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Tag: Karachi

  • Pakistani rupee snaps 10-day depreciation streak against US dollar with 0.02% gain

    Pakistani rupee snaps 10-day depreciation streak against US dollar with 0.02% gain

    The Pakistani rupee (PKR) finally terminated its ten-session depreciation streak against the US dollar on Friday as the local currency concluded trading at Rs305.47 versus the greenback. The State Bank of Pakistan (SBP) reported a modest appreciation of Re0.07, or 0.02 per cent, when compared to the previous day’s closing rate.

    Thursday had marked a historic low for the PKR, with a closing rate of Rs305.54 against the US dollar in the inter-bank market. This decline had raised concerns about the currency’s stability and its impact on the nation’s economy.

    However, the SBP made a significant announcement on Friday. It categorically rejected reports circulating in the media about an emergency meeting of the Monetary Policy Committee (MPC). The central bank termed these reports as completely baseless and emphasized that it would be premature to forecast the future policy rate.

    According to the central bank, only the MPC, an independent statutory body, holds the authority to make decisions regarding the policy rate. The next scheduled meeting of the MPC is set for September 14, 2023.

    Internationally, the US dollar has faced challenges as it attempts to maintain its winning streak against major currencies. Traders are closely monitoring the pivotal monthly US jobs report, which is expected to shape Federal Reserve policy in the coming months.

    The US dollar index, which measures the currency against a basket of six developed-market peers including the euro, sterling, and yen, saw a slight decline of 0.05 per cent to 103.58 on Friday. This marks a cumulative decline of 0.53 per cent for the week.

    Additionally, oil prices, a significant indicator of currency parity, remained above $87 a barrel. Crude prices are showing signs of snapping a two-week losing streak, driven by expectations of tightening supplies.

    The Pakistani economy remains closely tied to global economic developments, making these currency fluctuations and international economic indicators crucial for policymakers and market participants. The nation will continue to monitor these trends closely in the days and weeks ahead.

  • Another child dies after falling into a manhole

    Another child dies after falling into a manhole

    A four-year-old girl, Umra Baloch, died after falling in an open manhole in Mowach Goth in Karachi on Thursday.

    According to Moachko SHO Shahid Chaudhry, Baloch was playing outside her home in Ghazi Khan Wara when she fell and drowned in the gutter which was uncovered.

    Her body was retrieved by Edhi divers.

    The police said that the family does not want any legal proceedings.

    Previously on August 14, a three-year-old boy fell in an uncovered manhole in Memon Goth and died. According to Dawn News, the chief executive officer of the Karachi Water and Sewerage Corporation had put the number of uncovered manholes in the city at 20,000.

  • Pakistani rupee ends the day at another record low of Rs305.54 versus US dollar, losing Rs1.09

    Pakistani rupee ends the day at another record low of Rs305.54 versus US dollar, losing Rs1.09

    The Pakistani rupee (PKR) persisted in encountering downward pressure against the US dollar, with a recorded depreciation of 0.36 per cent. The day concluded with the rupee settling at Rs305.54, having incurred a loss of Rs1.09 in the interbank market, as reported by the State Bank of Pakistan (SBP).

    In the preceding session, the rupee had concluded at a historic low of Rs304.45 against the US dollar in the inter-bank market.

    IMF deviation risks dollar inflow halt

    In a session of the Senate Standing Committee on Finance held on Wednesday and chaired by Senator Saleem Mandviwalla, interim Finance Minister Dr Shamshad Akhtar conveyed that the interim government’s financial leeway for subsidies was limited. However, she mentioned that a proposal was being deliberated upon to discontinue electricity provisions for privileged segments.

    Dr Akhtar voiced apprehension that a deviation from the International Monetary Fund’s (IMF) stipulations could lead to a halt in dollar inflows, exacerbating the economic challenges facing the nation. She acknowledged that certain governmental actions had adversely affected the economic landscape. She specifically noted that the Federal Board of Revenue’s revenue collection was not meeting expectations while expenditures remained elevated.

    The Senate committee expressed its reservations about the escalating exchange rate fluctuations, the unprecedented cost of electricity, and the 22 per cent interest rate, all of which collectively pose difficulties for existing businesses to sustain and prosper.

    As a pivotal gauge of currency equilibrium, oil prices moderated on Thursday in response to data indicating a decline in China’s manufacturing activity. Additionally, investors were attentively awaiting the forthcoming US personal consumption expenditure report scheduled for later in the day.

    KSE-100 crash

    Moreover, the Pakistan Stock Exchange (PSX) remained firmly under the control of bears on Thursday as the benchmark index experienced a substantial drop of nearly 4 per cent, reflecting concerns about the country’s deteriorating economic situation.

    Investors responded with a sense of panic to the escalating rupee-dollar parity, choosing to divest from shares due to apprehensions surrounding an imminent economic crisis.

    Right from the commencement of trading, the KSE-100 index experienced a sharp decline, plummeting by over 1,700 points and breaching the 45,000 level. A prevailing negative sentiment among investors is preventing the index from making any headway into positive territory.

  • Pakistani rupee hits new all-time low of Rs304.445 after declining by Rs1.38 against US dollar

    Pakistani rupee hits new all-time low of Rs304.445 after declining by Rs1.38 against US dollar

    In the interbank session held on Wednesday, the Pakistani rupee (PKR) exhibited a decline of 1.39 rupees against the US dollar (USD). The closing exchange rate for the day stood at Rs304.445 per USD, in contrast to the concluding rate of Rs303.052 per USD observed in the preceding session.

    Throughout the trading day, the currency displayed a fluctuation, reaching an intraday high bid of Rs304.75 while also touching a low ask of Rs304.6.

    On a parallel note, within the open market, Exchange Companies set the buying rate for the dollar at Rs320 and the selling rate at Rs323.

    In the ongoing fiscal year, the Pakistani rupee has experienced a depreciation of 18.45 rupees against the dollar, amounting to a 6.06 per cent decrease. Concurrently, within the current calendar year, the PKR has depreciated by 78.01 rupees, reflecting a substantial decline of 25.63 per cent.

  • Eras tour in Karachi? Twitter hilariously reimagines Taylor Swift’s visit to Pakistan

    Eras tour in Karachi? Twitter hilariously reimagines Taylor Swift’s visit to Pakistan

    Taylor Swift is taking her super successful Eras tour around the globe, with four sold out shows in Mexico City while more will follow in Germany, Singapore, Japan and other countries.

    As usual hum Pakistanis were left out of the planning. So X user Yusra Amjad imagined a hilarious twist on how everything would pan out if the Eras tour came to Karachi.

    “The only place in Pakistan that the Eras Tour could take place is the National Stadium in Karachi, btw. It has a capacity of 50k (Gaddafi Stadium in Lahore is 29k only),” the poet wrote.

    There were some witty responses with people imagining how the concert in Karachi would turn out.

    https://twitter.com/hdralt_/status/1695817995853963410?s=20

    OUR WORST NIGHTMARE

    Maybe Karsaz ki dulhan can give her some company?

    Lahore na lana concert none of us can wait for the surprise songs while stuck in traffic on Liberty Chowk

    Either ways guys, livestreams par dehaan rakho. Koi aisa waisay khwaab sach nahi ajatay.

  • Gold price reaches Rs234,000 per tola, nearing new record high

    Gold price reaches Rs234,000 per tola, nearing new record high

    Gold prices in Pakistan continued to rise on Tuesday, influenced by the Pakistani rupee’s decline against the US dollar and an uptick in global prices. 

    According to the All Pakistan Gems and Jewellers Sarafa Association, the cost of 24-carat gold settled at Rs234,500 per tola, marking a substantial increase of Rs4,600. Similarly, the price of 10 grammes of gold rose by Rs3,944 to reach Rs201,046.

    It is expected that the price of gold might reach unprecedented levels due to the relentless and rapid decline of local currency against the greenback.

    The movement of gold prices in Pakistan closely follows the path of the US dollar due to the country’s reliance on gold imports. 

    The Pakistani rupee saw a notable decrease, falling to a new all-time low against the US dollar. It ended at Rs299.01 rupees per dollar, reflecting a decline of Rs1.88, as reported by the State Bank of Pakistan.

    Currency experts attribute the surge in gold prices to the recent depreciation of the rupee. 

    With growing concerns about the country’s economic situation, investors are turning to gold as a safe-haven asset. This shift has resulted in a significant increase of Rs12,700 per tola in just one week.

    Read more: PKR to USD rate

    Notably, the hike in gold prices coincided with political turmoil and a decrease in the local currency’s value, leading to an all-time high valuation of Rs240,000 per tola on May 10, 2023. On the international front, the price of gold saw a $10 increase, reaching $1,901 per ounce on Tuesday.

  • Child dies after falling into uncovered manhole in Karachi

    Child dies after falling into uncovered manhole in Karachi

    While the Mayor of Karachi, Murtaza Wahab, works on improving the infrastructure of his city, a toddler has died after falling into an uncovered manhole in Malir’s Memon Goth.

    As reported by _, the incident took place in the area of Jamot Mohalla on Monday where the sewer was left open.

    “Where do we go, which door to knock? There is no one to hear about the loss,” says the grieving father, Abdur Rehman, who has now lost his only son. He pointed out that the manhole had been without a lid for more than 15 days while complaints had been lodged by locals to the union council but staffers said that they did not have a lid to cover the sewer.

    In June, Mayor Wahab promised to make the city ‘Clean and Green’. So far, he has banned plastic bags, improved basic infrastructure and provision of street lights, but sewers remain uncovered, making the roads a danger zone for pedestrians and bikers.

    On meeting Rehman, Karachi’s Deputy Mayor Salman Abdullah Murad offered his condolences. He promised to take action against the officials responsible for maintenance.

  • Major maintenance work to cause severe gas supply disruption in Karachi from tomorrow

    Major maintenance work to cause severe gas supply disruption in Karachi from tomorrow

    In a concerning development, the residents of Karachi are set to endure an extensive period of gas load shedding from August 12 to 27, as a critical gas supply of 107 million cubic feet per day (mmcfd) faces disruption due to essential annual maintenance work at the Kunnar-Pasakhi Deep (KPD) gas field.

    The Sui Southern Gas Company Limited (SSGC) has released a notification detailing the maintenance schedule for the KPD gas field, which is slated to be carried out in three phases over the course of 16 days. This maintenance work will necessitate a complete shutdown for eight days, coupled with a partial shutdown lasting four days.

    According to ARY News, the upcoming complete shutdown of gas operations is expected to result in a significant reduction of 107 mmcfd, while the partial shutdown will further trim the gas supply by 50 mmcfd. This unfortunate reduction in gas availability will inevitably impact various sectors, including domestic households, commercial establishments, industrial operations, and even the crucial Kapco power plants that rely on natural gas to generate electricity.

    This unfortunate situation follows closely on the heels of a recent setback faced by the Sui Southern Gas Company (SSGC) when a supply line was damaged during excavation work for the Bus Rapid Transport (BRT) project within Karachi. The 8-inch-diameter gas supply line suffered damage in the vicinity of Safoora Chowrangi, leading to an abrupt suspension of gas supply to neighbouring areas.

    The affected localities encompass a wide range, including vital institutions like the Memon Foundation Hospital and the sprawling Karachi University, as well as residential communities such as Sadi Town, Rimjhim, Rizvia Society, and Down University. Moreover, industrial sites and research facilities like Suparco, Sachal Goth, and surrounding villages have also been grappling with the repercussions of this supply disruption.

    While the inconvenience caused by this unexpected gas supply interruption is deeply felt, the SSGC remains committed to ensuring the completion of essential maintenance work at the KPD gas field. Despite the challenges posed by these circumstances, the SSGC aims to minimise the impact on citizens’ lives and livelihoods to the greatest extent possible.

    As Karachi prepares itself for this period of gas load shedding, residents are urged to exercise prudence in their gas consumption, explore energy-efficient alternatives where feasible, and cooperate with the SSGC’s efforts to manage the situation effectively.

  • Nepra approves Rs2.31 per unit tariff increase for K-Electric consumers

    The National Electric Power Regulatory Authority (Nepra) has approved a tariff increase of Rs2.31 per unit for K-Electric (KE) consumers due to June 2023’s monthly fuel charges adjustment. This is slightly below KE’s requested Rs2.34 per unit hike. The new tariff takes effect in August and excludes lifeline consumers and electric vehicle charging stations.

    A public hearing on July 26, 2023, discussed KE’s proposal to address higher fuel costs for electricity generation in June. KE generated electricity at Rs24.90 per unit internally, while government-supplied electricity cost Rs11.56 per unit during that period. Nepra’s analysis resulted in an upward revision of Rs2.31 per unit for June, compared to KE’s requested increase.

    Conversely, Nepra raised the power tariff by Rs1.81 per unit for ex-Wapda distribution companies (DISCOs) in June’s fuel charges adjustment, slightly less than the hike for KE consumers. The Central Power Purchasing Agency-Guarantee (CPPA-G) requested a tariff increase of Rs1.88 per unit on behalf of DISCOs.

    This tariff adjustment, effective in August, applies to all DISCOs customers except lifeline consumers and electric vehicle charging stations. It follows a public hearing held by Nepra on July 26. Earlier, DISCOs customers paid Rs1.90 per unit under May 2023’s fuel charges adjustment, making the new rate Rs0.09 per unit lower.

    While the tariff increase has raised concerns among consumers, it has also spotlighted the delay in approving renewable energy projects. During KE’s petition hearing, an industrial consumer, Rehan Javed, highlighted pending Requests for Proposals (RFPs) with Nepra, which could expedite affordable electricity production through renewables, benefiting Karachi’s businesses.

    Nepra member Rafique Ahmed Shaikh expressed disappointment in KE’s slow progress in embracing renewable energy. Delayed approval of RFPs has hindered renewable energy initiatives.

    The Ministry of Energy’s bid to raise the base tariff for the new fiscal year, potentially leading to record-high prices, underscores the urgency of integrating renewable energy into the national energy mix.

  • Another burka-clad woman sexually assaulted in daylight in Karachi

    Another burka-clad woman sexually assaulted in daylight in Karachi

    Another case of sexual harassment in Karachi has emerged after a video showing a burqa-clad woman being caught and molested by a man before she quickly escaped. The incident occurred at a street in a neighborhood near Madina Masjid.

    We feel it is necessary to mention that the woman was burqa-clad; she was not wearing any type of clothing that is categorised by men as ‘tempting’. Prominent figures in our country, including our leaders, have said that women provoke men to harass them when they wear revealing clothes.

    According to GEO, the incident was recorded at around 10:55 am in the morning.

    The news publication reported the police were unsuccessful in catching the culprit. They had also not been contacted by anyone to pursue this case, and the survivor has not been identified.

    This is the second incidence in Karachi of public assault of a woman who is covered in a burqa. Previously in July, a man was caught on camera stripping down on a street and trying to sexually assault a woman who was passing him by.

    READ MORE: Sindh CM orders immediate arrest of Karachi harasser caught stripping on video