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Pakistan Elections: Polls open in Pakistan, 128 million eligible to vote

The Pakistani rupee slumped 3.8 per cent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank, traders said, amid a balance of payments crisis.

The rupee drop threatens to squeeze consumers, coming just days before the Eid holiday ending the Islamic fasting month of Ramadan and ahead of a general election set for July 25.

The apparent devaluation shows signs of vulnerability in Pakistan’s nearly $300 billion economy, as dwindling foreign reserves and a widening current account deficit trigger speculation about going back to the International Monetary Fund for loans for the second time since 2013.

One leading economist, Ashfaque Ahmad Khan, said the interim government that now holds the reins during the election campaign might itself be forced to go to the IMF.

Khan said the interim government needs to take policy decisions to curb imports and increase exports, but so far the caretaker government has not taken enough steps.

"If we rely exclusively on the rupee devaluation to address our balance of payment crises, this will have disastrous consequences," he said.

The outgoing government led by the Pakistan Muslim League-Nawaz (PML-N) has touted its stewardship of the economy as a reason to bring the party back to power, but foreign reserves are now at a low of two months' worth of imports.

The PML-N policy for years was to support keeping the rupee relatively stable in what was widely considered a managed float, but as the current account deficit widened and foreign reserves dropped to about half their peak, the policy shifted.

Since December, the rupee has fallen by about 14 per cent.

The rupee closed at 119.85 per U.S. dollar on Monday after opening at 115.63. Earlier in the day, it traded close to 121 per dollar, traders said.

"On Monday the central bank didn't intervene (to support the rupee) and allowed the market to determine the rupee value," Samiullah Tariq, director of research at Arif Habib Securities, told Reuters

"Pressure of a high current account deficit and dollar demand in the market also contributed to the rupee's fall."

A spokesman for the State Bank of Pakistan didn't respond to Reuters' request for comment on the talk that the bank had withdrawn support for the rupee, triggering another devaluation.

Withdrawal of support would have the effect of devaluing the currency as the SBP is the most influential player in the thinly traded local foreign exchange market and controls what is widely considered a managed float system.

In December and in March, the rupee was devalued, each time by about 5 per cent, by the central bank.

Pakistan's economy is expected to expand by close to 6 per cent this year, the fastest pace in more than a decade, but a widening of the current account deficit has brought new worries.

The current account deficit now stands at $14 billion, around 5.3 per cent of gross domestic product, an SBP official said.

The economic outlook has been hurt by the fast depletion of foreign currency reserves, which now stand at just over $10 billion.

Pakistan is currently in discussions with China for loans to ease pressure on its foreign currency reserves.

Over the weekend, the shortage of foreign currency widened the spread at which the rupee is traded in the open market and the interbank market to 4 rupees.

"Whatever has happened again today is the reflection of growing pressure on the balance of payments side,” Khan told Reuters.

"It also exposes the outgoing government claims that they strengthen the economy, that they have always been claiming that they are leaving the economy in good shape. That unfortunately isn’t the case."&nbsp

The Pakistani rupee slumped 3.8 per cent against the dollar on Monday

The Pakistani rupee slumped 3.8 per cent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank, traders said, amid a balance of payments crisis. The rupee drop threatens to squeeze consumers, coming just days before the Eid holiday ending the Islamic fasting month of Ramadan and ahead of a general election set for July 25. The apparent devaluation shows signs of vulnerability in Pakistan’s nearly $300 billion economy, as dwindling foreign reserves and a widening current account deficit trigger speculation about going back to the International Monetary Fund for loans for the second time since 2013. One leading economist, Ashfaque Ahmad Khan, said the interim government that now holds the reins during the election campaign might itself be forced to go to the IMF. Khan said the interim government needs to take policy decisions to curb imports and increase exports, but so far the caretaker government has not taken enough steps. "If we rely exclusively on the rupee devaluation to address our balance of payment crises, this will have disastrous consequences," he said. The outgoing government led by the Pakistan Muslim League-Nawaz (PML-N) has touted its stewardship of the economy as a reason to bring the party back to power, but foreign reserves are now at a low of two months' worth of imports. The PML-N policy for years was to support keeping the rupee relatively stable in what was widely considered a managed float, but as the current account deficit widened and foreign reserves dropped to about half their peak, the policy shifted. Since December, the rupee has fallen by about 14 per cent. The rupee closed at 119.85 per U.S. dollar on Monday after opening at 115.63. Earlier in the day, it traded close to 121 per dollar, traders said. "On Monday the central bank didn't intervene (to support the rupee) and allowed the market to determine the rupee value," Samiullah Tariq, director of research at Arif Habib Securities, told Reuters "Pressure of a high current account deficit and dollar demand in the market also contributed to the rupee's fall." A spokesman for the State Bank of Pakistan didn't respond to Reuters' request for comment on the talk that the bank had withdrawn support for the rupee, triggering another devaluation. Withdrawal of support would have the effect of devaluing the currency as the SBP is the most influential player in the thinly traded local foreign exchange market and controls what is widely considered a managed float system. In December and in March, the rupee was devalued, each time by about 5 per cent, by the central bank. Pakistan's economy is expected to expand by close to 6 per cent this year, the fastest pace in more than a decade, but a widening of the current account deficit has brought new worries. The current account deficit now stands at $14 billion, around 5.3 per cent of gross domestic product, an SBP official said. The economic outlook has been hurt by the fast depletion of foreign currency reserves, which now stand at just over $10 billion. Pakistan is currently in discussions with China for loans to ease pressure on its foreign currency reserves. Over the weekend, the shortage of foreign currency widened the spread at which the rupee is traded in the open market and the interbank market to 4 rupees. "Whatever has happened again today is the reflection of growing pressure on the balance of payments side,” Khan told Reuters. "It also exposes the outgoing government claims that they strengthen the economy, that they have always been claiming that they are leaving the economy in good shape. That unfortunately isn’t the case."

Pakistan's new rupee devaluation shows economic risk before election

Former President of Pakistan, Pervez Musharraf's party announced that he will be running for a seat in Parliament in the country's upcoming elections in July media reports said on Saturday.

Currently living in exile in Dubai, Musharraf will participate from Chitral district in Khyber.

Meanwhile on Friday media reports sais that his national identity card and his passport are suspended following the order by a special court hearing treason case against him.

Musharraf, 74, was indicted in March 2014 on treason charges for imposing emergency in 2007 which led to the confinement of a number of superior court judges in their houses and sacking of over 100 judges.

On March 18, 2016, the former president travelled to Dubai for medical treatment.

According to reports, after suspension of passport, he won't be allowed to travel in any country. His stay in Dubai also becomes illegal.

A conviction for high treason carries the death penalty or life imprisonment.

Musharraf ruled Pakistan from 1999 to 2008. He is wanted in Pakistan in several criminal cases including in the assassination of former prime minister Benazir Bhutto.

(With inputs from PTI)

Currently living in exile in Dubai, Musharraf will participate from Chitral district in Khyber

Former President of Pakistan, Pervez Musharraf's party announced that he will be running for a seat in Parliament in the country's upcoming elections in July media reports said on Saturday. Currently living in exile in Dubai, Musharraf will participate from Chitral district in Khyber. Meanwhile on Friday media reports sais that his national identity card and his passport are suspended following the order by a special court hearing treason case against him. Musharraf, 74, was indicted in March 2014 on treason charges for imposing emergency in 2007 which led to the confinement of a number of superior court judges in their houses and sacking of over 100 judges. On March 18, 2016, the former president travelled to Dubai for medical treatment. According to reports, after suspension of passport, he won't be allowed to travel in any country. His stay in Dubai also becomes illegal. A conviction for high treason carries the death penalty or life imprisonment. Musharraf ruled Pakistan from 1999 to 2008. He is wanted in Pakistan in several criminal cases including in the assassination of former prime minister Benazir Bhutto. (With inputs from PTI)

Pervez Musharraf to run for parliament seat in upcoming election

Ahead of Pakistan's general elections, a stiff broke&nbsp;out between the former wife of Imran Khan, Rehan Khan and Pakistan Tehreek-e-Insaf founder Imran Khan's supporters.

Reham Khan has written an autobiography: "a mother, wife, journalist and a warrior" which contains Reham's life experiences as per&nbsp;the book's promotional teaser video.

The book is scheduled to release this month the general elections will take place in July. According to media reports, the book is going to make major revelations.

A Twitter war erupted after actor and supporter of PTI, Hamza Ali Abbasi posted a summary of the book on Twitter.

"Had a very unfortunate experience of reading a manuscript of Reham Khan's book. Here is the summary: IK is the most evil man to walk the face of this planet. Reham is the most pious righteous (Tahajjud guzaar) woman ever and Shehbaz Sharif is an amazing guy! #RehamOnPMLNAgenda", Hamza wrote on Twitter.

And as a response to that later Reham also tweeted and alleged that the PTI has threatened her. She also attached a copy of an email sent to her by Abbasi.

She has alleged that Hamza Abbasi has been threatening her since August 2017. She further asked Abbasi that how he was able to read the manuscript when the book is not released yet. "Only possible through fraud or theft", she said.

Hamza Abbasi, however, has not responded to her to the allegation yet.

In February also she has alleged that she is receiving threats after which she left the country.

That time she had said that she will break her silence on certain matters.

Some people have also&nbsp;called this an agenda of The Pakistan Muslim League (Nawaz) party with Reham Khan.

Reham Khan has written an autobiography: 'a mother, wife, journalist and a warrior' which contains Reham's life experiences as per the book's promotional teaser video.

Ahead of Pakistan's general elections, a stiff broke out between the former wife of Imran Khan, Rehan Khan and Pakistan Tehreek-e-Insaf founder Imran Khan's supporters. Reham Khan has written an autobiography: "a mother, wife, journalist and a warrior" which contains Reham's life experiences as per the book's promotional teaser video. The book is scheduled to release this month the general elections will take place in July. According to media reports, the book is going to make major revelations. A Twitter war erupted after actor and supporter of PTI, Hamza Ali Abbasi posted a summary of the book on Twitter. "Had a very unfortunate experience of reading a manuscript of Reham Khan's book. Here is the summary: IK is the most evil man to walk the face of this planet. Reham is the most pious righteous (Tahajjud guzaar) woman ever and Shehbaz Sharif is an amazing guy! #RehamOnPMLNAgenda", Hamza wrote on Twitter. And as a response to that later Reham also tweeted and alleged that the PTI has threatened her. She also attached a copy of an email sent to her by Abbasi. She has alleged that Hamza Abbasi has been threatening her since August 2017. She further asked Abbasi that how he was able to read the manuscript when the book is not released yet. "Only possible through fraud or theft", she said. Hamza Abbasi, however, has not responded to her to the allegation yet. In February also she has alleged that she is receiving threats after which she left the country. That time she had said that she will break her silence on certain matters. Some people have also called this an agenda of The Pakistan Muslim League (Nawaz) party with Reham Khan.

Ahead of general elections, Imran Khan's ex-wife Reham Khan's upcoming book stirs political controversy

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Pakistan Elections: Polls open in Pakistan, 128 million eligible to vote

Pakistan's new rupee devaluation shows economic risk before election

Pervez Musharraf to run for parliament seat in upcoming election

Ahead of general elections, Imran Khan's ex-wife Reham Khan's upcoming book stirs political controversy