Dollar hits Rs 307
ISLAMABAD: The US dollar set a new record in inter-bank trading on Tuesday by hitting an all-time high level of Rs 307. The dollar-rupee exchange rate improved further from the previous close of 306 and surged to 307 on Tuesday.
However, in the open market trading, the dollar landed into reverse gear, and lost nine rupees vs. PKR, falling to 324 on Tuesday from yesterday’s record high level of 333 rupees.
Hence, the dollar-rupee exchange rate gap that expanded to 27 rupees in the inter-bank and opened market trading on Monday, declined to 17 rupees.
There is no solid reason for massive fluctuations in the value of the greenback in the open market except that market forces have gone wild in making profits though it was getting unbearable for the masses in the country.
Analysts linked this development to the army chief’s statement that the SIFC will attract $100 billion in foreign investment.
Meanwhile, the caretaker prime minister Anwaarul Haq Kakar said that Pakistan would receive a $25 billion investment from Saudi Arabia in the next two to five years.
Saudi Arabia investing $25 billion in Pakistan, says PM Kakar: Dollar hits Rs 307
Meanwhile, Caretaker Prime Minister Anwaar-ul-Haq Kakar announced that Saudi Arabia and the Middle East would invest $25 billion each in various projects over the next two to five years.
While speaking to foreign journalists at his office, the prime minister emphasized that his government’s primary focus is on restructuring fiscal and monetary policies to lay the foundation for economic recovery, rather than redesigning the government structure.
He described the Special Investment Facilitation Council (SIFC) as a key strategy for revitalizing the economy, with a particular focus on agriculture, mining, minerals, defense production, and information technology.
In response to a question, PM Kakar stated that his interim government maintains an excellent working relationship with the military, and they are collaboratively working on economic revitalization efforts.
Regarding the China-Pakistan Economic Corridor (CPEC), Caretaker PM Kakar asserted that the people of Balochistan, irrespective of their political affiliations, welcome the projects initiated under this initiative.
He reiterated the government’s commitment to taking all necessary measures to ensure the safety of Chinese workers involved in CPEC projects.
Addressing the substantial reserves of copper and gold worth $6 trillion in Balochistan, the prime minister announced that the Reko Diq project is set to commence soon.
He called upon all stakeholders to develop a model for exploring this mineral-rich area, aiming to present Pakistan to the world in a different light.
