Saturday, June 25, 2022

Rupee continues slide against US dollar in interbank

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KARACHI: The rupee’s downward trajectory against the US dollar in the interbank market continued on Friday as the greenback gained Rs0.40 in intraday trading, ARY News reported.

According to the Forex Association of Pakistan (FAP), the US dollar gained Rs0.40 in the interbank market from the previous day’s close of Rs200 and climbed to Rs200.40 around 11:20 am.

The greenback was trading at Rs201.50 in the open market.

When the PM Shehbaz Sharif-led coalition government took over on April 11, the dollar was valued at Rs182.3. Since then, the rupee has lost Rs18.05 of its value.

Govt bans luxury items 

The federal government on Friday notified a ban on the import of 38 non-essential luxury items under an “emergency economic plan”.

According to a notification issued here by Ministry of Commerce, the ban will apply to 38 luxury items with immediate effect.

The notification comes after Federal Information Minister Marriyum Aurangzeb unveiled the emergency economic plan and banned the imports of dozens of non-essential luxury items.

List of banned items

  • Automobiles
  • Mobile phones
  • Home appliances
  • Fruits and dry fruits (except from Afghanistan)
  • Crockery
  • Private weapons and ammunition
  • Shoes
  • Chandeliers and lighting (except energy savers)
  • Headphones and loudspeakers
  • Sauces
  • Doors and window frames
  • Travelling bags and suitcases
  • Sanitary ware
  • Fish and frozen fish
  • Carpets (except from Afghanistan)
  • Preserved fruits
  • Tissue paper
  • Furniture
  • Shampoos
  • Confectionary
  • Luxury mattresses and sleeping bags
  • Jams and jelly
  • Cornflakes
  • Toiletries
  • Heaters, blowers
  • Sunglasses
  • Kitchen ware
  • Aerated water
  • Frozen meat
  • Juices
  • Pasta
  • Ice cream
  • Cigarettes
  • Shaving goods
  • Luxury leather apparel
  • Musical instruments
  • Salon items like hair dryers etc
  • Chocolates

IMF talks

Pakistan opened much delayed talks with the International Monetary Fund (IMF) on Wednesday to resume a seventh review of the $6 billion rescue package agreed in 2019.

“Talks with the IMF mission started today,” a statement from the finance ministry said. It said a team led by Finance Minister Miftah Ismail and the central bank’s acting governor will join the talks virtually.

The talks will continue until May 25 before the IMF takes a decision.

The South Asian nation is in dire need of external funds, with foreign reserves falling to as low as $10.3 billion and a widening current account deficit.

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