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.
Karachi – The Pakistani Rupee experienced a significant downturn in mid-day trading on Thursday, reaching a historic low against the US Dollar at Rs 148 in the Interbank Foreign Exchange Market.
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KARACHI: Prime Minister Imran Khan took notice of recent depreciation of rupee in the open market. In this regard the prime minister met a delegation of Exchange Companies Association of Pakistan (ECAP) on Wednesday at Prime Minister House.
The ECAP delegation was led by Sheikh Allaudin, Malik Bostan, and Sheikh Mureed. Director General FIA, Director General IB, Chairman Federal Board of Revenue and Governor State Bank of Pakistan (SBP) were also present at the meeting.
The government made it crystal clear that it will take strict action against Exchange Companies, which involve in creating artificial shortage of the foreign currency, a member ECAP said.
The meeting agreed on exchange rate and the government warned of serious consequences in case of deviation.
Dollar rate agreed upon are Buying – 143.50 and selling 144.00
Saudi Riyal buying and selling at 38.20 / 38.35
UAE Dirham buying and selling 39.05 / 39.20
Strict compliance has been insisted upon
ECAP will not stand by any company diverging from these set rates, a statement said.
ECAP will not stand with the companies running dual sets of rates or avoiding receipting, it added.
In Karachi on Wednesday, the Pakistani Rupee showcased resilience against the US Dollar, maintaining its stability in the interbank foreign exchange market. The exchange rate remained unchanged at Rs141.40, echoing the rate observed on the preceding day.
(more…)KARACHI – The Pakistani Rupee demonstrated stability against the US Dollar in a day of range-bound trading activities on Tuesday.
(more…)The Pakistani Rupee (PKR) remained stable against the US Dollar (USD) in the interbank market on Monday, closing at Rs141.40, the same level as last Friday, despite swirling rumors about a potential downturn following discussions between Pakistani authorities and the International Monetary Fund (IMF) regarding a new loan program.
(more…)KARACHI: The Pak Rupee fell by one paisa against dollar on Friday amid sufficient inflows of export receipts and remittances.
The rupee ended Rs141.40 to the dollar from previous day’s closing of Rs141.39 in interbank foreign exchange market.
The interbank foreign exchange market was initiated in the range of Rs141.34 and Rs141.37.
The market recorded day high of Rs141.40 and low of Rs141.35 and closed at Rs141.40.
The rupee massively fell against dollar in the open market.
The buying and selling of dollar was recorded at Rs142.00/Rs142.50 as compared with previous day’s closing of Rs141.30/Rs141.80 in cash ready market.
Market experts said that the currency would see pressure due to upcoming IMF program and scheduled repayment for foreign debt by the country.
KARACHI: The rupee depreciated by 27 paisas against dollar on Thursday owing to reports of tough conditions under new IMF loan program.
The rupee ended at Rs141.39 to the dollar from previous day’s close of Rs141.12 in interbank foreign exchange market.
The interbank foreign exchange market was initiated in the range of Rs141.15 and Rs141.20. The market recorded day high of Rs141.40 and low ofRs.20 and closed at Rs141.39.
The exchange rate also witnessed decline in rupee value by 10 paisas in open market.
The buying and selling of dollar was recorded at Rs141.30/Rs141.80 as compared with previous day’s closing of Rs141.20/Rs141.70 in cash ready market.
KARACHI: State Bank of Pakistan (SBP) has sold treasury bills amounting Rs560 billion at cut-off yield at 11.2491 percent, much above the key policy rate of 10.75 percent.
The SBP on Wednesday offered bids to auction Market Treasury Bills (MTB) of three-, six- and 12-month maturities.
The SBP received bids of Rs560 billion at face value of Rs574.186 billion in three-month MTBs. However, the SBP did not receive bids in other papers.
The central bank accepted all the bids in three-month maturities at cut-off yield of 11.2491 percent.
The high cut-off yield indicates further rise in key policy rate to be announced this month.
In its monetary policy announcement on March 29, 2019 the SBP increased key policy rate by 50 basis points to 10.75 percent.
Banking experts said that the financial institutions were only interested in short term maturities as those were anticipating further hike in policy rate in upcoming monetary policy announcement.
The SBP has set a target of Rs1,200 billion for this auction in order to help the government in meeting budgetary financing.
However, the central bank could only raise Rs560 billion.
SBP sells treasury bills worth Rs415.72 billion at above 11pc cut-off yield
KARACHI: Meezan Bank, leading Islamic bank in Pakistan, has recently joined hands with Port Services Limited (PSL), Sialkot as their exclusive partner for payments & cash management services, a statement said on Wednesday.
The agreement was signed by Abdullah Ahmed – Group Head Corporate & Institutional Banking, Meezan Bank and Navid Iqbal Sheikh – Director, Port Services Limited (Chairman SDPT) along with key members of their teams.
Under this agreement, the Bank will provide Payments & Cash Management services to Port Services Limited through its state-of-the-art web based electronic solution ‘eBiz+’.
With the largest Islamic banking network of 660 online branches in the country, the Bank’s Cash Management suite will help increase efficiency, optimize cash flow position and manage operational complexities to streamline the company’s receivables and payables.
Abdullah Ahmed while speaking at the occasion, said: “This agreement between Port Services Limited, Sialkot and Meezan Bank is a testimony of the Bank’s expertise in the field of payment and cash management services.
“We are confident that Port Services Limited will benefit from the efficiency and controls provided by the Bank’s digitalized Payments & Cash Management solutions – e-Biz+ that is based on latest technology.”
KARACHI: The rupee made significant gain of 17 paisas against dollar on Wednesday after sufficient inflows of remittances and export receipts.
The rupee ended 141.12 to the dollar from Monday’s closing of Rs141.29 in interbank foreign exchange market.
The interbank foreign exchange market was initiated in the range of Rs141.28 and Rs141.35.
The market recorded day high of Rs141.30 and low of Rs141.10 and closed at Rs141.12.
Currency expert said that the sufficient inflows in shape of remittances and export receipts helped the rupee to gain value.
The exchange rate in the open market was remained unchanged.
The buying and selling of dollar was recorded at Rs141.20/141.70 same previous day’s level in cash ready market.