Business

Rupee claws back on positive cues about $700m financing

Published

1 year ago

Farwa

Rupee closes at 261.90 against the US dollar.
In the open market, local unit closes at 269.
Investors take cue from news regarding IMF programme.

The Pakistani rupee bounced back on Wednesday after Finance Minister Ishaq Dar announced that Islamabad is expected to receive $700 million from China this week.

The local unit closed interbank market trade at 261.90 against the US dollar after registering a meagre increase of Re0.61, or 0.23%, compared to Tuesday’s close of 262.51.

Taking to his Twitter handle, the finance czar announced that formalities have been completed and the Board of China Development Bank has approved the facility of $700 million for Pakistan.

“This amount is expected to be received this week by the SBP which will shore up its reserves,” he wrote.

Formalities completed and Board of China Development Bank has approved the facility of US $ 700 million for Pakistan. This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves!
— Ishaq Dar (@MIshaqDar50) February 22, 2023

Pakistan is in dire need of funds as it battles a wrenching economic crisis as the central bank-held foreign exchange reserves barely cover one month of imports.

Sources also told The News that two more commercial loans were expected to be re-financed including $500 million and $800 million. So in totality, Pakistan is eyeing to get re-financing of Chinese loans up to $2 billion by the end of February or the first week of March 2023.

Moreover, further assurance from Prime Minister Shehbaz Sharif regarding the revival of the International Monetary Fund (IMF) programme boosted the market’s sentiment as Pakistan is desperate to unlock the next tranche of a $6.5 billion loan facility.

In the open market, the local currency closed the day at 269 — the same as the day earlier.

Globally, the dollar rose slightly on Wednesday, continuing to trade near six-week highs on the back of strong economic data.

The dollar index was up 0.13% at 104.28, not far off the six-week high of 104.67 hit at the end of last week.

Investors’ focus now turns to the release of the minutes from the Fed’s latest meeting later on Wednesday, which could offer more insight into policymakers’ plans.

Business

PSX surpasses the historical 71,500-point threshold.

Published

3 days ago

Farwa

Investors celebrated as the PSX finally crossed the historic 71,500 point threshold, signalling a critical turning point in the state of the economy in the country.

The KSE-100 index jumped more than 740 points, soaring to a record high of 71,650 points, demonstrating the tenacity and optimism that pervaded the Pakistani financial market.

This outstanding accomplishment indicates strong growth possibilities for the foreseeable future and demonstrates investors’ faith in the nation’s economic prospects.

The Pakistan Stock Exchange (PSX)’s KSE-100 index saw a minor decline of 60.92 points on Friday, or 0.09 percent, and ended the day at 70,483.66 points.

In the foreign exchange market, the US dollar lost value in relation to the Pakistani rupee at the same time.

Currency dealers claim that on the first day of the workweek, the value of the US dollar dropped by 11 paisas to Rs278.20 in the interbank market, significantly strengthening the rupee.

Business

Outsourcing: Investors from Turkey stop by the airport in Karachi

Published

3 days ago

Farwa

Turkish investors, who are interested in outsourcing Pakistan’s airport industry, sent a high-level team to Karachi Airport.

The domestic arrival and departure lounge at Karachi airport was visited by the Turkish investment group, according to information. The investors were briefed about the workings of the Karachi airport by a delegation of the Civil Aviation Authority, headed by Secretary Aviation Saif Anjum.

An update on the volume of people and business leaving the airport was also provided to Turkish investors. It is anticipated that the delegation would tour the cargo terminal and CAA headquarters today.

The nation’s three main airports, Karachi, Lahore, and Islamabad, were formerly to be outsourced by the federal government.

Interest in outsourcing three of Pakistan’s airports has been expressed by local parties as well as investors from Germany, France, the Netherlands, Qatar, the United Arab Emirates, Malaysia, and Turkiye.

The timeframe for proposal submission for Islamabad International Airport’s outsourcing was extended by the Civil Aviation Authority (CAA) earlier on March 21.

The government’s top objective in the process of outsourcing international airports, according to Prime Minister (PM) Shehbaz Sharif, is openness.

First, he stated that Pakistan is willing to participate in a public-private partnership to outsource a portion of the airport’s commercial activities.

Business

The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

Published

6 days ago

Farwa

The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.