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

In a first for history, PSX crosses the 77,000 milestone.

Published

on

By

At 77,213.31, the benchmark KSE-100 hit an all-time high, up 1,005.15, or 1.32%, from the previous close of 76,208.16.

The government’s readiness to seal an agreement with the International Monetary Fund (IMF) following the budget was cited by analysts as the reason for the upward trend.

Experts anticipate that in an attempt to bolster its position for a fresh bailout agreement with the International Monetary Fund (IMF), the budget for the fiscal year ending in June 2025 would set aggressive fiscal goals.

Budget for Pakistan, 2024–2025
Pakistan’s budget for the fiscal year 2024–25, with a total expenditure of Rs18.877 trillion, was presented on Wednesday by Minister of Finance and Revenue Muhammad Aurangzeb.

The Finance Minister, Muhammad Aurangzeb, outlined the budget highlights. He stated that the GDP growth target for the fiscal year 2024–25 is set at 3.6 percent, while the inflation rate is anticipated to stay at 12 percent.

He stated that while the primary surplus is anticipated to be 1.0 percent of GDP during the review period, the budget deficit to GDP is forecast to be 6.9 percent over the period under review.

According to the minister, tax income collection increased by 38% in the current fiscal year, and the province will receive Rs7,438 billion. The Federal Board of income expects to earn Rs12,970 billion in revenue for the upcoming fiscal year.

In contrast to the federal government’s projected net income of Rs9,119 billion, he stated that the federation’s non-tax revenue projections are set at Rs3,587 billion.

The federal government’s total outlays are projected to be Rs18,877 billion, with interest payments accounting for the remaining Rs9,775 billion.

Continue Reading

Business

Pakistan currently has $14.38 billion in foreign exchange reserves.

Published

on

By

Pakistan’s commercial banks’ reserves, which stood at $5.28 billion at the conclusion of the week ending on June 7, rose by US$174 million, according to a central bank statement.

Reserving US$6.2 million less, the SBP now has US$9.10 billion in reserves. The causes for the decline in the reserves it had were not disclosed by the central bank.

The SBP released a statement that stated, “SBP reserves decreased by US$ 6 million to US$ 9,103.3 million during the week ended on 07-June-2024.”

The State Bank of Pakistan’s (SBP) foreign exchange reserves were reduced by US$ 63 million as a result of repaying external debt, with the reserves standing at US$ 9.093 billion as of earlier on June 6.

The central bank spokesperson said in a statement that as of the week that concluded on May 31, the nation’s total liquid foreign reserves were $14.31 billion.

In terms of net foreign reserves, commercial banks have US$ 5.22 billion of the overall foreign reserves, according to the SBP.

SBP reserves dropped by US$ 63 million to US$ 9,093.7 million during the week that ended on May 24, 2024, according to the announcement.

Continue Reading

Business

In the local market, the price of gold plummets to Rs240,700/tola.

Published

on

By

Gold with a 24-karat purity level has dropped by Rs1200/tola on the local market.

Each tola of 24-karat gold is now selling for Rs240,700, with a further drop of Rs1029 bringing the price of 10 kilos of gold to Rs206,361. These figures are courtesy of the All Sarafa and Jewelers Association.

Meanwhile, after a $2 decline on the global market, one ounce of gold will be valued $2315.

A tola of gold was worth Rs 600 more on Wednesday.

Continue Reading

Trending