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Dar’s meetings prove fruitful as rupee recovers against dollar

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2 years ago

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  • 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.

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Pakistan Desires a Sturdy, Long-Term Alliance With Huawei: PM

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According to Prime Minister Muhammad Shehbaz Sharif, the government’s primary objective is to give Pakistani youth technical training in the field of information technology.

The prime minister expressed his desire for a strong and long-term collaboration with Huawei in an interview with a five-member delegation that visited him in Islamabad and was led by Huawei CEO Ethan Sun.

He said the Huawei’s ICT training program will not only increase it exports but will also help youth in getting job opportunities.

The meeting was briefed on the progress made in providing training in the it sector to 300,000 pakistani youth organized by Huawei.

Out of 300,000 youth, 240,000 youth will be provided basic training while 60,000 youth will be provided high-tech training.

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The IMF allows Pakistan to lower electricity tariffs.\

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The International Monetary Fund (IMF) has permitted the Pakistani government to decrease the energy cost by one rupee.

The alleviation will be incorporated into the base tariff for electrical units, with funding sourced from revenue collected by the levy on captive power plants. A tax has been enacted on the utilization of gas by captive power plants.

The government is developing a relief plan for electricity consumers, which will be announced upon clearance from the international lender.

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Robust purchasing sustains PSX’s positive trend

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On Thursday, bullish momentum continued in the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 index reaching 118,806 after an increase of over 300 points.

Across the board buying was observed in key sectors, including commercial banks, fertiliser, power generation, and oil and gas exploration companies.

Aside from that, index-heavy equities such as MARI, POL, HBL, MCB, UBL, KOHC, and LUCK experienced gains, capitalizing on the prevailing bullish atmosphere in the market.

Market analysts attribute the recent bullish trend in the PSX to a staff-level agreement between the International Monetary Fund (IMF) and Pakistani authorities following the initial review under Pakistan’s Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).

Furthermore, a recent study done by the Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) regarding the feasibility of the Reko Diq project in Balochistan has also conveyed favorable indications to investors.

The bulls surged rapidly after the staff-level deal with the global lender, with the KSE-100 Index reaching a peak of 118,220 before closing at 117,178 points, reflecting an advance of 1,139 points on Wednesday.

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