Read More. All rights reserved. Incentives-packed offers include registration fee waivers, lower upfront payments and installments that can stretch over years January 20, 2021 . Property market in Pakistan has always been closely linked with the political atmosphere. © Al Nisr Publishing LLC 2021. Privacy Policy. Copyright © 2020. Property development companies are offering multibillion-dollar real estate schemes to Pakistani expatriates in the UAE and other Gulf countries through Pakistan Property Exhibition amid “improved” political conditions, stronger regulations, and the higher value of the Pakistani Rupee against the Dirham (PKR to AED). Pakistan rupee crash: Government likely to slash amount of cash carried abroad by individuals from $10,000 to $3000 . The constantly falling of the US dollar in international markets is also pulling the local currency back to fair values. We’ll send you latest news updates through the day. All rights reserved. The stock exchange blood bath and rupee devaluation happen three years days after the government of Prime Minister Imran Khan reached an agreement with the IMF for about a $6 billion loan designed to help the country avert an economic crisis. ECAP president Malik Bostan said that by restricting the amount of cash carried abroad by individuals, $2bn could be injected into the local economy every year. Top Gainers (Dec 2020) Gujranwala, Citi Housing Society, 10 Marla 18.26% Rawalpindi, Bahria Town Phase 4, 1 Kanal 12.10% About Pakistan. NZ dollar headed for weekly gain against US . The Pakistani Rupee is gradually gaining momentum against the US Dollar in the interbank market as it regained Rs 1.12 against the dollar this week which shows a significant positive economic indicator. The currency has plunged more than 20% in the past year, making it the worst performer in Asia, according to a basket of 13 currencies compiled by Bloomberg. ... 2020 1:55pm. The governor of the State Bank of Pakistan (SBP) is a member of the committee, Pakistani media reported. Top Stories Investors eye Al-Hadi Garden as Bahawalpur prepares for industrial revival. Another reason why the Pakistani Rupee is getting strong against the dollar is the current account surplus of $792 million during the first quarter of the financial year (July-Sep FY21). In last week, the foreign exchange reserves of Pakistan increased by $268 million. 1 Feb, 2019 5:05pm . As per the data by Capital Stake, the Pakistani currency has improved Rs 4.33 against the US dollar in October. Latest News Stream - was last updated on Thursday, January 21, 2021. To find out more about the cookies and data we use, please check out our, Dear Reader, please register to read gulfnews.com, Password should have minimum 7 characters with at least one letter and number, Decline in the fortunes of Pakistan Rupee, was expected in any case, as it was artificially propped up by previous governments, Now talk to your writer to create your CV. Read more. The US dollar hits a 5-month low against the Pakistani Rupee (PKR) at the interbank market, as the USD depreciated further by 45 paisas on the last day of the trading week. 760 billion. A special committee formed by Prime Minister of Pakistan Imran Khan to check the rupee devaluation, has been given the task to ascertain whether the provision of carrying $10,000 by anyone who travels abroad from Pakistan can be slashed down to $3,000 as proposed by the Exchange Commission of Pakistan (ECAP). The dollar scaled new peak on June 26 after it hit Rs164 mark in the open market but soon started falling against the rupee. Register to read and get full access to gulfnews.com, By clicking below to sign up, you're agreeing to our Indian nationals also topped the list for top 10 nationalities looking to rent property in Dubai, followed by citizens from the Philippines and Pakistan in second and third place respectively. Abbas Masud, Ex- Executive Vice President of United Bank Limited (UBL) in Dubai, told Gulf News that Pakistan Rupee fell approx 5% today (Wendesday) because of a combination of factors; a decision to totally remove any State support (which was already lessened by the current Goverment) to the currency, as well as negative sentiment, both in lieu of the perceived conditions set in the latest IMF-Pakistan agreement. The Pakistani Rupee is gradually gaining momentum against the US Dollar in the interbank market as it regained Rs 1.12 against the dollar this week which shows a significant positive economic indicator. Against the US dollar, meanwhile, the pound fell from $1.466 to $1.3694 when the referendum result was first revealed, and down to $1.2232 by October 2016, a fall of 16%. Solid capital gains, ROI augment demand for Zameen Ace Mall commercial units. Back in January 2012, a Pakistani rupee would have fetched 94.5 to the dollar, while it was at 1.57 for the pound and 55.5 to the Indian rupee. Prepares for industrial revival United Bank Limited, this website stores cookies on your computer ROI! An enhancement of Rs 7.07 per dollar from its 52 weeks low of Rs 7.07 dollar! Demand for Zameen Ace Mall commercial units rupee value this week for a few months, January,! For devaluation of the rupee is likely to slash amount of cash abroad! 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