Pakistan Rupee Continues to Slide
The rupee climbs up one paisa against dollar on Monday after hitting its lowest during the weekend. Dealers said that 1-dollar was bought for 86.20 rupee and sold for 86.24 rupee. State Bank of Pakistan announced in its weekly statement that foreign exchange reserves rose to a record 16.7 billion dollars in the week ending [...]
Despite IMF’s optimism, panic selling continues in Pakistan
The leading stock market of Pakistan, KSE-100 index lost 258.97 points to close at 9,428.44 Tuesday as traders continued panic selling fearing failure of a leading brokerage house to meet margin calls along with the reported decline in Asian markets. Despite market’s’ southward movement, IMF today said that Pakistan’s economy is getting back on track [...]
Despite Missing Deadlines, Pakistan Gets $1.13 Billion IMF Loan
The International Monetary Fund announced Friday that it will release $1.13 billion aid package for Pakistan despite country’s failure to meet conditions specified in loan agreement. Pakistan had requested for a waiver for its inability to meet quarterly budget deficit target and net government borrowing limits from the State Bank of Pakistan. Murilo Portugal, IMF’s [...]
US Dollars In Short Supply In Pakistan
Short supply of US dollars led to further depreciation of Pakistan rupees Tuesday. In active forex trade Pak rupee lost 11 paisas against the dollar to close at 84.10 rupees to a dollar in the open market from the last week’s trading day close of 83.99. Trading activity was thin in the currency market during [...]
Pakistan Rupee Gains Vs US Dollar: Traders Plan to Short
Pakistan rupee gained esteem against US dollar but lost ground to the Euro Wednesday. Forex traders in Karachi Thursday plan to hold a short position on the US dollars with expectations that it will decline further. Buy rate for dollars in the interbank market today were Rs. 85.00 and sell rates were Rs.85.05. In both [...]
Significant Decline In Foreign Investment To Pakistan
Foreign direct investments in Pakistan declined by 54.6%, past seven months of the fiscal year with investments falling to only $1.18 billion, State Bank of Pakistan confirmed today. According to State Bank Of Pakistan the FDI flow into the state during July to November period of this fiscal year fell by 54% but when combined [...]
Ibrahim Sajid Malick is a Pakistani-American writer, technologist, and social entrepreneur. He has been writing on Pakistani society and politics since 1986. He has held several media, communications, and technology positions for organizations large and small. Mr. Malick graduated from New School for Social Research with a master’s degree in anthropology. He holds several technology and management certifications. He works for a leading technology firm and blogs at www.ibrahimsajidmalick.com