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The rupee against the U.S. dollar closed at less than 155 rupees

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The Pakistani Rupee (PKR) rose by 42 Paisas against the U.S. dollar (USD), breaking the psychological barrier of the rupee. 155 U.S. dollars to 1 U.S. dollar. PKR closed below 155 rupees today, pointing to the dollar in the interbank market today (March 26) to 154.58 rupees, relative to the dollar of yesterday (March 25). USD 155.01.

Today’s improvement comes from yesterday’s 38 pie paisas and Wednesday’s 45 pie paisas.

According to data from the financial analysis platform Capital Stake, the U.S. dollar fell by 0.89% on the basis of WTD. On a cumulative and monthly basis, the U.S. dollar has depreciated by 3.28% and 2.22%, respectively.

Distributors said that due to weak importers’ demand for U.S. dollars and large inflows of capital, local subsidiaries continued to grow.

In addition, after the completion of the second to fifth extension review of the US$6 billion Pakistan Expansion Financing Mechanism by the Executive Board of the International Monetary Fund, the news that the loan part was approved has also aroused the interest of traders.

Khurram Schehzad, CEO of Alpha Beta Core Securities, said in an interview with ProPakistani that the exchange rate of PKR against the U.S. dollar has risen by approximately 14 rupees or 8.2% from the lowest exchange rate of 168.43 rupees in August 2020.

Regarding the potential impact of this appreciation, Sheikhzad said that in view of rising oil prices in the world market, offsetting import inflation would be a good way. This will also be useful for reducing the country’s external debt repayment burden.

He said, however, this appreciation may make exports lose competitiveness in the short term.

Throughout the week, PKR also generally rose against other major currencies. The only noteworthy loss is the closing day of the British pound.

Today, PKR appreciated by 90 paisa against the euro, while yesterday’s appreciation reached 82 paisa, and it rose sharply by the rupee on Wednesday. 1.69 and got 37 paisas on Monday.

PKR lost 85 paise against the British pound (GBP) today. This is after the 95 Paisa increase yesterday, after a sharp increase of the rupee on Wednesday. At 3.08 and on Monday, the pound to pound exchange rate appreciated by Rs 1.34.

PKR’s gain against the Australian dollar against the Australian dollar (AUD) was 4 paisa today, 50 paisa yesterday, 12 paisa on Wednesday, and a sharp increase of 77 paisa on Monday.

The pound sterling against the Canadian dollar (CAD) also rose by 21 paisa yesterday, 37 paisa against the U.S. dollar, a sharp rise of 1.19 rupees on Wednesday, and a 34 paisa appreciation on Monday.

In the inter-bank market, the PKR for the United Arab Emirates Dirham (AED) and Saudi Riyal (SAR) has also gradually improved. On Monday, he addressed three improvements for AED and SAR. The gains on Wednesday were impressive because the usual PKR fluctuated up and down within 4 paisas, but yesterday it rose by 12 paisas against ACN and against EDA. SAR rose by 11.8 paisa. Yesterday, PKR appreciated by 10 paisa and 11 paisa against the two currencies respectively.

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Crypto

A Single Cryptocurrency Consumes More Electricity Than An Entire Country

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Although the ability of cryptocurrency to create a lot of wealth has won praise and malice, critics of the entire trade group, especially climate change advocates, have strongly condemned the technology’s environmental impact.

Bitcoin’s energy consumption has become synonymous with the soaring base price of the currency. According to data from the University of Cambridge, Bitcoin mining consumes approximately 130 TWh of energy each year, which is approximately equal to the amount of energy used in Argentina.

Picture Source: BBC

Since November 2020, Bitcoin consumption has doubled as more miners compete for the rewards set by the blockchain network. But recently, the explosive growth of buying and selling digital currencies has made other networks the focus of carbon emissions.

According to Digiconomist, Ethereum consumes nearly 30 terawatt hours per year. This makes its network consumption comparable to countries such as Bahrain and Qatar. Like Bitcoin, Ethereum’s energy consumption is rising, and it doesn’t look like it will happen soon.

According to Digiconomist data, from the average hourly 8 terawatts in August 2020 to the current Ethereum network is now about 30twh, an increase of 275%.

In the next two years, the world is accelerating, and large companies and projects are developing ultra-low price plans for energy-saving blockchain networks, which can basically be kept on smartphones in principle. Currently, these projects are in the development stage and will be the subject of research in the next few years.

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Pakistan’s Highest Monthly Export Volume in Ten Years

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According to preliminary data from the Ministry of Commerce, Pakistan’s trade and investment consultant Abdul Razak Dawood (Abdul Razak Dawood) said on Thursday that by March 2021, Pakistan’s exports have increased to US$2.345 billion.

He announced on Twitter: “The Ministry of Commerce is pleased to share with you that according to temporary data, our exports have increased to US$2.345 billion by March 2021. Compared with February 2021, this is an increase of 13.4%. This is The highest month of the past ten years.”

He said that this is the first time since 2011 that the country’s exports have exceeded the US$2 billion mark for six consecutive months. He pointed out that the export growth of 29.3% since March 2020 should not be taken into account, because there were obstacles last year, which would be misleading.

The consultant wrote: “The value of imports in March 2021 increased to US$5.313 billion, mainly due to the imports of petroleum, wheat, soybeans, machinery, raw materials and chemicals, mobile equipment, fertilizers, tires and antibiotics imported in March 2021. And vaccines have increased.”

In the nine months from July 2020 to March 2021 of this fiscal year, Pakistan’s exports increased by 7% from 17.451 billion US dollars in the same period last year to 18.669 billion US dollars. In the same period, imports increased by 12% from US$34.817 billion in the previous fiscal year to US$39.210 billion in this fiscal year.

Dawood explained that this growth comes from increased imports of raw materials and imports of wheat, sugar and cotton.

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Business

US Dollar Falls Below Rs. 154 Against Pakistani Rupee

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The exchange rate of the Pakistani rupee against the U.S. dollar rose by 74 paisa when trading began in the interbank currency market today. According to currency traders, the local currency appreciated 74 paise against the U.S. dollar to 153.30, a 21-month high. The daily exchange rate of the rupee closed at 154.04.
Since hitting an all-time low of 168.43 rupees in August last year, the rupee has rebounded by more than 14 rupees in the past seven months.
As foreign exchange reserves increased, current account surpluses, increased remittances, and the ongoing pandemic have reduced demand for US dollars, the rupee has gained considerable gains.

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