Pakistani rupee at all-time low against dollar due to excessive buying of Saudi Riyal

Many people in Pakistan are buying Saudi Riyals while preparing for the Hajj season since they fear further devaluation of Pakistani rupee, says President of the Pakistan Forex Association Malik Bostan. (Reuters)
Updated 12 April 2019
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Pakistani rupee at all-time low against dollar due to excessive buying of Saudi Riyal

  • Exchange rate fluctuations not linked to ongoing dialogue with IMF, says finance ministry
  • Forex traders urge the government to maintain exchange rate in interbank market to stabilize the situation

ISLAMABAD: Pakistan’s Ministry of Finance said on Saturday that it was focused on strengthening the exchange rate regime after the rupee hit an all-time low of 140.36 against the US dollar on Friday in interbank trade, mainly pushed by the excessive buying of the Saudi Riyal for the upcoming Hajj season.

Malik Bostan, President Pakistan Forex Association, told Arab News that individuals who intended to go to Saudi Arabia for Umrah and Hajj in the coming months were excessively buying the Saudi Riyal due to “rumors of further depreciation of the Pakistani rupee.”

“We used to have five to seven million Riyals in surplus per day in market that were exported to the international market to import dollars,” he said. “However, now the Saudi Riyal is not in surplus due to its increasing demand in local market, and this gap has led to a shortage of US dollars.”

Bostan urged the government to maintain the exchange rate in the interbank market to “quell rumors of further devaluation of the Pakistani rupee in the coming days.”

The country’s currency exchange rate market remains highly volatile due to speculations of further depreciation of the local currency before Islamabad signs a bailout deal with the International Monetary Fund (IMF) next month.

The rupee on Friday plunged to 140.50 against the US dollar at one point, but it closed at 140.36.  The dollar gained one rupee in the interbank and 1.30 rupees in the open market during the week.

The Finance Ministry’s spokesman, Dr. Khaqan Hassan Najeeb, has denied any link between the exchange rate fluctuations and Pakistan’s ongoing negotiations with the IMF.

“The discussions with international partners do not entail any specific target of the exchange rate,” he said in a statement on Saturday.

“The government’s focus is on further strengthening the exchange rate regime, aligning it and keeping it consistent with the evolving macroeconomic fundamentals of the economy,” he added.

On March 15 this year, Pakistan received inflow of $1 bn from UAE as placement of funds. After taking into account outflows relating to external debt and other official payments, the total foreign exchange reserves held by central bank of the country increased by $716 million during the week to  $8.8 billion while reserves held by the commercial banks stood at $6.9 billion, increasing the total reserves held by the country to $15.709 billion by the end of the last week. 

China is also expected to release $2.1 billion in commercial loan by Monday, an injection that will further push up foreign currency reserves and help stabilize the exchange rate.


Pakistani resident of Canada arrested on US terror charges

Updated 8 sec ago
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Pakistani resident of Canada arrested on US terror charges

  • Muhammad Shahzeb Khan aimed to carry out a mass shooting in support of Daesh at a Jewish center in Brooklyn
  • The attack was planned on the October 7 Hamas attack anniversary, US wants to seek his extradition from Canada

WASHINGTON: A Pakistani man living in Canada has been arrested on charges of plotting to carry out an attack on Jews in New York City, the US Justice Department said Friday.
Muhammad Shahzeb Khan, 20, also known as Shahzeb Jadoon, was arrested on Wednesday on charges filed in the United States, the department said.
“The defendant is alleged to have planned a terrorist attack in New York City around October 7 of this year with the stated goal of slaughtering, in the name of (Daesh), as many Jewish people as possible,” Attorney General Merrick Garland said in a statement.
“Thanks to the investigative work of the FBI, and the quick action of our Canadian law enforcement partners, the defendant was taken into custody,” he said.
According to the criminal complaint, Khan planned to travel to New York and carry out a mass shooting in support of Daesh at a Jewish center in Brooklyn on the anniversary of the October 7 Hamas attack on Israel.
He revealed his plans in conversations with conspirators who were actually undercover law enforcement officers, it said.
Khan was taken into custody by Canadian authorities in the town of Ormstown some 12 miles (19 kilometers) from the US-Canada border.
The Justice Department said it will seek his extradition from Canada.
Khan is charged with attempting to provide material support and resources to a designated foreign terrorist organization. He could face up to 20 years in prison if convicted.


Pakistan army chief urges nation not to let ‘political differences turn into hatred’

Updated 06 September 2024
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Pakistan army chief urges nation not to let ‘political differences turn into hatred’

  • The statement appeared to be directed at supporters of jailed ex-PM Imran Khan, who has waged an unprecedented campaign of defiance against the country’s military
  • Gen Asim Munir says any efforts to weaken national solidarity will never succeed, urges the Pakistani nation to demonstrate unity, tolerance and harmony in social affairs

ISLAMABAD: Pakistan’s Army Chief General Asim Munir on Friday urged the nation not to let “political differences turn into hatred,” maintaining that unity among the country’s armed forces and the nation will continue to keep the enemy designs from succeeding.

The army chief said this while addressing a ceremony at the army headquarters in Rawalpindi to mark the country’s Defense Day, which commemorates the sacrifices of the heroes of the 1965 war against India.

The ceremony was attended by Prime Minister Shehbaz Sharif, Punjab Chief Minister Maryam Nawaz, Azad Kashmir prime minister, and senior military and government officials as well as families of the martyrs.

During his address, the army chief urged the Pakistani nation to demonstrate unity, tolerance and harmony in social affairs.

“The ulterior motives to weaken national solidarity will never succeed,” he said. “It is a must for national solidarity that we stay above religious intolerance and protect the rights of minorities as per the Constitution of Pakistan, and not to let political differences turn into hatred.”

Gen Munir’s statement appeared to be directed at the supporters of jailed former prime minister Imran Khan, who has waged an unprecedented campaign of defiance against the country’s military since his ouster in a parliamentary no-trust vote in April 2022.

Khan has accused the then army leadership of orchestrating his ouster together with his political rivals as part of a United States-backed “foreign conspiracy.” The military, Khan’s rivals and Washington have repeatedly denied this.

In May 2023, supporters of the ex-premier went on a rampage after he was briefly arrested, vandalising military installations across the country in one of the most serious challenges to the Pakistani military that has ruled the country for nearly half of its history.

During his address, Gen Munir said the principles of “unity, faith and discipline” of Pakistan’s founder Muhamad Ali Jinnah were a guiding light for the nation.

“Apart from its geographical location, Almighty Allah has blessed Pakistan with countless natural resources,” he said. “Our real asset is the public, especially our young generation that has a critical role in the country’s integrity and development.”

He paid a tribute to the civilians and officials and soldiers of the armed forces and law enforcement agencies, who laid their lives for the independence, security and honor of the country.

“As long as such dignified sons are present on this soil, the defense of the country will remain invincible,” the army chief added.


On Defense Day, Pakistan inducts two new warships in its naval fleet

Updated 06 September 2024
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On Defense Day, Pakistan inducts two new warships in its naval fleet

  • Pakistan celebrates Defense Day on Sept. 6 to honor soldiers who fought against India in 1965 
  • The ships, Babur and Hunain, have been equipped with anti-ship and anti-air warfare weapons

KARACHI: Pakistan on Friday inducted two new warships, Babur and Hunain, into its naval fleet, the Pakistan Navy said, as the nation marked its Defense Day.
The South Asian country celebrates its Defense Day each year on September 6 to honor the soldiers who fought against India in the 1965 war.
A ceremony for the induction of MILGEM Class Corvette Babur and Offshore Patrol Vessel HUNAIN was held at the Pakistan Navy Dockyard in Karachi.
Pakistan President Asif Ali Zardari graced the occasion as the chief guest, according to the navy’s Directorate General of Public Relations (DGPR).
“The Chief Guest dilated upon the precarious geo-strategic environment in the Indian Ocean and the need to have a potent Naval force to counter growing traditional and non-traditional challenges,” the DGPR said in a statement.
“He reiterated that induction of these ships in PN Fleet will consolidate and enable the Fleet to meet its ever-growing operational responsibilities.”
President Zardari formally handed over the ships’ scrolls to the commander of Pakistan Fleet, which marked the induction of the two warships.
Hunain is a multipurpose medium-sized offshore patrol vessel, equipped with state-of-the-art electronic warfare, anti-ship and anti-air warfare weapons, sensors, and self-protection and terminal defense system, according to the DGPR.
The Babur-class corvette is a subclass of the Turkish MILGEM project. The corvette class is heavier and larger than the Turkish Ada-class corvette and also equipped with vertical launch systems.
In his welcome address, Chief of the Naval Staff Admiral Naveed Ashraf termed the induction of these ships a “major milestone in capacity building of PN [Pakistan Navy] Fleet.”
“He acknowledged the government’s full support for providing best possible resources for this purpose,” the DGPR said.
The induction ceremony was attended by Turkiye’s Deputy Minister of National Defense Bilal Burdali, chairman of Pakistan’s Joint Chiefs of Staff Committee, political leadership and high-ranking officials of the armed forces.
On Thursday, Pakistan’s Embassy in Abu Dhabi hosted a reception to mark Defense Day aboard Pakistan Navy Ship Shamsheer at the Cruise Terminal, Mina Zayed Port, the mission said in a statement.
Pakistan’s envoy to the UAE, Ambassador Faisal Niaz Tirmizi, along with Commodore Shahid Wasif SI (M), Mission Commander of the Pakistan Navy, welcomed chief guest General Salem Saeed Al Jabri, UAE’s Assistant Foreign Minister for Military and Security Affairs, and Brig. Abdullah Al Mohairbi, Deputy Commander of the UAE Navy, at the reception, which was attended by members of the diplomatic corps and officials of the UAE government.


Court orders removal of serving general heading Pakistan’s National Database and Registration Authority

Updated 06 September 2024
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Court orders removal of serving general heading Pakistan’s National Database and Registration Authority

  • Lt Gen Munir Afsar was appointed NADRA chairman in Oct. 2023 and became the first serving army officer to be appointed on the key post
  • The Lahore High Court on Friday ruled the appointment was made without requisite ‘authority of law’ and ordered Lt Gen Afsar’s removal

ISLAMABAD: The Lahore High Court (LHC) on Friday declared as “unauthorized” the appointment of a serving lieutenant general as chairman of Pakistan’s National Database and Registration Authority (NADRA), ordering his removal from the post.
Lt. Gen. Munir Afsar was appointed NADRA chairman in Oct. 2023 and became the first serving army officer to be appointed on the key post. The appointment was made by the caretaker government of then-prime minister Anwaar-ul-Haq Kakar and confirmed by the elected government in March 2024 for a period of three years.
Petitioner Ashba Kamran had challenged the appointment in the LHC and stated in the petition that the appointment was “in violation of the provisions of NADRA Ordinance, 2000” and did not adhere “to the requirements of conducting a fair and competitive process for appointment by inviting potential aspirants.”
Presiding over a hearing of the case on Friday, LHC’s Justice Asim Hafeez ruled that the appointment was made without requisite “authority of law” and ordered removal of Lt Gen Afsar from the post.
“Illegality committed by way of an unauthorized appointment, by the appointing authority in absence of delegation, cannot be covered... Hence, discretion necessarily needs to be exercised, to end usurpation of the office,” the judge wrote in his verdict.
“In these circumstances, act of confirming the appointment of Respondent No 6 [Lt Gen Afsar] is unauthorized and otherwise inconsistent with the enactment, therefore, without requisite ‘authority of law’.”
The judge ruled that the “appointment, confirmation and continuing holding of the office of Chairman NADRA by respondent No. 6 is declared without the ‘authority of law’.”
Justice Hafeez ordered court officials to send a copy of the order to the federal cabinet, interior ministry and all concerned departments.
Afsar was promoted to the rank of lieutenant general in October 2022. He had taken over the position of NADRA chairman from Asad Rehman Gilani, who assumed the office in June 2023 following the resignation of Tariq Malik.


Pakistan’s Haider Ali wins bronze at Paris Paralympics discus throw

Updated 06 September 2024
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Pakistan’s Haider Ali wins bronze at Paris Paralympics discus throw

  • Ali won the bronze medal with a 52.54-meter throw, clinching his fourth Paralympic medal
  • PM Shehbaz Sharif says Ali’s courage, determination are source of inspiration for Pakistanis

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday congratulated Haider Ali for winning bronze at the Men’s Discus Throw event at Paris Paralympics 2024, describing him as an “inspiration for the entire nation.”
Ali won the bronze medal with a 52.54-meter throw, clinching his fourth Paralympic medal. Uzbekistan’s Tolibboy Yuldashev won gold with a massive 57.28m throw, setting a personal best on his sixth attempt.
Ali led the field in the first attempt with a solid 52.28-meter throw, but was overtaken by Canada’s Jesse Zesseu, who won silver, with a 52.81m throw in the third round.
In his post on X, Pakistan PM Sharif said his country was celebrating Ali’s performance at the Paris Paralympics.
“Congratulations Haider Ali @HaiderAthlete on winning the Bronze medal at the Paris #Paralympics 2024,” the prime minister said. “Your courage and determination are a source of inspiration for the entire nation. Wishing you the very best!“

The development comes weeks after Pakistan’s Arshad Nadeem made history at the Paris Olympics by setting a new record for the longest javelin throw and winning a gold medal for his country.
His record-breaking 92.97m javelin throw in Paris earned Pakistan its first Olympic medal since the 1992 Barcelona Games and first gold medal since the 1984 Los Angeles Games.