Connect with us

Business

PKR continues winning streak against dollar

Published

on

  • Rupee gains 1.16 against greenback in interbank market.
  • Local currency closes at Rs227.29 against greenback.
  • Economists agree rupee will extend its rise in days to come.

KARACHI: The Pakistan rupee continued to strengthen on Monday in the interbank market, pushing the US dollar’s slide for the seventh consecutive session.

The local currency gained Rs1.16, or 0.51%, against the greenback in the interbank market and settled at Rs227.29.

Last week, the unit closed at Rs228.45, according to the data released by the State Bank of Pakistan (SBP).

Finance Minister Ishaq Dar’s return and his subsequent comments on the rupee’s undervaluation, as well as the likelihood that economic policy will remain stable going forward after he was appointed the finance minister, changed market sentiment from bearish to bullish on the currency.

When Dar stated that strengthening the rupee was his main objective, traders who had been long [on the dollar] started to sell. 

In a similar vein, exporters began selling forwards in considerable sums. The finance minister’s warning to speculators to discontinue their activities and the exporters’ healthy supplies of dollars helped support the rupee.

The local unit gained 11.2 rupees or 4.9% against the dollar in the interbank market last week, its second-biggest weekly rise since August 5, 2022, when the currency appreciated by 15.3 rupees.

The majority of economists agree the rupee will extend its rise in the days to come as various developments support this forecast.

Business

Changes in the US dollar’s value are directly correlated with variations in gold prices.

Published

on

By

The price of 24-karat gold in Pakistan increased by Rs1500 on Thursday, reaching Rs231,000 per tola. This was another jump in the price of gold in the country.

Dealers reported a comparable surge in the price of 10 grams of 24-karat gold, which is currently trading at Rs198,045 after rising by Rs1285. In addition, the cost of ten grams of 22-karat gold increased significantly, trading at Rs 181,541.

These fluctuations are strongly correlated with shifts in the US dollar’s value, demonstrating the tight connection between gold prices and exchange rates. This emphasizes how local gold markets are impacted by variables related to the global economy.

At Rs2,580, the price of 24-karat silver remains steady right now. The price of gold increased significantly on a global scale as well, rising by $14 to $2,214 per ounce.

It’s critical to understand that changes in the worldwide market can have a substantial impact on gold prices in Pakistan throughout the day. The gold rates that are offered are obtained from reliable sources, mostly situated in Karachi and Multan.

It is recommended that individuals seek the advice of nearby gold merchants and jewellers for the most precise and current information regarding gold prices.

Continue Reading

Business

Pakistan pledged to finish building the TAPI gas pipeline.

Published

on

By

The minister discussed the importance of the TAPI gas pipeline project for Pakistan’s energy needs during a meeting with Turkmenistan’s ambassador to Pakistan, Atadjan Movlamov.

The Minister was congratulated by Ambassador Movlamov on taking office and his commitment to the project was noted.

Dr. Musadik Malik thanked the ambassador for his kind words, acknowledged the support, and promised to maintain the two nations’ friendship. The intergovernmental commission and working group meetings for the project this year were briefed by Atadjan Movlamov.

He invited the Minister to attend the Turkmenistan Energy Forum, which would take place in Paris the following month.

TAPI undertaking
The project is for the construction of a 1,680-kilometer pipeline with a 56-inch diameter that can carry 3.2 billion cubic feet of gas per day (bcfd) from Turkmenistan through Afghanistan and Pakistan to the border between Pakistan and India.

According to the terms of the TAPI agreement, Afghanistan would receive its portion of 0.5 billion cubic feet of gas per day, while Pakistan and India will each receive 1.325 billion cubic feet of gas per day.

In order to carry out the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, Pakistan and Turkmenistan inked a cooperative implementation plan in Islamabad on June 4.

Prime Minister Shehbaz Sharif and a delegation from Turkmenistan, led by Minister of Energy and Water Resources Daler Juma’a, were present at the ceremony.

Continue Reading

Business

The price of gold is still rising in Pakistan.

Published

on

By

According to the All Sindh Sarafa Jewellers Association, the cost of 10 grams of 24 karat gold grew by Rs. 86 to Rs. 196,760 from Rs. 196,674, while the cost of 10 grams of 22 carat gold jumped to Rs. 180,363 from Rs. 180,284.

The price of silver per tola and ten grams stayed at Rs. 2,211.93 and Rs. 2,580, respectively.

According to the Association, the price of gold on the global market rose by $7 to $2,200 from $.2,193.

It is important to note that Pakistani and IMF personnel have agreed at the staff level on the second and final review conducted as part of Pakistan’s Stand-By arrangement.

The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the second and final review of Pakistan’s stabilization program, which is supported by the IMF’s US$3 billion (SDR2,250 million) SBA Agreement. This is according to the official statement released by a team led by Nathan Porter.

Continue Reading

Trending