Connect with us

Business

Rupee snaps multisession losing streak

Published

on

  • Rupee mostly remains stable in Friday’s trade
  • Hopes of dollar inflows underpin buoyant close.
  • Dollar continues to outshine world currencies.

KARACHI: The rupee Friday closed the session a shade higher versus the US dollar, snapping the multi-day losing streak, mostly on bets of financial assistance from friendly countries and multilateral lenders, dealers said.

According to the State Bank of Pakistan (SBP), the rupee closed at 221.92 after an appreciation of Re0.03 or 0.01% in the interbank market compared to its Thursday’s closing of 221.95 against the dollar. 

The local unit ended at 221.95 per dollar after losing Re0.52 or 0.23% on Wednesday.

Moreover, the dollar has been gaining against major currencies after Federal Reserve Chair Jerome Powell signalled US interest rates will likely peak at a higher level than markets expected. 

On the other hand, the pound sterling sank after the Bank of England raised rates but warned of a “very challenging outlook.”

Analysts said the SBP’s allowing the exchange companies to trade 20% of remittances in the open market will ease pressure on the rupee.

The SBP on Thursday allowed exchange companies to trade 20% of remittances in the open market to ease pressure on the rupee.

Federal Minister for Finance Ishaq Dar earlier this week announced clearance of Letters of Credit (LCs) up to $50,000, which spiked the dollar demand from importers.

Last week, the exchange businesses requested Dar to allow at least half of the remittances to be used by the open market. They expected that the possibility of receiving half of the remittances would lessen the demand for the dollar and lower its rate in the currency market.

“On our request, the governor State Bank of Pakistan has enabled the exchange companies to sell 20% of workers’ remittances to the general public,” said Malik Bostan, chairman of the Exchange Companies Association of Pakistan (ECAP) said in a statement.

Bostan, along with other members of ECAP held a meeting with governor SBP Jameel Ahmad and thanked him for helping exchange companies whenever they face any problem. 

“Due to the low rate of exchange companies, customers are selling in the black market instead of selling to exchange companies as their rate is 10 to 15 rupees more per dollar than exchange companies,” he said.

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

on

By

Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

Continue Reading

Business

FBR lowers Karachi’s built-up structure property valuation rates

Published

on

By

A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

Continue Reading

Business

Remittances Increase 25.2% in January 2025: $3.0 Billion Inflow

Published

on

By

Remittances from Pakistani workers totalled US$3.0 billion in January 2025, representing a 25.2% increase from the previous year.

The cumulative remittances for July through January of FY25 were 20.8 billion dollars, up 31.7 percent from 15.8 billion dollars during the same period in FY24.

In January 2025, the United States of America contributed 298.5 million dollars, the United Kingdom contributed 443.6 million dollars, the United Arab Emirates contributed 621.7 million dollars, and Saudi Arabia contributed 728.3 million dollars.

Continue Reading

Trending