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Pakistan

COAS interacts with Naib Subedar Nadeem’s family

RAWALPINDI: Chief of Army Staff General Qamar Javed Bajwa on Monday visited the family of Naib Subedar Muhammad Nadeem Shaheed at

village Chah Ganja, Jhelum.According to an Inter-Services Public Relations (ISPR) statement issued here, the Army Chief interacted with Nadeem Shaheed’s brave family, laid wreath at his grave and offered ‘dua’Naib Subedar Nadeem came under Indian shelling and embraced Shahadat in Rakh Chikri sector along Line of Control (LOC) on September 29 while assisting evacuation of civilians, who had also been injured due to Indian firing.

The COAS said that Nadeem had lived up to the commitment of Pakistan Army by laying his life while protecting innocent brothers along the LOC, who were being cowardly targeted by Indian Army.

Dollar gains against rupee

KARACHI: In the local currency market, the dollar was seen gaining momentum against the rupee last week. Besides mounting dollar demand in the open market, strengthening dollar in the international trade also exerted downward pressure on the rupee.

The pressure on Pakistan’s external account is increasing steadily which is likely to weigh on forex reserves.

Currently the rupee is trading within a tight range of 105.40/44 in the interbank market but it has weakened sharply against the dollar in the open market over the past two weeks, signalling a need for devaluation.

Last week on the interbank market, the rupee/dollar parity continued to trade in narrow band amid slight variations.

On Monday the dollar was seen trading at Rs105.42 and Rs105.44 slightly up against the last closing at Rs105.41 and Rs105.43. The rupee traded almost flat against the dollar on Tuesday at Rs105.42 and Rs105.43.

On Wednesday the dollar drifted lower to trade Rs105.41 and Rs105.42.

Sluggish trading activities prevailed on Thursday. The parity stayed unchanged for the second straight day as the rupee retained its overnight rates, closing the session flat against the dollar at Rs105.41 and Rs105.42.

The dollar closed even in value versus the rupee with minor variation in interbank on Friday at Rs105.41 and Rs105.43.

In the open market, the rupee was seen depressed last week as the dollar continued its advances for the second week in a row.

Commencing the week in negative, on Monday the dollar was changing hands at Rs106.20 and Rs106.40 against the prior weekend’s level of Rs106.10 and Rs106.30.