The Pakistani rupee experienced a positive trend against the US Dollar for the third consecutive day in the interbank market, opening at 285 and later reaching 284 during early-day trade. Although the interbank rate briefly reverted to 285 between 1:30 PM and 2:30 PM, open market rates fluctuated within the 284-286 range throughout the day.
By the close of trading, the Pakistani rupee had appreciated by 0.08 percent, settling at 285.17 and gaining 22 paisas against the dollar. Despite this recent upward movement, the overall trajectory of the rupee has been downward, witnessing a decrease of nearly Rs. 68 since January 2023 and over Rs. 115 against the US Dollar since April 2022.
In a significant development, Pakistan and Kuwait inked seven agreements aimed at attracting multi-billion-dollar investments from Kuwait across various sectors. These agreements cover critical areas for Pakistan’s development, including Food Security/Agriculture, Hydel Power, Water Supplies (ensuring safe drinking water and supporting mining activities), the establishment of a Mining Fund to strengthen the mineral industry, Technology Zones Development, and Mangrove Preservation.
The signing ceremony took place during a meeting between Caretaker Prime Minister Anwaar-ul-Haq Kakar and Kuwait’s First Deputy Prime Minister and Minister for Interior, Sheikh Talal Al-Khaled Al-Ahmad Al Sabah, on Wednesday. Chief of Army Staff General Syed Asim Munir was also present during the meeting, underscoring the significance of these agreements for both nations.
These strategic collaborations mark a concerted effort to boost economic cooperation and investment between Pakistan and Kuwait, reflecting a commitment to enhancing various sectors crucial for Pakistan’s sustainable development. The multi-sectoral approach aligns with broader initiatives to foster economic growth and strengthen bilateral ties between the two nations.
