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Thursday, 14 October, 2021 I 7 Rabi-ul-Awwal, 1443 I Rs 15.00 I Vol XII No 106 I 12 Pages I Islamabad Edition

PSX, ruPee fall amid Political uncertainty g

RupEE plummEtS to fRESh all-tImE low of 171.13 agaInSt uS dollaR

ISLAMABAD Mian abrar

P

aKIStanI rupee and stocks plunged further down on wednesday amid political uncertainty and rumours rife about the civil, military relations which added fuel to the fire. moreover, concerns surrounding an uptick in local fuel and energy prices on recommendation of the International monetary fund (Imf) also forced investors to book profit on current valuations. the rupee plummeted to a fresh alltime low of 171.13 against the uS dollar, breaching a day earlier low of 171.04, mainly due to surging import bill and afghan situation. though the pakistan Stock Exchange (pSx) returned back to its bearish trend on wednesday after showing some resistance a day earlier, with the bench-

g

KSE-100 IndEx ShEdS 661.3 poIntS to cloSE at 43,221.78 poIntS

mark KSE-100 Index shedding 661.3 points (-1.51 percent) to close at 43,221.78 points. according to the State Bank of pakistan (SBp), the rupee shed 9 more paisas (-0.05 percent) as the uS dollar opened at Rs171.04 and closed at Rs171.13. In the open market, the rupee was traded at Rs171.20/172.50 per dollar. the rupee continued to bear the pressure despite a 17 percent year-on-year increase in remittances sent by overseas pakistanis, which stood at $2.7 billion in September 2021, and higher exports. moreover, the administrative measures taken by the government this week, after a series of actions taken by the central bank, to check rupee depreciation also failed to bear fruit. the fresh all-time low of the local currency can be attributed to the latest reports of massive rise of 65 percent to $18.63 billion in the import bill during the

coronaviruS in

PakiStan

CONFIRMED CASES:

1,260,669

first quarter of the current fiscal year (1QfY22), compared with $11.28 billion in the corresponding period of the last year. the higher import bill also widened the trade deficit significantly. the trade deficit ballooned by almost 100 per cent to $11.66 billion during the quarter under review, compared with the deficit of $5.81 billion in the same period of the last year. on the other hand, the afghan situation has also been impacting the rupeedollar parity since august 15. the pakistani rupee shed Rs0.60 during the last three days against the uS dollar, while depreciation during the fiscal year 2021-22 has been Rs13.71. the local unit has shed Rs10.86 against the uS dollar in the current year 2021. the local currency has maintained a downtrend after it touched 22-month high of Rs152.48 in may 2021, losing a cumulative Rs18.82 in the past five months to date. Stock Exchange market opened on a positive note and crossed the 44,000 points psychological level; however later on, it failed to sustain the gains amid ongoing political turbulence in the federal capital and confusion over the appointment of new director general of the premier spy agency Inter-Services Intelligence (ISI), which damaged investors’ confidence. however, the concerns surrounding an uptick in local fuel and energy prices on recommendation of the International monetary fund (Imf) also forced investors to book profit on current valuations. the Imf’s fresh demand has surfaced during the ongoing virtual talks in the context of losses incurred on account of noncollection of petroleum levy of over Rs600 billion during the current fiscal year.

CONTINUED ON PAGE 05

Appointment of new spymaster ‘underway’: minister ISLAMABAD staff report

the consultation between the prime minister and the army chief on the appointment of the new boss of the Inter-Services Intelligence agency “has been completed”, and the process of a fresh appointment “is underway”, minister for Information and Broadcasting fawad chaudhry announced wednesday. the military last week announced the appointment of lt gen nadeem ahmed anjum, a seasoned soldier who has battled militants, as directorgeneral of the spy agency, replacing lt gen faiz hameed who was appointed commander of the xI corps stationed in peshawar. the appointment of the spy chief is the prerogative of the prime minister. however, per standard practice, the prime minister makes the choice in consultation with the army chief. however, despite the passage of days following the Inter-Services public Relations’ announcement, the notification confirming the appointment was not issued by the prime minister’s office, leading to feverish speculation. In a surprising development on tuesday, Imran Khan informed his

FM urges world to take steps to extend economic assistance to Afghanistan ISLAMABAD staff report

LAST UPDATED AT 9:12 AM ON OCTOBER 13, 2021

DAY'S DEATH TOLL:

NEW CASES:

21

1,021

RECOVERED:

DEATHS:

1,191,425 28,173 SINDH:

PUNJAB:

463,703

436,720

KPK:

BALOCHISTAN:

176,194 AJK/GB:

33,092 ISLAMABAD:

34,360/10,359

106,241

foreign minister Shah mahmood Qureshi has urged the world to take concrete steps to extend economic and humanitarian assistance to afghanistan. talking to new Zealand foreign minister nanaia mahuta via video link, he said time warrants that the afghan people are not abandoned. the foreign minister of new Zealand was appreciative of pakistan’s efforts for safe evacuation of foreign nationals from Kabul. Qureshi briefed his counterpart about the blatant human rights violations being carried by Indian occupation forces in Indian occupied Kashmir (IoK). he said pakistan has recently presented a dossier to the world about the Indian war crimes in the occupied territory. he also raised the matter of cancellation of pakistan tour by the new Zealand cricket team. Both the foreign ministers expressed the determination to

cabinet he had told gen Qamar Javed Bajwa that he wanted lt gen hameed to continue for some time due to the critical security situation in afghanistan. later, addressing a post-cabinet meeting press conference, chaudhry said the authority to appoint the spymaster “lies with the prime minister”. he added the set procedure would be followed for the purpose for which both [gen Bajwa and Khan] were in agreement. Khan and gen Bajwa held a long meeting late monday night to discuss the matter and the prime minister had subsequently taken the cabinet into confidence over the issue, chaudhry revealed. the minister today announced the consultations between the two “have been completed” and the “process for the new appointment has begun”. “the civil-military leadership has once again proven that all institutions are united for the country’s stability, integrity and progress,” he tweeted. alluding to rumours of a civil-military strife, chaudhry had tuesday assured the pmo will never undermine the respect of the military or its boss.

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more inside

Pakistan, Iran have direct stakes in peace, stability in Afghanistan: PM STORY ON BACK PAGE

china proposes 4-way engagement with afghanistan

STORY ON BACK PAGE

further strengthen the bilateral relationship between the two countries. Earlier on monday, prime minister Imran Khan had reiterated his call for the world to engage with afghanistan, warning that there were hardliners within the taliban movement, who, if pushed away by the interna-

tional community, could easily go back to the taliban of 2000. In an interview with middle East Eye, a london-based online news outlet, prime minister Imran had asked the united States to “pull itself together” or face the collapse of the wartorn country, which would become a haven of terrorists.

Punjab governor, European parliamentarian s discuss GSPPlus extension

STORY ON BACK PAGE


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