Pakistani Rupee Gains for Eighth Week on Upbeat IMF Review

The Pakistani rupee continued its upward trend against the US dollar on Tuesday, experiencing a slight increase at the start of the trading day.

In the interbank market, the Rupee appreciated by 18 paisas, reaching a value of Rs281.10. This follows Monday’s performance when the US Dollar faced another setback against the Pakistani Rupee, losing 30 paisas in value on the final business day of the week, with the new price settling at Rs281.28 in interbank trading.

The local currency has displayed a consistent gain of 46 paisas against the US Dollar over the past week in the interbank market. Notably, this marks the eighth consecutive week of the Rupee strengthening against the American currency.

Reports suggest that this sustained improvement in the Rupee’s value can be attributed to a staff-level agreement (SLA) achieved between Pakistan and the International Monetary Fund (IMF). The agreement pertains to the first review of the $3 billion Stand-by Arrangement (SBA) between the two parties.

Asif Hussain Takes Charge As ECP Secretary During Omar Hamid’s Absence

Meanwhile, the Election Commission of Pakistan (ECP) has designated Syed Asif Hussain to oversee the administrative affairs of the electoral body during the medical leave of Secretary Omar Hamid Khan. In a notification, the ECP announced that Asif Hussain, currently serving as the special secretary at the ECP Secretariat, would assume the additional charge of secretary (BS-22) until further orders.

The decision received approval from Chief Election Commissioner Sikander Sultan Raja, following reports that Omar Hamid Khan had taken medical leave amid allegations of poor performance and an incident of alleged insult during a meeting with the Chief Election Commissioner. While initial reports suggested a resignation, the ECP later clarified that Hamid would resume his duties once his health permits, ensuring the commission’s continued functionality.

Caretaker Information Minister Murtaza Solangi emphasized that there was no crisis within the ECP, affirming its full functionality. Hamid, a retired grade 22 officer of the Secretariat Group, assumed the role of ECP secretary in July 2021 on a two-year contract, extended for an additional year after its expiration.