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Rupee devaluation against dollar: Dar says investigating into the matter

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MOHSIN SOOMRO

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that the sudden devaluation of Pakistani rupee against the US dollar was shocking and an investigation will be held in this regard.

PKR slid 3.1 percent against the dollar on Wednesday in an apparent devaluation as the Central Bank said the new rate would shore up economic growth and ease external account pressures.

According to some trade analysts, State Bank of Pakistan (SBP) had effectively devalued the rupee to its lowest level against the dollar since December 2013, but Ishaq Dar said he felt “deep concern and indignation” at what he called an artificial weakening.

“We don’t know the main reason behind the dollar boost, but we will investigate into the matter,” Dar said while talking to the media after meeting with the heads of local banks here today.

“The responsible persons and entities in this matter will be identified and appropriate action will be taken against them in the national interest,” he added.

The minister also took serious notice of the hike of interbank rates of the US dollar against the Pakistani Rupee.

He professed that the move had negatively affected our Foreign Exchange (FX) market.

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PSX: Bears growl on the week’s last working day!

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KARACHI: Benchmark KSE-100 Index closed in the red (45,259) on week’s last trading day shedding 128 points.

Rs. 6.5b worth of 144m shares changed hands today. Value of the shares of 196 companies plummeted, 143 augmented, while 21 remained stagnant.

With trade of 41.7m shares the Chemical Sector led the trading at the bourse. Today’s leading traders of the shares were: Lotte Chemical Pakistan Ltd., 21.8m shares (-2.76pc); Engro Polymer and Chemicals Ltd., 8.3m shares (+0.96pc); Azgard Nine Ltd., 8.0m shares (-5.91pc); Fauji Foods Ltd., 6.9m shares (-2.49pc); Descon Oxychem Ltd.,  6.0m shares (-4.80pc).

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Ahsan Iqbal calls upon businessmen to focus on competitiveness

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ISLAMABAD: Ahsan Iqbal, Minister of Planning Development and Reforms and Interior,  called upon the business community here today  to focus on improving quality of their products to make them more competitive in the world.

“Made in Pakistan products must be symbol of quality across the world,” the minister said while addressing a launching ceremony of the project “Productivity, Quality, and Innovation, to put Pakistan among top 25 economies by 2025.

Ahsan Iqbal held that  competitiveness was not the name of devaluation of currency but it meant to add real value to the products. “Private sector needs to invest in research by creating links with the academia as in today’s world of fourth revolution, innovation is key driver of rapid development”, he added.

Ahsan Iqbal said the private sector must have to sit on the driving seat and the government and academia would be fully supporting it in this regard. He said the government had provided platform to the business community by resolving energy crisis, overcoming law and order situation, and by providing network of roads specially under CPEC and now it was private sector’s turn to perform.

“Road connectivity is basic tool to inclusive growth, therefore despite a baseless criticism by our opponents, the government had built a network of roads which helped connecting far of flung areas to mainstream,” he added.

He said in 2013, Pakistan’s motorway length was 579, while in 2018, the length had risen to 1010 kms while according to the government plan, by 2019, the total length will surge to 3690 kms.

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Chinese telecom equipment maker ZTE Corp terms US ban unfair!

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SHENZHEN: Chinese telecom equipment maker ZTE Corp said in a statement here today that it will not accept a ban by the United States on the company, calling the decision “extremely unfair.”

The announcement came after the US Department of Commerce imposed a denial of export privileges against ZTE for alleged violations of the Export Administration Regulations earlier this week.

The Shenzhen-based company said it is determined to take all means permitted by law to safeguard its legitimate rights and interests, while it will continue efforts to solve the issue through dialogue.

China’s Ministry of Commerce (MOC) said yesterday (19th of April) that the US action against ZTE will damage itself. “The action targets China, however, it will ultimately undermine the United States itself,” said MOC spokesperson Gao Feng.

 

 

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