Business

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.

Published

2 months ago

Jul 20, 2021 02:46 AM

Fateh Farooq

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.

Interbank closing #ExchangeRate for today:https://t.co/RCdJ4IRUqY pic.twitter.com/5UPWkzx9Ju
— SBP (@StateBank_Pak) July 19, 2021

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.

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Fateh Farooq

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.

Pakistan

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

Islamabad: Pakistan is witnessing daily surge in COVID-19 cases with authorities linking the upswing to the deadly fourth wave. Today country’s positivity rate is on 4.78%.

Published

6 days ago

Sep 15, 2021 08:52 AM

Mehak Javed

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.

Punjab

The number of patients swelled to 416,901 in the province with 12,291 causalities.

Sindh

The number of infections has surged to 446,840 in the province, while the death toll has reached 7,192.

Khyber Pakhtunkhwa

The confirmed cases have surged to 169,429 in the province with 5,310 casualties.

Balochistan

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

AJK and Gilgit-Baltistan

There are 33,490 coronavirus cases in the AJK while the death toll has reached 727. On the other hand, there are 10,198 cases in GB with 182 coronavirus deaths.

Islamabad

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

Regional

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.

Published

1 week ago

Sep 09, 2021 06:14 PM

Mehak Javed

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.

Pakistan

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

Islamabad: Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

Published

1 week ago

Sep 09, 2021 08:49 AM

Mehak Javed

According to National Command and Operations Center (NCOC), around 4,062 cases of coronavirus were reported while 84 people succumbed to the disease in the last 24 hours, taking the total death toll to 26,497.

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.

Khyber Pakhtunkhwa

The confirmed cases have surged to 166,564 in the province with 5,175 casualties.

Balochistan

There are 32,480 confirmed cases while 342 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,037 coronavirus cases in the AJK while the death toll has reached 714. On the other hand, there are 10,109 cases in GB with 179 coronavirus deaths.

Islamabad

There are 101,840 cases in the capital city while 879 people have lost their lives.