Tag: US Dollar

Business

Rupee falls 12 paise to all-time low of 85.06 against US dollar in early trade

December 19, 2024

Mumbai: The rupee dropped 12 paise to an all-time low of 85.06 against the US dollar in early trade Thursday, ...

Business

Rupee rises 8 paise to 83.79 against US dollar

August 20, 2024

Mumbai: The Indian rupee stayed firm for the second straight session and settled 8 paise higher at 83.79 (provisional) against ...

Business

Israeli shekel bounces back to record high against US dollar amid war

November 18, 2023

Jerusalem: The Israeli shekel has bounced back to its highest value against the US dollar (USD) since the raging war ...

Business

Rupee hits all-time low of 83.32 against US dollar

September 18, 2023

New Delhi: The rupee depreciated for the fourth straight day to settle 16 paise lower at its lifetime low of ...

Smuggling of US dollars to Afghanistan hurting Pakistan's economy Karachi: The Pakistani currency is under pressure owing to the ongoing political unrest in the country and the smuggling of US dollars to Afghanistan, media reports said on Tuesday. "Pakistan is currently dealing with problems on several fronts, the political crisis being the first and biggest one. The dollar crisis is also connected with it," Malik Bostan, the Chairman of the Exchange Companies Association of Pakistan (ECAP), said at a news conference, The News reported. About $2 billion goes to Afghanistan from Pakistan in the form of official and unofficial trade, misuse of Afghan transit trade, smuggling and through the borders, claimed Bostan, adding that these factors are burdening Pakistan's foreign exchange reserves. Currently, Pakistan's economy is suffering irreparable harm because of the Afghan transit trade, which has grown significantly. A significant portion of the dollars travelling from Pakistan to Afghanistan passes through the Afghan transit trade, and both Afghan and Pakistani traders are involved in this anti-national activity, he added, The News reported. To lower the import bill, the government imposed high duties on many luxury goods. "Our traders and importers thought that why should they pay a 200 per cent duty to the Pakistani government," Bostan said, adding that they operate a global network, accepting payments through hundi/hawala in Dubai, London, Europe, America, Saudi Arabia, and everywhere else. "They bring their items here in the name of Afghan transit, travelling from our port to Afghanistan and then returning to Pakistan in small trucks. Numerous importers from Pakistan who participate in this atrocious practice not only fail to pay import duties, which costs the national exchequer billions of rupees, but also prevent dollars from entering the country," he said. When the Afghan Taliban established a transition government in August 2021, the Pakistani rupee was trading at 155, the country's foreign exchange reserves were $22 billion, and its import bill was $4.5 billion. According to Bostan, today the rupee has fallen to almost 225 in the interbank market and 235 per dollar in the free market, The News reported. He claimed that every month, about $3 billion in remittances were sent to Pakistan. The remittance flows have now decreased to $2 billion. "Where does this monthly $1 billion go? Because we are paying remittances at 225 rupees for every dollar, this $1 billion per month has become the sight of Afghan transit. The hawala/hundi operators are giving those 270 for every dollar," Bostan said. IANS Pakistan, Afghanistan, economy

International

Pakistani rupee depreciates by Rs 1.8 against US dollar in interbank & open markets

July 25, 2023

Karachi: The Pakistani rupee lost value to the US dollar in the interbank and open markets Tuesday as the initial ...

Business

Pakistani rupee significantly declines against US dollar

July 19, 2023

Islamabad: The Pakistani rupee (PKR) has suffered a significant decline against the US dollar, according to the country's central bank. ...

Business

Rupee moves in narrow range against US dollar in early trade

July 18, 2023

Mumbai: The rupee was trading in a narrow range against the US dollar in the morning session Tuesday, as the ...

Business

Rupee rises 6 paise to 82.11 against US dollar in early trade

July 17, 2023

Mumbai: The rupee gained 6 paise to 82.11 against the US dollar in early trade Monday supported by steady foreign ...

Business

Rupee gains 12 paise to 81.96 against US dollar in early trade

July 14, 2023

Mumbai: The rupee appreciated 12 paise to 81.96 against the US dollar in early trade Friday, as a strong opening ...

More than 90% Indian CEOs plan to cut operating costs: PwC survey

Business

Rupee gains 21 paise to 81.97 against US dollar in early trade

July 13, 2023

Mumbai: The rupee appreciated 21 paise to 81.97 against the US dollar in early trade Thursday, as a rally in ...

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Editorial

Losing To Win

December 18, 2024

I t may appear strange in most democracies, including India, that losing a no-confidence vote against a government leading to...

December 17, 2024

The collapse of Bashar al-Assad’s regime in Syria is not an isolated event in the Middle East, but part of...

December 16, 2024

The people of South Korea and their representatives showed the world last weekend how real democracy works. The country’s parliament...

December 15, 2024

In 2021, I wrote a book called “Price of the Modi Years.” In one of its chapters, I compared India’s...

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