April,17(Agencies)—Gold continued to hold above the key $2,000 level on Monday, undeterred by the previous session’s correction, while investors assess the U.S. Federal Reserve’s interest rate hike trajectory.Spot gold was up 0.2% to $2,007.17 per ounce at 1055 GMT, while U.S. gold futures were 0.3% higher at $2,021.10.Friday’s price correction hasn’t affected the positive trend for gold, said Carlo Alberto De Casa, external analyst at Kinesis Money, adding that despite the profit-taking, the $1,980-$2,000 zone was promising support for the metal.Gold dropped 2% on Friday after the dollar bounced and Fed officials flagged the need for another interest rate hike.Fed Governor Christopher Waller and Atlanta Fed President Raphael Bos...
April 17, 2023 at 8:19 pm | Economic Affairs
April,17(Agencies) ——Asian currencies took broadly dip against a firmer dollar on Monday, expecting US Federal Reserve interest rates hike.South Korean won fell below 1% in its biggest single-day dip within two weeks, whereas Malaysian ringgit , Indonesian rupiah and Thai baht weakened between 0.4% and 0.5%.Last week data showed a resilience in core US retail sales and a rise in short-term inflation expectations that led markets to re-calibrate the likelihood of a Fed hike at its next meeting.Money markets are now pricing in an 81.4% chance the Fed will hike rates by 25 basis points next month, compared to a 69% chance last week.A slew of Chinese economic data due on Tuesday will provide some insight on how the end of China’s strict ...
April 17, 2023 at 1:34 pm | Economic Affairs
April,15 (A. E Report) ——Kingdom of Saudi Arabia (KSA) is going to deposit $2 billion with State Bank of Pakistan’s (SBP) account “within the next seven working days”,.The development was confirmed by KSA Ambassador to Pakistan Nawaf bin Said Al-Malki during a meeting with Special Assistant to Prime Minister (SAPM) Muhammad Jawad Sohrab Malik in Islamabad, said a SAPM TweetAccordingly, the envoy said the Kingdom is committed to building long-term, sustainable investment transactions between Saudi Arabia and Pakistan.The ambassador is said to reiterate Saudi Crown Prince Mohammed bin Salman’s pledge to increase Saudi Arabian investments to $10 billion in Pakistan’s energy and IT sectors within the next few years.During the mee...
April 15, 2023 at 10:07 pm | Economic Affairs
Pakistan has strongly objected to India's decision to host the G20 Tourism Working Group meeting in Srinagar on 22-24 May 2023 By Prof. Engr. Zamir Ahmed Awan The G20 is the forum of 19 countries and the European Union that addresses major issues concerning the global economy, including sustainable development, international financial stability, and climate change mitigation. It comprises most of the world's largest economies, accounting for 80% of gross world product, 75% of international trade, two-third of the global population, and 60% of the world's land area. India's decision to host G20 events in IIOJK is just another self-serving measure aimed at perpetuating its illegal occupation of Jammu and Kashmir. G20 was establis...
April 15, 2023 at 2:25 pm | Economic Affairs
April,14 (A. E Report)——Pakistani rupee continued to gain against US dollar by appreciating 0.18% in the inter-bank market on Friday.According to the State Bank of Pakistan (SBP), the local currency settled at 284.40, an increase of Re0.51.Rupee maintained its upward trajectory, a day before settling at 284.91 in the inter-bank market after a gain of Rs1.71 or 0.60%.In a major development towards revival of the stalled bailout programme, United Arab Emirates (UAE) authorities have assured the International Monetary Fund (IMF) that it will provide $1 billion as bilateral support to Pakistan, said Finance Minister Ishaq Dar on Friday.Pakistan was required to give an assurance that its balance of payments deficit is fully financed for the...
April 14, 2023 at 7:26 pm | Economic Affairs
April,14 (A. E Report)——Finance Minister Ishaq Dar told of getting $300m on Friday from the Industrial and Commercial Bank of China(ICBC), the last of three disbursements,.“Out of Chinese Bank’s ICBC approved facility of $1.3 billion (which was earlier repaid by Pakistan). State Bank of Pakistan (SBP) would receive back third and last disbursement today in its account amounting to $300 million,” said Dar on Twiter. This will “shore up forex reserves of Pakistan,” he added.China last month rolled over a $2-billion loan, providing relief during Pakistan’s acute balance of payments crisis.Of the $1.3 billion, the ICBC gave Pakistan the first tranche of $500 million on March 4 while the second disbursement, also of $500 ...
April 14, 2023 at 4:56 pm | Economic Affairs
April,14 Agencies)——Yuan hopped to strongest level against the dollar in three weeks, and was set for the biggest gain in a month bolstered by China’s robust export performance in March and broad weakness in the greenback.The spot yuan was changing hands at 6.8465 at midday, 215 pips firmer than the previous late session close, after China’s central bank set a stronger midpoint rate.Data released on Thursday showed China’s exports shot up 14.8% in March from a year ago, after five straight months of declines. Optimism generated by the upcoming Canton Fair also helped counter some concerns over the soft outlook for global growth.Free of the restrictions imposed during the pandemic, the Canton Fair - the country’s biggest trade e...
April 14, 2023 at 4:53 pm | Economic Affairs
April,14 (Agencies)——Singapore dollar hit its lowest since Feb. on Friday after its central bank unexpectedly left its monetary policy settings unchanged, joining other regional central banks in pausing tightening, after economic growth missed estimates.The Singapore dollar weakened 0.1% hitting its lowest since Feb. 9. However, currencies across the region trended higher, with the Malaysian ringgit posting its fifth week of gains, as the US dollar tumbled to a one-year low.The Monetary Authority of Singapore for the first time since April 2021 left its monetary policy unchanged, joining central banks in India, Canada, South Korea and Australia in putting hikes on hold as fresh concerns about global growth overshadow worries about pers...
April 14, 2023 at 4:51 pm | Economic Affairs
April,14(Agencies) ——Gold prices set for a second consecutive weekly gain by edging higher on Friday as US dollar tumbled and recent economic data prompted bets that the Federal Reserve is nearing the end of its rate-hike cycle.Spot gold was up 0.2% at $2,044.09 per ounce, as of 0355 GMT, hovering near a one-year high reached on Thursday. US gold futures rose 0.2% to $2,059.40.The dollar index slid to a one-year low, making bullion cheaper for buyers holding other currencies. “The appetite to sell the US dollar in the wake of soft inflation data, lower yields and calls for a lower terminal Fed rate have been a huge driver for gold,” said Matt Simpson, a senior market analyst at City Index.Data this week showed the US producer price...
April 14, 2023 at 4:49 pm | Economic Affairs
13th April, 2023.Islamabad(Press Release) Prime Minister received the Ambassador of United Arab Emirates (UAE) to Pakistan, H.E. Hamad Obaid Ibrahim Salem Al-Zaabi, on Thursdsy.The Ambassador delivered an invitation to the Prime Minister from the UAE leadership inviting him to attend COP28, which is scheduled to be held in Dubai from 30 November to 12 December 2023.Prime Minister thanked the UAE leadership for the invitation. He also expressed his gratitude for their support in relief efforts in the wake of devastating floods in Pakistan last year. Prime Minister appreciated UAE’s role in combating climate change and expressed the hope that UAE’s stewardship of COP28 would yield meaningful outcomes for countries like Pakistan, which ar...
April 13, 2023 at 10:16 pm | Economic Affairs
Pakistan Rupee Exchange Rate