Connect with us

Business

Rupee takes a hit against dollar in interbank market

Published

2 years ago

on

The rupee on Thursday took a hit against the dollar during the intraday trade in the interbank market amid further delay in the revival of the loan agreement with the International Monetary Fund (IMF).

The rupee depreciated by Rs3.18 against the dollar and closed at Rs282.30/dollar in the interbank market.

The rupee had closed 279.12 a day earlier. 

General Secretary Exchange Companies Association of Pakistan (ECAP) Zafar Paracha told Geo.tv that there was no major reason behind the depreciation as the market was currently seeing an upward trend.

However, he said that it could be based on the delay in signing a deal with the International Monetary Fund (IMF)

“People will remain in doubt until the government strikes the agreement and until it gets all the payments after approval,” Paracha said, adding that the market will remain reluctant till the agreement is secured.

Besides that, there was pressure from the IMF and foreign investors to weaken the local currency so that they can invest.

“They want to close dollar on a maximum rate and make the investments in PIDs or the government securities by 20-22%,” he added.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Current gold price in Pakistan: January 20, 2025

Published

5 hours ago

on

By

On Monday, gold prices in Pakistan experienced a notable rise due to a favorable change in worldwide markets.

The price of gold per tola increased by Rs500, attaining Rs282,900.The increase followed a decrease in gold prices during the prior session, where the price had dropped by Rs200 to conclude at Rs282,400 on Saturday.

On Monday, the price of 10 grams of gold increased by Rs429, reaching Rs242,541.

The increase in local gold prices reflected the favorable trend in the worldwide market, where the price of gold per ounce reached $2,708, plus an additional premium of $20. This was a $5 rise inside a single day.

Conversely, silver prices declined, with the price per tola decreasing by Rs9 to reach Rs3,372.

Analysts ascribe the rise in gold prices to variations in global demand, as investors seek refuge in precious metals amid economic concerns. As global markets exhibit ongoing volatility, analysts anticipate additional swings in the values of gold and silver in the forthcoming weeks.

Continue Reading

Business

After gaining almost 900 points, the KSE-100 has surpassed the 116,000 mark, indicating a bullish trend.

Published

5 hours ago

on

By

The KSE-100 index advances by more than 900 points, reaching a new high of more than 116,200. This indicates that the Pakistan Stock Exchange is experiencing a bullish trend at the beginning of business.

Continue Reading

Business

SBP’s Monetary Policy Committee is scheduled to meet on January 27 in order to make a decision regarding monetary policy.

Published

5 hours ago

on

By

For the purpose of making decisions regarding the monetary policy, the monetary policy committee of the State Bank of Pakistan will convene on January 27.

At a press conference that will take place on the same day as the meeting, Governor Jameel Ahmad of the State Bank of Pakistan will formally announce the decision about the monetary policy.

Continue Reading

Trending