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Rupee strengthens against dollar

KARACHI: The rupee strengthened against the dollar at 105.35/105.55 in the inter-bank market yesterday’s close of 105.4/105.6.
The currency market has fluctuated regularly in recent months with hefty rises and falls on some occasions. In the long run, however, the rupee has stood firm after experiencing extensive volatility, when it weakened from around Rs98 to a dollar to above Rs103 in the wake of political impasse over alleged election rigging.
The central bank has imposed 100% cash margin on the import of certain consumer goods to restrict the demand for US dollars. The rupee has been one of the best performing currencies in Asia for over three years despite the dollar’s sharp appreciation against other currencies.
However, the International Monetary Fund has repeatedly said that Pakistan’s rupee is overvalued by 5-20%. According to analysts, the artificial support for the rupee has adversely affected Pakistan’s exports.

Local car market sees stable rise

KARACHI: Sales of locally assembled vehicles, including jeeps and light commercial vehicles, jumped to 18,798 units in September 2017, up 17% compared with 16,060 units in the same month of 2016, according to the latest data released by the Pakistan Automotive Manufacturers Association (PAMA).

“These numbers are in line with estimates given fewer working days in September 2017 due to Eidul-Azha holidays compared to August 2017,” a Topline Securities report said.

Sales figures for September 2017 depict a 15% decline when compared with 22,094 units sold in August 2017.

Cumulative industry sales during the first three months (July to September) of fiscal year 2017-18 exhibited a 27% growth to reach 60,470 units. The report said that the first three months’ sales are on-track in terms of reaching the predicted 236,000 unit sales in the current fiscal year.