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Rupee gains more ground against dollar

Published

2 years ago

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  • Rupee closes at Rs221.66 against dollar.
  • Appreciates 0.12% in interbank market.
  • Currency dealers expect rupee to remain range-bound.

KARACHI: The Pakistani rupee continued to gain more ground against the US dollar on Monday following the positive sentiments due to the $13 billion funding assurance from friendly countries.

The local currency closed at Rs221.66, following an appreciation of Rs0.26 or 0.12%, compared to Friday’s close of 221.92.

Currency dealers expect the currency to remain range-bound or appreciate slightly against the US dollar during the ongoing week as there is some resistance on the 221 level owing to the prevalence of the positive sentiment in the market supported by some good developments.

The forward swaps are once again in the positive range, indicating sufficient forex liquidity. Pakistan and China have signed a memorandum of understanding on setting up RMB (Chinese currency) clearing arrangements in Pakistan.

The country is expected to receive inflows from international financial organisations. World Bank has promised Pakistan $2.5 billion in flood aid. Additionally, the climate summit’s participants’ position is that afflicted nations should receive compensation, so help may continue to trickle in.

Meanwhile, the US dollar also sank on Monday against the euro and sterling supported by a risk on sentiment.

Against a basket of currencies, the safe-haven US dollar index fell 0.54% to 110.49. It had lost almost 2% at the end of last week.

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

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6 hours ago

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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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7 hours ago

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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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