVID cases, active tally reaches 1,194,198

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The total number of cases has reached 1,194,198.

As many as 1,076,112 patients have recovered from the disease with 5,383 critical cases.

Punjab                 

The number of patients swelled to 408,758 in the province with 12,135 causalities.

Sindh

The number of infections has surged to 441,410 in the province, while the death toll has reached 7,073.

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