Connect with us

Business

Rupee opens week’s trading on positive note, registers gain against dollar

Published

2 years ago

on

  • Pakistan rupee closes at 237.02 after gaining 2.63.
  • Local unit gains after successive losses last week.
  • Increase comes after announcement of Ishaq Dar’s return.

KARACHI: The Pakistani rupee gained ground against the US dollar as the week’s trade started Monday after the local unit suffered consecutive losses during several previous sessions.

In the interbank market, the rupee gained 2.63 against the dollar to reach 237.02, according to the State Bank of Pakistan (SBP), up in value from the previous session’s close of 239.65.

The local currency on Friday — the last trading day of the outgoing week — finally broke its losing streak against the dollar after continuously depreciating for 15 consecutive sessions.

The rupee came close to reaching a record low of 240 against the dollar but was unable to do so after several positive cues despite deadly floods devastating Pakistan’s economy.

Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha said it seems like the market is responding to PML-N leader Ishaq Dar’s arrival and the announcement of him replacing Miftah Ismail as the finance minister.

Dar will return to Pakistan along with Prime Minister Shehbaz Sharif in today — after five years of self-imposed exile in London — to “facilitate” the government in its efforts to resurrect a cash-strapped economy by taking over the key portfolio of the finance ministry.

Apart from Dar’s announcement, Paracha noted that the market players were noting political stability as well — after PTI Chairman Imran Khan stated he could return to parliament if the alleged cipher — purportedly containing threatening text behind his government’s ouster — is probed.

The ECAP general secretary also said that the announcement from the World Bank about repurposing funds, the International Monetary Fund’s (IMF) plans to help Pakistan, and the Asian Development Bank’s help have boosted hops of the market.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

Business

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

4 days ago

on

By

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Continue Reading

Business

With inflation slowing, the SBP is anticipated to lower the policy rate for the eighth time in a row.

Published

4 days ago

on

By

Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.

The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.

According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.

Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.

In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.

12PC POLICY RATE

In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.

The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.

The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.

Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.

Continue Reading

Business

Bulls in the stock market are still going strong.

Published

4 days ago

on

By

As the bullish trend persisted on the Pakistan Stock Exchange (PSX) on Monday, the KSE-100 index soared beyond the 115,000 level.

The PSX continued its upward trend from the weekend, and the KSE-100 index gained 600 points, reaching 115,048 points in early trading.

The index closed at 114,398 points on Friday, up 685 points.

Continue Reading

Trending