Small profits: A less than impressive rise
Published on: June 12, 2024.
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Rupee Slightly Strengthens Against the US Dollar
KARACHI – In the previous week, the Pakistani rupee strengthened marginally against the US dollar, gaining Re0.13 or 0.04%. According to the State Bank of Pakistan (SBP), the local unit closed at 278.20 compared to 278.33 the previous week against the greenback.
IMF Continues Talks with Pakistani Authorities for New Programme
In a significant development, the International Monetary Fund (IMF) stated that virtual talks are ongoing with authorities in Islamabad to reach a staff-level agreement (SLA) on a new programme.
Prime Minister Shehbaz Sharif and Chinese President Confirm Consensus on CPEC
During a 5-day visit to China, Prime Minister Shehbaz Sharif met with Chinese President Xi Jinping to reaffirm their consensus on the high-quality development of the China Pakistan Economic Corridor (CPEC) and the timely completion of major ongoing projects. The leaders also agreed on the up-gradation of the CPEC and further advancing the development of the mega project in the second phase.
Record-High Inflow of Overseas Workers’ Remittances
According to data released by the SBP, Pakistan experienced a record-high inflow of overseas workers’ remittances in May 2024, reaching $3.243 billion. This reflects a significant 54.2% increase on a year-on-year (YoY) basis when compared to $2.103 billion in May 2023. It is also the highest monthly figure in Pakistan’s history.
ADB Approves $250 Million Loan for Infrastructure Investment
The Asian Development Bank (ADB) has approved a $250-million policy-based loan to support Pakistan in driving sustainable investments in infrastructure and services through public-private partnerships (PPPs).
Increase in Foreign Exchange Reserves
On a weekly basis, the foreign exchange reserves held by the central bank rose by $16 million, reaching $9.1 billion as of May 31. The country’s total liquid foreign reserves stood at $14.2 billion. Commercial banks held net foreign reserves of $5.1 billion.
Market Rates for PKR against Major Currencies
In the open market, the PKR lost 47.00 paisa for buying and 54.00 paisa for selling against the USD, closing at 277.55 and 280.00, respectively. Against the Euro, the PKR lost 1.50 rupee for buying and 1.67 rupee for selling, closing at 300.43 and 303.35, respectively. Against the UAE Dirham, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 75.26 and 75.99, respectively. Against the Saudi Riyal, the PKR gained 1 paisa for buying and lost 3 paise for selling, closing at 73.52 and 74.22, respectively.
Inter-Bank Market Rates for USD
- Bid Close Rs. 278.20
- Offer Close Rs. 278.40
- Bid Open Rs. 278.33
- Offer Open Rs. 278.53
Open-Market Rates for USD
- Bid Close Rs. 277.55
- Offer Close Rs. 280.00
- Bid Open Rs. 277.11
- Offer Open Rs. 279.49
Source: Business Recorder
