Dollar Rises to New record

ISLAMABAD/ KARACHI: The National Assembly echoed with a strong protest against inflation, as all economic indicators showed a negative trend on Monday.

The value of the US dollar reached an all-time high against the Pak rupee on Monday, selling for Rs172.78 in the interbank market. Gold rates in the local market rose by Rs1,700 per tola, while stocks ended lower after a volatile session.

The rupee skidded to an all-time low amid increasing uncertainty over a $6 billion International Monetary Fund (IMF) loan tranche discussion. The rupee closed at a life-low of 172.78 per dollar, after hitting 173 level in the early deals, and 0.93 per cent weaker than its previous close of 171.18.

According to data released by All Sindh Sarafa Jewellers Association, gold rates in the local market moved up to Rs119,700 per tola. Similarly, the 10-gram gold price increased by Rs1,457 to Rs102,623 on Monday.

On the other hand, the Pakistan Stock Exchange's (PSX) benchmark KSE 100-share Index fell 192.08 points or 0.43 per cent to close at 44,629.45 points against 44,821.53 points recorded in the last session. The highest index of the day remained at 44,993.66 points while the lowest level of the day was recorded at 44,432.32 points.

Meanwhile, Opposition Leader in the National Assembly Shehbaz Sharif lashed out at the PTI-led government for unprecedented inflation and price hike in the country. “Where’s Riyasat-e-Madina,” he asked adding that no government ever in the history of the country suppressed the poor like PTI did. He said the people were longing for even one meal a day.

“There was no hunger, poverty, social injustice, inflation, unemployment in state of Madina, as is being experienced in Pakistan,” Shehbaz said.

He said every day and night, the government people talk about following the principles of Madina state, but on the contrary, all their claims had become a burden on the country and its people. “The Holy Prophet (SAW) used to protect the oppressed people and patronise the poor and orphan people, and social justice prevailed in that state of Madina,” he added. The House was to hold debate on ‘Uswa-e-Hasana of the Holy Prophet (SAW)’ but the opposition members raised slogans of quorum as soon as the Minister for Communication Murad Saeed rose for delivering his speech.

The opposition leader said the government, with increased inflation, had snatched right to live from children and everybody was saying that they never experienced such an incompetent and failed government in 74 years history of the country. “It moves us when the government refers to the state of Madina,” he said.

He said the government was taking the country to non-stop destruction on the IMF dictates. “The government made every attempt to fulfil conditions of the IMF and there were news reports yesterday that the Fund was still not happy with the regime and preparing to further tighten noose around the country,” he said adding the government had brought the country at verge of disaster.

He pointed out that only three days back, the government hiked electricity tariffs by Rs1.5 per unit, petroleum products prices by Rs10 per litre, ghee by Rs49 and cooking oil by Rs110 per kilogram. “Will the government tell as how a poor earning Rs20,000 per month can pay Rs10,000 electricity bill,” he asked.

Shehbaz Sharif pointed out that the government not only increased medicines’ prices by 500 per cent, but also ended facility of free laboratory tests in government hospitals.

The opposition leader said the RLNG which the PMLN government purchased for 10 dollars was now costing country 56 dollars. The opposition MNAs meanwhile staged strong protest while wearing black armbands as a mark of protest against unprecedented inflation and raised slogans against the government.

The House was later adjourned due to lack of quorum, pointed out by an opposition lawmaker. The House did not consider legislative agenda including three ordinances and one government bill, two resolutions seeking extension of as many ordinances and eight reports of the standing committees.

None of the question was taken up during the question hour while fifteen motions for consideration of as many bills in the joint sitting of the Parliament, two calling attention notice (CAN) and a motion of thanks to the President were not considered.

Minister of State for Parliamentary Affairs Ali Muhammad Khan moved a motion under rule 259 for debate on the Uswa-e-Hasana of Holy Prophet Hazrat Muhammad (Peace Be Upon Him).

Speaker Asad Qaisar gave the floor to Minister for Communication Murad Saeed soon after the motion was moved. He said Prime Minister Imran Khan would establish the state of Madina at any cost. However, PML-N lawmaker Khurram Dastgir pointed out the quorum which was found incomplete.