Tag: US Dollar

Mumbai: The rupee fell 18 paise to close at 82.85 (provisional) against the US dollar Monday, weighed down by a ...

Business

Rupee falls 14 paise to 82.76 against US dollar

May 19, 2023

Mumbai: The rupee depreciated 14 paise to 82.76 against the US dollar in early trade Friday, as weak Asian peers ...

Business

Rupee falls 4 paise to 82.41 against US dollar in early trade

May 18, 2023

Mumbai: The rupee depreciated 4 paise to 82.41 against the US dollar in early trade Thursday, as weak Asian peers ...

Business

Rupee falls 10 paise to 82.35 against US dollar in early trade

May 17, 2023

Mumbai: The rupee depreciated 10 paise to 82.35 against the US dollar in early trade Wednesday, weighed down by the ...

Business

Rupee rises 11 paise to 82.20 against US dollar in early trade

May 16, 2023

Mumbai: The rupee gained 11 paise to 82.20 against the US dollar in early trade Tuesday supported by sustained foreign ...

Business

Rupee falls 6 paise to 82.24 against US dollar

May 15, 2023

Mumbai: The rupee depreciated 6 paise to 82.24 against the US dollar in early trade Monday, weighed down by the ...

Business

Rupee slips 3 paise to 82.12 against US dollar in early trade

May 12, 2023

Mumbai: The rupee declined 3 paise to 82.12 against the US dollar in early trade Friday, weighed down by a ...

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

US dollar hits 300 rupees barrier amidst protests in cash-strapped Pakistan

May 11, 2023

Karachi: For the first time in Pakistan's history, the US dollar Thursday hit the 300 rupees barrier against the local ...

Business

Rupee falls 15 paise to close at 82.09 against US dollar

May 11, 2023

Mumbai: The rupee depreciated by 15 paise to close at 82.09 (provisional) against the US dollar Thursday, tracking a strong ...

Business

Rupee gains 6 paise to close at 82.00 against US dollar

May 10, 2023

Mumbai: The rupee consolidated in a narrow range and settled for the day higher by 6 paise at 82.00 (provisional) ...

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Editorial

Rights & India

May 1, 2024

India’s record of human rights in the past few years has come under serious international scanner. The recent ethnic strife...

April 30, 2024

The ruse of Israel that the UN agency for Palestinian refugees (UNRWA) harboured 12 Palestinians working for Hamas that launched...

April 29, 2024

I n a significant development amid a low voter turnout in the initial two phases of the ongoing general elections,...

April 28, 2024

The Prime Minister has been accused of violating the Representation of the People Act in his speech, which the Opposition...

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