July, 19 (E.A Report) — Pakistani rupee stayed under pressure against US dollar for the fourth successive session, depreciating 0.27% on Wednesday.Currency settled at 283.80, a decrease of Re0.76, as per the State Bank of Pakistan (SBP).On Tuesday, the rupee sustained losses against the US dollar for the third successive session, depreciating 1.34% to settle at 283.04 in the inter-bank market.In a key development, the International Monetary Fund (IMF) stressed a market-determined exchange rate.The lender stated that reliance on administrative measures to manage imports since May 2022 and the tightly controlled exchange rate since September 2022 have caused significant damage to Pakistan’s growth and exacerbated external pressures by di...
July 19, 2023 at 7:50 pm | Economic Affairs
July, 19 (Agencies) — Asian Development Bank cut its inflation forecast for developing Asia Wednesday as food and fuel prices eased, supply chain disruptions waned and interest rate hikes started to bite.Inflation, which has squeezed household budgets and left millions of poor households struggling to put food on the table, is heading back towards pre-Covid levels, the Philippines-based lender said.It expects inflation of 3.6 percent this year, compared with its forecast in April of 4.2 percent as prices in China ease sharply, the bank said in its flagship outlook report.Developing Asia refers to the multilateral lender’s 46 emerging member economies, stretching from Kazakhstan in Central Asia to the Cook Islands in the Pacific.ADB kep...
July 19, 2023 at 7:47 pm | Economic Affairs
July, 19 (E.A Report) — Habib Bank Limited (HBL) announced establishing a subsidiary in agriculture sector.The development was shared by HBL in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.“We would like to clarify that the bank (HBL) intends to set up a subsidiary, to promote the agriculture sector of Pakistan, for which a detailed feasibility report has been finalised,” read the notice.HBL said that it is currently in the process of obtaining all regulatory approvals required for the incorporation of the said subsidiary.HBL declared earnings in January-March with a profit before tax (PBT) of Rs21.5 billion, 47% higher than the PBT of Rs14.6 billion last year.The bank’s profit after tax rose by 54% to Rs 13.3 billion...
July 19, 2023 at 4:52 pm | Economic Affairs
July, 18 (E.A Report) — Pakistani rupee maintained its downward track against US dollar for third consecutive session, depreciating 1.34% on Tuesday, as euphoria over foreign exchange inflows in the country subsided and gave way to economic fundamentals.Currency settled at 283.04, at close with a decrease of Rs3.78, as per the State Bank of Pakistan (SBP).On Monday, the rupee sustained back-to-back losses against the US dollar, depreciating another 0.6% to settle at 279.26 in the inter-bank market.Experts said the knee-jerk reaction after the International Monetary Fund (IMF) programme, which resulted in the rupee’s appreciation, is reversing.“As import restrictions are being lifted amid IMF demands, the pressure would stay o...
July 18, 2023 at 6:51 pm | Economic Affairs
July, 18(E.A Report) — Pakistan posted $334 million surplus current account for fourth consecutive month in June 2023.According to the data released by the State Bank of Pakistan (SBP) on Tuesday, current account balance posted a surplus of $334 million for June compared to a deficit of $2.32 billion during the same period of the previous year.This is fourth consecutive current account surplus on a monthly basis, starting March 2023.“On a YoY basis, the primary reason behind the surplus was a 55% YoY decline in total imports along with a 29% YoY decrease in exports,” said brokerage house Arif Habib Limited (AHL) in a note. “Moreover, remittances decreased by 22% YoY,” it added.As per the central bank data, the country’s...
July 18, 2023 at 4:25 pm | Economic Affairs
July, 18(Agencies) — US dollar trembled near an over one-year low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge if the greenback has further downside in the wake of last week’s cooler-than-expected US inflation report.US dollar index, which measures the greenback against a basket of six currencies, dipped slightly to 99.84 in early Asia trade, after having tumbled to its lowest since April 2022 on Friday.The index also clocked its worst week of 2023 last week, after data showed US inflation subsided further with consumer prices registering their smallest annual increase in more than two years, taking pressure off the Federal Reserve to continue raising interest rates.“I think the dollar can stay un...
July 18, 2023 at 4:22 pm | Economic Affairs
July, 18(Agencies) — Turkish lira weakened more than 2% to a fresh record low against the dollar on Tuesday over market concerns that the central bank might raise interest rates this week by less than previously expected.Lira hit a record low of 26.9 against the US currency, sliding from Monday’s close of 26.3505. It has weakened 30% so far this year.According to a Reuters poll, Turkey’s central bank is expected to raise its policy rate by 500 basis points to 20% this week, making good on its pledge of further tightening to curb inflation, which is set to rise again.However, prominent Hurriyet newspaper columnist Abdulkadir Selvi wrote on Tuesday that his impression from “economic circles” was that the rate will be raised to arou...
July 18, 2023 at 4:20 pm | Economic Affairs
July, 18(Agencies) — Turkish lira weakened more than 2% to a fresh record low against the dollar on Tuesday over market concerns that the central bank might raise interest rates this week by less than previously expected.Lira hit a record low of 26.9 against the US currency, sliding from Monday’s close of 26.3505. It has weakened 30% so far this year.According to a Reuters poll, Turkey’s central bank is expected to raise its policy rate by 500 basis points to 20% this week, making good on its pledge of further tightening to curb inflation, which is set to rise again.However, prominent Hurriyet newspaper columnist Abdulkadir Selvi wrote on Tuesday that his impression from “economic circles” was that the rate will be raised to arou...
July 18, 2023 at 4:19 pm | Economic Affairs
July, 18(Agencies)— Asian currencies gained on Tuesday against a soft greenback with hopes of a resolution to the political stalemate in Thailand lifting the baht, while stocks mixed in the wake of China’s weak economic data.US dollar index, which measures the greenback against a basket of six currencies, dipped slightly to 99.84 in early Asia trade, after having tumbled to its lowest since April 2022 on Friday.Thailand’s Pita Limjaroenrat, the surprise winner of a May 14 election, said on Monday that an eight-party alliance seeking to form the country’s next government reaffirmed their backing for Pita to become prime minister.“Unwinding short positions on Thai baht against the dollar could support the appreciation recently desp...
July 18, 2023 at 3:17 pm | Economic Affairs
Islamabad: July 17,2023 (PR)Australian High Commissioner H.E. Mr. Neil Hawkins called on the Chairman of the Standing Committee on Foreign Affairs of the National Assembly of Pakistan, Mr. Mohsin Dawar, at his office today in the Parliament House. During the meeting, the areas of mutual interest between the two countries were discussed. The two officials exchanged views on the political, security, and economic situation in Pakistan. H.E. Mr. Neil apprised the Chairman of Australia’s effort to support Pakistan’s development in various areas such as water security, women’s education, family planning, etc. Mr. Mohsin Dawar welcomed Australia’s contribution to Pakistan and highlighted various challenges faced by youth, especial...
July 17, 2023 at 8:59 pm | Economic Affairs
Islamabad; July 17,2023 -( EA Report) Mian Mohammad Younis has been appointed as the Chairman of the Board of Directors Faysal Bank Limited, in its board meeting held on July 17, 2023. With the professional career spanning over four decades in Ministry of Finance, Banking and Financial Sector reforms, Mr. Younis brings in extensive knowledge of Corporate Sector Governance and financial markets.Mr. Younis has also served at the Board of Directors of Meezan Bank Limited, as the Chairman of the Board Audit Committee and was also a member of the Board Risk Management Committee.He has been part of the Board of Directors at Faysal Bank Limited for more than nine years where he has been the Chairman of Board Audit and Corporate Governance Comm...
July 17, 2023 at 8:54 pm | Economic Affairs
Since 1990, Pakistan's policy towards the Taliban in Afghanistan has undergone several shifts due to changing geopolitical dynamics and regional security concerns. By Qamar Bashir In recent statements, the army chief has shifted from an appeasement policy with the Afghan Interim Government to an aggressive policy, warning it to rein in the Tehreek-e-Taliban Pakistan (TTP) militant umbrella group. The TTP has been using Afghan soil to launch attacks in Pakistan. The army chief had noted Pakistan has "serious concerns about the safe havens and freedom of action available to the Tehrik-e Taliban Pakistan militant group." He made these remarks after two militant strikes in recent days killed 12 Pakistani soldiers on the Pakis...
July 17, 2023 at 6:37 pm | Economic Affairs
Shahbaz Sharif put a curtain on extra-constitutional speculations by announcing that his government will only be in power for another month but before announcing his intention to step down. By Qamar Bashir “I am the Prime Minister for another thirty days,” said Shahaz Sharif during recently held ceremony in Islamabad. He quelled all rumors including elections would be postponed indefinitely, the incumbent governments would continue for at least one more year, and formation of a technocratic government for indefinite period. Shahbaz Sharif put a curtain on extra-constitutional speculations by announcing that his government will only be in power for another month but before announcing his intention to step down. He put eve...
July 15, 2023 at 6:15 pm | Economic Affairs
July, 14(Agencies) — Hong Kong stocks completed a full week of gains on Friday, as traders bet the Federal Reserve is close to the end of its rate-hike cycle and were hopeful of fresh economic stimulus measures out of China.The Hang Seng Index added 0.33 percent, or 63.16 points, to 19,413.78.Shanghai Composite Index was marginally higher, adding 1.22 points to 3,237.70, while the Shenzhen Composite Index on China’s second exchange was also flat, inching down 0.90 points to 2,058.10.
July 14, 2023 at 8:10 pm | Economic Affairs
July, 14(Agencies) — Pakistan LNG Ltd (PLL) received a bid from commodities trader Trafigura for an LNG import tender at $23.47 per million British thermal units (mmBtu) to be delivered on January 3-4 and at $22.47/mmBtu for delivery February 23-24, a source said on Friday.Pakistan issued two tenders in June, seeking spot liquefied natural gas (LNG) cargoes for the first time in nearly a year but did not receive any bids.The bid from Trafigura is for Pakistan LNG’s second tender which closes on July 14.Meanwhile, Bloomberg News reported that the shipments offered by Trafigura “are priced at roughly a 30% premium to current market prices, according to traders”.“Typically, spot purchases of fuel would be sold at similar levels to m...
July 14, 2023 at 8:07 pm | Economic Affairs
July, 14(Agencies) — US dollar hovered at 15-month lows on Friday after a steep dive overnight following markets wagered Federal Reserve was close to the end of its rate hike cycle due to easing inflation.Dollar index, which measures the US currency against six major rivals, stood at 99.71 in early Asian hours, its lowest since April 2022. The index is on course for its worst week since November.US producer prices barely rose in June and the annual increase in producer inflation was the smallest in nearly three years, data showed on Thursday, a day after consumer prices rose modestly last month as evidence mounts that the world’s largest economy had entered a phase of easing inflation.“Markets are generally pretty pleasant with the l...
July 14, 2023 at 2:53 pm | Economic Affairs
Pakistan Rupee Exchange Rate