The dollar price in Pakistan has risen 20 paisas to reach its yearly-high of Rs166.60. On August 31 last year as well, this was the exact price of the dollar.
According to forex dealers, an increase in imports has raised the demand for the currency, increasing its price. The changes in Afghanistan’s political landscape has also impacted the dollar rates.
The dollar prices started to take off on August 24 when it rose by 90 paisas to reach Rs165.40 from Rs164.50. The very next day, a 40-paisa increase brought it to Rs165.80. This was followed by a 70-paisa rise to bring the price to Rs166.50 on August 25. In the next two days, there was another increase of 50 paisas. Thus, the dollar price saw a rise of Rs2.10 in just six days.
Forex association chairman Malik Bostan said the quantity of imports is rising and last month a 45% increase was recorded. He said the importers are buying the currency in high numbers nowadays. While the State Bank of Pakistan’s forex reserves are at an all-time high, most of these funds are for stand-by support, Bostan said. Therefore, he added, the inflow of the currency in the market is not enough to avoid the kind of rise it has seen in the recent days.
Due to the closure of money markets in Afghanistan, Bostan said, the war-torn country is also relying on Pakistan to meet its needs of some commodities.
In an attempt to fulfil this demand from across the border, many in Pakistan are importing goods to supply to Afghanistan, a situation that has contributed to the increase in dollar prices.
The currently unstable security situation in the country after recent blasts in its capital Kabul, has also made an impact on the rates. The banking system is also struggling in Afghanistan, while there are fears that Pakistan will have to face some security related challenges.
Forex dealer Zafar Paracha said one of the reasons behind the rise in dollar price is the smuggling of the currency across the border to Afghanistan.
Paracha says apart from smuggling, the government’s policy to allow travellers to carry $10,000, while crossing the border, is also becoming a burden for Pakistan. Bostan echoed Paracha’s views in this regard.
Traders working near the Pak-Afghan border in Peshawar and Chaman said smuggling of the currency is common. Transporters are used for smuggling and their vehicles have various compartments where currency is placed.
While this smuggling is done both ways across the border, currently the destination is mainly Afghanistan, due to the increased demand in the war-torn country.
Highlights
The opposition conglomerate Pakistan Democratic Movement (PDM) on Sunday held its first power show in Karachi since it parted ways with the Pakistan People Party (PPP).
Jamiat Ulema-e-Islam (JUI) Chief and PDM head Maulana Fazalur Reham, Pakistan Muslim League-N supremo Nawaz Sharif, PML-N president Shehbaz Sharif, and other leaders addressed the gathering at the Bagh-e-Jinnah in Karachi.
While PDM’s claim of setting up 100,000 chairs for the participants was seen with scepticism, the event attracted a considerable number of people. “A special branch report put the number between 15,000 and 17,000, while police report that between 18,000 and 20,000 people are attending,” SAMAA TV reported after the event had begun and leaders were addressing.
Drone footage also showed a large number of people. However, it was difficult to pin down a number.
JUI-F took charge of the security and other arrangements. Nevertheless, a large number of PML-N workers participated with party flags, which were painted with Nawaz Sharif’s photos. The flags of Pashtunkhwa Milli Awami Party, Balochistan National Party, and Qaumi Wattan Party were also prominent. JUF-F flags waved everywhere at the venue.
Addressing the event, Rehman said the incompetent and illegal government had destroyed the economy. He claimed that the rulers did not have public support and, instead, were propped into power by coersion.
The PMD head said some people claimed that PDM had lost its voice, but it was not true and the PDM would continue to agitate as the state of affairs in the country was a cause of concern.
Rehman declared that PDM was going to give the PTI government a hard time.
Shehbaz Sharif said the PDM would march on Islamabad with tens of thousands of people to remove the federal government.
The leaders chose to speak on Karachi’s problems and Shehbaz took a dig at Prime Minister Imran Khan, whose promise of giving Rs1100bn for Karachi, Shehbaz claimed, was only a tall claim.
Shehbaz held Imran Khan responsible for Karachi’s woes saying that Bilawal Bhutto Zardari had informed him that Imran did not give a penny from the promised funds.
A day before the rally, JUI-F announced that women were not allowed to participate. The announcement caused quite a stir and it was withdrawn by Fazlur Rehman.
PML-N spokesperson Maryam Aurangzeb quickly declared that women would attend the rally.
However, very few women arrived at the gathering and most of them were from PML-N. The organizes set up a woman enclosure which remained mostly empty.
Son Heung-min sent Tottenham to the top of the Premier League as the South Korean’s free-kick clinched a 1-0 win against Watford, while Mason Greenwood’s late strike fired Manchester United to a record-breaking 1-0 victory at Wolves on Sunday.
Nuno Espirito Santo’s side have made a flawless start to the new domestic season and they sit two points clear of second placed West Ham after a third successive victory.
Son settled a hard-fought clash at the Tottenham Hotspur Stadium when his free-kick caught Watford keeper Daniel Bachmann out of position in the first half.
After their protracted search for a manager to succeed to Jose Mourinho dragged on throughout the close-season, Tottenham were in danger of becoming a laughing stock.
Nuno was far from their first choice, but the former Wolves boss has hit the ground running north London.
Three consecutive 1-0 wins, including one against Premier League champions Manchester City, as well as progress in the Europa Conference League, suggest Tottenham could enjoy a better season than expected.
Nuno is the first Tottenham manager since Arthur Rowe in 1949 to win his first three league games in charge.
“We knew the threat of Watford, we managed it well. I’m very happy because the players worked very hard,” Nuno said.
Watford midfielder Moussa Sissoko was back at Tottenham, just two days after leaving for the Hornets and he nearly laid on an early goal.
Sissoko picked out Juraj Kucka and his shot was headed off the line by Eric Dier.
Tottenham took the lead in the 42nd minute when Son swung in a free-kick from the left wing and Bachmann was caught out as it sailed past him into the far corner.
It was Son’s second goal of the season after the forward’s winner against Manchester City on the opening weekend.
At Molineux, Manchester United set an English top-flight record for unbeaten away league games in their first match since agreeing a blockbuster deal to sign Cristiano Ronaldo from Juventus.
Portugal star Ronaldo, who will return to United 12 years after leaving to join Real Madrid, was not available to make his second club debut this weekend as he waits to officially complete the move.
While Ronaldo waits in the wings, unbeaten United had Greenwood to thank for their second win in three matches.
As United fans waved Portugal flags and chanted “Viva Ronaldo”, 19-year-old forward Greenwood scored for the third successive game.
United have now gone 28 successive away league games without defeat, passing the mark they shared with Arsenal.
“It’s a special goal. Of course the keeper maybe could have saved it but he hit it so quickly,” said United manager Ole Gunnar Solskjaer, who confirmed Ronaldo is expected to feature against Newcastle on September 11.
“Both sides could have won it, of course we were under pressure for a spell but we had most of the possession.”
Solskjaer’s team were indebted to David De Gea for a superb double save that kept the score level before Greenwood’s winner.
De Gea blocked Romain Saiss’s close-range header from a corner, then somehow spread himself to thwart the defender’s close-range follow-up.
Greenwood made Wolves pay for that miss in the 80th minute when he took Raphael Varane’s pass and hit a low shot that flashed under keeper Jose Sa.
Wolves claimed Paul Pogba had fouled Ruben Neves in the build-up to the goal, but referee Mike Dean and VAR ignored their protests.
United climbed to third place, while Wolves remained pointless and goalless under new boss Bruno Lage.
Patrick Bamford rescued a 1-1 draw for Leeds at Burnley.
Sean Dyche’s side took the lead in the 61st minute when Leeds failed to clear a corner and Matt Lowton’s shot was flicked in by Chris Wood from six yards.
But Leeds striker Bamford celebrated his first call-up to the England squad this week with the 86th minute equaliser.
Jamie Shackleton’s shot was deflected into Bamford’s path and he tapped in for his first goal this season.
The latest reports from Afghanistan suggest the Taliban is talking to foreign powers and has neared an agreement with Turkey over Kabul airport. The country’s banks have also been ordered open.
Amid indications of improvement, one of the Taliban spokesmen has claimed that the group’s fighters had entered the Panjshir valley, where a fierce battle is feared.
Evacuation from the Kabul airport continues to be the top priority for the western nation.
London-based online news outlet Middle East Eye claims that the Taliban and Turkey were close to a deal on Kabul airport. Under the proposed agreement, Turkey and Qatar will operate the Kabul airport with Turkey providing security through a private firm. The firm will hire former Turkish soldiers. In return, the Taliban expected recognition from Turkey, which could become the first country to formally recognize the Taliban government, though China has also indicated that it was ready to accept the Taliban regime.
The talks between Turkey and the Taliban were facilitated by Qatar, which also provided the link between the Taliban and France.
French President Emmanuel Macron said Saturday that discussions were underway with the Taliban through Qatar to “protect and repatriate” Afghans at risk since this month’s takeover by the group, AFP reported.
Evacuations are planned jointly with Qatar and may involve “airlift operations”, Macron said after a summit in Baghdad, adding that France had evacuated 2,834 people from Afghanistan since August 17.
Discussions with world powers were, however, unlikely to win the Taliban quick recognition. The White House has dismissed any chance of rapid recognition for a Taliban government by the United States or its allies.
“I want to be really clear: there’s no rush to recognition of any sort by the United States or any international partners we have talked to,” Press Secretary Jen Psaki told reporters.
The United States is in close contact with its former enemy as it tries to complete the risky operation to evacuate tens of thousands of people from Afghanistan at the end of a 20-year war, AFP says.
The situation reportedly improved after three of Taliban’s Al Badri battalions entered Kabul airport on Friday in the aftermath of twin suicide bombings.
“Today, three important locations in the military part of Kabul airport were evacuated by the Americans and are under the control of the Islamic Emirate,” spokesman Bilal Karimi said on Twitter.
However, the Pentagon said that the Taliban had not taken control of any operations at Kabul airport.
The UK has completed the evacuation on Saturday. AFP reports that its final flight took off “leaving hundreds of Afghans eligible for resettlement behind.” The US officials have vowed to continue the operation until the final moment. The Pentagon has warned that Kabul airport still faces “specific, credible threats.”
Earlier this week, SAMAA Digital’s Wakil ur Rehman reported that the future of banking in Afghanistan was uncertain because the Taliban’s government was unlikely to allow traditional interest-based banks to operate. He explored the possible Sharia-compliant alternatives. On Saturday, Afghanistan’s State Bank ordered the banks to reopen and operate within certain frameworks to solve the liquidity crisis.
Anaamullah Samangani, a member of the Taliban’s Cultural Commission, claimed on Saturday that the Taliban fighters had entered the Panjshir valley from all directions.
Based in Panjshir, ousted Afghan Vice President Amrullah Saleh and Ahmad Massoud have so far resisted the Taliban advances. Tolo News reports that Massoud’s supporters have rejected claims of a Taliban advance toward Panjshir and say no one has entered the province.
A Taliban onslaught of Panjshir valley could lead to one of the worst battles in recent months. However, there is still hope for peace. Samangani, too, said the door for negation was still open.