Connect with us

Business

Dar’s meetings prove fruitful as rupee recovers against dollar

Published

on

  • Rupee gains Rs1.59 against dollar. 
  • Local currency closes at 220.88 against greenback. 
  • Analyst believes finance minister’s meeting with SBP officials improved market sentiments. 

KARACHI: Finance Minister Ishaq Dar’s meetings with the officials of the State Bank of Pakistan (SBP) and currency dealers proved fruitful as the Pakistani rupee opened the week strongly in the interbank market on Monday. 

According to the State Bank of Pakistan (SBP), the local unit gained Rs1.59 or 0.72% against the greenback in the interbank market, closing at 220.88. 

Last week, the rupee lost 0.93% to 222.47 against the dollar. Analysts believed that the local currency would trade range-bound this week. 

Pakistan-Kuwait Head of Research Samiullah Tariq said that the meetings of the finance minister with the State Bank of Pakistan’s (SBP) officials and market participants including banks and exchange companies have improved the market confidence. 

Meanwhile, Finance Minister Ishaq Dar warned last week that tough actions will be taken against those found manipulating the exchange rate. 

Dar stated that the rupee’s actual value is below the 200 level against the dollar. 

He issued a warning to those engaged in currency speculation and hoarding, predicting that the rupee will soon appreciate against the dollar.

“Where the rupee is at the present is not the right place. The rupee should trade between 180 and 200 to the dollar in the currency market,” he said.

Business

The gold price in Pakistan today

Published

on

By

According to the All Sindh Sarafa Jewellers Association, the price of 10 grammes of 24 karat gold increased by Rs772 to Rs184,928 from Rs184,156, while the price of 10 grammes of 22 carat gold increased to Rs169,517 from Rs168,810.

These oscillations are strongly correlated with shifts in the US dollar’s value, demonstrating the complex interplay between gold prices and exchange rates.

This emphasises how local gold prices are impacted by events related to the global economy.

On the other hand, the cost of 24-karat silver was constant at Rs 2,570. Globally, too, the price of gold increased somewhat by $9 to $2,057 per ounce.

Continue Reading

Business

Pakistan receives a $2 billion loan from China, according to the finance minister

Published

on

By

The $2 billion loan was one year ahead of schedule and became due in March. According to reports, Beijing had informed Islamabad of the decision.

The International Monetary Fund granted Pakistan’s cash-strapped economy a $3 billion standby arrangement last summer, but the country is still battling to recover from the financial crisis.

According to ratings firm Fitch, one of the top concerns confronting the next administration would be obtaining funding from bilateral and multilateral partners due to Pakistan’s precarious foreign situation, as was stated last week.

This event occurs one month after Anwaar-ul-Haq Kakar, the acting prime minister, asked for a $2 billion loan to be rolled over for a year in a letter to his Chinese counterpart.

In his letter, Kakar also expressed gratitude for China’s efforts to lessen Pakistan’s load

of foreign payments.

It is to be noted that Pakistan acquired safe deposits of $4 billion from China to address the balance of payments issue.

Continue Reading

Business

“Ready to work with Pakistan’s new government,” the IMF said.

Published

on

By

In response to the former premier’s request, IMF Director of Communications Julie Kozak stated, “I’m not going to comment on ongoing political developments,” during a news conference.

She continued by saying that they “look forward to working on policies to ensure macroeconomic stability and prosperity for all of Pakistan’s citizens with the new government.”

In addition to stating that the plan is “supporting the authority’s efforts to stabilise the economy and to, of course, with a strong focus on protecting the most vulnerable,” Kozack said the lender increased the total disbursements under the Standby Arrangement (SBA) to $1.9 billion.

This has been accomplished by closely adhering to budgetary constraints and safeguarding the social safety net. In order to keep foreign exchange reserves growing and rein in inflation, a strict monetary policy stance has been maintained, the speaker stated.

The PTI founding chairman decided to write a letter to the international lender, asking it to demand an audit of the election held on February 8 before it proceeds with discussions with Islamabad for a new loan programme. This move prompted the IMF to release its statement.

In response to the former premier’s request, IMF Director of Communications Julie Kozak stated, “I’m not going to comment on ongoing political developments,” during a news conference.

She continued by saying that they “look forward to working on policies to ensure macroeconomic stability and prosperity for all of Pakistan’s citizens with the new government.”

In addition to stating that the plan is “supporting the authority’s efforts to stabilise the economy and to, of course, with a strong focus on protecting the most vulnerable,” Kozack said the lender increased the total disbursements under the Standby Arrangement (SBA) to $1.9 billion.

This has been accomplished by closely adhering to budgetary constraints and safeguarding the social safety net. In order to keep foreign exchange reserves growing and rein in inflation, a strict monetary policy stance has been maintained, the speaker stated.

The PTI founding chairman decided to write a letter to the international lender, asking it to demand an audit of the election held on February 8 before it proceeds with discussions with Islamabad for a new loan programme. This move prompted the IMF to release its statement.

Continue Reading

Trending