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Category: Money & Banking

Money and banking drive economic activity by facilitating transactions, savings, and investments. Banks manage financial resources, offer credit, and regulate money supply, ensuring stability and growth in Pakistan’s financial sector.

  • Rupee ends down 98 paisas against dollar

    Rupee ends down 98 paisas against dollar

    KARACHI: The Pak Rupee fell by 98 paisas against dollar on Wednesday owing to outflow of hot money from domestic debt market, currency dealers said.

    The rupee ended at Rs158.43 to the dollar from previous day’s closing of Rs157.45 in interbank foreign exchange market.

    The rupee fell for the third consecutive day and lost around Rs4.19 against the dollar.

    The currency dealers said that the rupee was under pressure due to announcement of monetary policy scheduled for March 17, 2020.

    Currency experts said that the market is expecting a massive policy rate cut in the upcoming monetary policy statement. They said that currently the investment in local debt market was due to higher policy rate of 13.25 percent.

    The foreign currency market was initiated in the range of Rs157.40 and Rs157.70. The market recorded day high Rs158.75 and low of Rs157.30 and closed at Rs158.43.

    The exchange rate in open market also witnessed sharp decline in rupee value. The buying and selling of dollar was recorded at Rs157.00/Rs158.00 from previous day’s closing of Rs156.00/Rs157.00 in cash ready market.

  • Rupee falls by 96 paisas in intraday

    Rupee falls by 96 paisas in intraday

    KARACHI – The Pakistani Rupee witnessed a significant depreciation against the US Dollar, falling sharply by 96 paisas in intraday trading on Wednesday.

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  • Rupee ends down by 87 paisas against dollar

    Rupee ends down by 87 paisas against dollar

    KARACHI: The Pak Rupee fell by 87 paisas against dollar on Tuesday amid recovery in stock markets.

    The rupee closed at Rs157.45 to the dollar from previous day’s close of Rs156.58 in interbank foreign exchange market.

    The local unit witnessed Rs3.20 decline during past two days against the dollar.

    Currency dealers said that the currency market was volatile during the day due to massive decline of stock markets in the UK and the US. They said that the market was anticipating outflows of foreign investment from the domestic debt market.

    The foreign currency market was initiated in range between of Rs157.25 and Rs157.75. The market recorded day high of Rs158.00 and low of Rs156.50 and closed at Rs157.45.

    The exchange rate in open market, however, maintained the levels. The buying and selling of dollar was recorded Rs156.70/Rs157.00, the same previous day’s closing in cash ready market.

  • Rupee depreciates by Rs1.17 against dollar in early trading

    Rupee depreciates by Rs1.17 against dollar in early trading

    KARACHI: The Pak Rupee witnessed significant decline at the opening of trade on Tuesday. The rupee lost Rs1.17 paisas against dollar in early trade, dealers said.

    The dollar is being traded atRs157.75 to the dollar from last day’s closing of Rs156.58 in interbank foreign exchange market.

    Currency experts said that the massive losses in world stock markets motivated investors to consolidate their funds. Due to these reasons outflows in portfolio investments in debt securities market would had happened.

    The rupee lost Rs3.51 in last two days.

  • SBP to announce monetary policy on March 17

    SBP to announce monetary policy on March 17

    KARACHI: State Bank of Pakistan (SBP) will announce monetary policy statement for next two months on March 17, 2020, a statement said on Monday.

    The monetary policy committee (MPC) will review the existing policy rate along with economic indicators and inflation.

    The SBP kept the policy rate at 13.25 percent during the three policy statement.

    The SBP kept the policy rate unchanged at 13.25 percent since July 2019 on the back of uptick in prices of consumer items.

    Market analysts anticipate 100 basis points cut in policy rate due to sharp decline in world oil prices and improvement in economic indicators.

  • Rupee witnesses massive depreciation as stock market crashes

    Rupee witnesses massive depreciation as stock market crashes

    KARACHI: The rupee fell by Rs2.34 against dollar on Monday due to panic prevailed following massive decline in global stock markets.

    The rupee ended Rs156.58 to the dollar from last Friday’s closing of Rs156.24 in interbank foreign exchange market.

    Currency experts said that due to high volatility in the local stock market the currency market followed the suit. The benchmark KSE-100 of Pakistan Stock Exchange (PSX) recorded decline of 1161 points on Monday.

    However, they believed that the falling international oil prices would help the local currency to make gain in coming days.

    The foreign currency market was initiated in the range of Rs154.52 and Rs154.70. The market recorded day high of Rs156.70 and low of Rs154.70 and closed at Rs156.58.

    The exchange rate in open market also witnessed depreciation in rupee value. The buying and selling of dollar was recorded at Rs156.70/Rs157.00 from last Friday’s closing of Rs154.00/Rs154.30, in cash ready market.

  • Rupee falls in early trade as stock market crashes

    Rupee falls in early trade as stock market crashes

    KARACHI: The foreign currency market followed the stock market decline as Pak Rupee depreciated by 81 paisas against dollar in early trading on Monday.

    The dollar is being traded at Rs155.05 in early trade in interbank foreign exchange market.

    The rupee was ended Rs154.24 to the dollar on last Friday trading.

    Earlier in the day the stock market was crashed and stopped trading. The market fell below five percent on record low in international oil prices.

    Analysts at currency market said that the currency market was facing import of uncertainty in the stock market.

  • Banks directed to observe working on weekly holidays for Hajj form collection

    Banks directed to observe working on weekly holidays for Hajj form collection

    KARACHI: In a move to ease the process for prospective Hajj pilgrims, the State Bank of Pakistan (SBP) has issued a directive to banks, instructing them to keep their doors open on weekends.

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  • Investment in registered prize bonds witnesses 213% growth

    Investment in registered prize bonds witnesses 213% growth

    KARACHI: The investment in registered prize bonds of Rs40,000 denomination have registered phenomenal increase of 213 percent following discontinuation of bearer instruments of same denominations, official data revealed.

    The investment in premium prize bonds surged to Rs18.37 billion by end of January 2020 as compared with Rs5.86 billion in the same month of the last year.

    The sharp growth in investment into premium prize bonds has been attributed to discontinuation of bearer bonds of same denomination.

    In order to document the economy the government launched premium prize bonds in April 2017. The premium prize bonds are being issued only against CNIC with valid bank accounts.

    Further to make the instrument attractive the government also announced bi-annual profit, which transferred directly to the bond holders.

    The participation of investors into registered bonds increased sharply after the announcement of the government on June 24, 2019 to discontinue the bearer bonds of Rs40,000.

    The bearer bonds of Rs40,000 will be completely discontinued for legal tender by March 2020.

    A massive withdrawal of investment has been seen in the bearer instrument as the total investment which was at Rs258 billion in May 2019 reduced to Rs9.57 billion by January 2020.

    The State Bank of Pakistan (SBP) through a circular said that the bearer instrument can be exchanged in savings schemes such as Special Saving Certificates (SSC) or Defence Saving Certificates (DSC). The third mode of exchange the bearer bonds was direct transfer to bank accounts.

    The investment in registered bonds was also increased after the government initiatives to document all instruments of National Saving Schemes as per conditions of Finance Action Task Force (FATF).

    In this regard the ministry of finance notified National Savings Schemes (AML and CFT) Rules, 2019.

    Under these rules the Central Directorate of National Saving (CDNS) through third party will conduct Know Your Customer (KYC) and Customers Due Diligence (CDD) of all existing and new investors.

    The CDNS will ask all the investors about their annual investment and source of earnings under KYC and CDD in order to ensure clean money invested in the schemes.

  • Rupee ends down by five paisas against dollar

    Rupee ends down by five paisas against dollar

    KARACHI: The Pak Rupee ended five paisas down against dollar on Thursday owing to demand for import payment, dealers said.

    The rupee ended Rs154.27 to the dollar from previous day’s closing of Rs154.22 in interbank foreign exchange market.

    The dealers said that earlier in the date the rupee gained value owing to inflows of workers remittances and export receipts. However, later import payment demand deteriorated value of the local currency.

    The rupee gained values during the past few days owing to lower demand for import payment after coronavirus spread in many countries.

    The exchange rate in open market witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs154.00/Rs154.30, the same previous day’s level, in cash ready market.