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Gold extends gains to a fifth session

July 09, 2020 (MLN): Gold surged again today, extending gains to a fifth straight session despite the rise in the local benchmark stock index. The price of 24 Karat-Gold jumped by Rs 800 to Rs 109,100 per tola in the local market. The valuable yellow metal had closed at Rs 108,300 per tola on the previous trading day. 

According to the Karachi Sarafa Association, the price of 10-gram gold also gained by Rs 686 to settle at Rs 93,536 against Rs 92,850 on the last trading day.

On the other hand, the silver prices remained flat at Rs 1,060 per tola.  Similarly, 10-gram silver stayed stagnant at Rs 908.78.

In the international market, gold prices reached $1,814 an ounce, up by $12 while silver was pegged at $18.95 per ounce.

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PKR strengthens by 18 paisa against greenback

July 09, 2020 (MLN): Pakistani rupee (PKR) appreciated by 18 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 166.58 per USD, against yesterday's closing of PKR 166.76 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 34 paisa per USD showing an intraday high bid of 166.75 and an intraday Low offer of 166.50.

Within the Open Market, PKR was traded at 166.70/168 per USD.

Alternatively, the currency lost 1.5 rupees to the Pound Sterling as the day's closing quote stood at PKR 210.53 per GBP, while the previous session closed at PKR 209.01 per GBP.

Similarly, PKR's value weakened by 65 paisa against EUR which closed at PKR 188.84 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.00/7.15 percent, whereas the 1 week rate was 7.00/7.10 percent.

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PMEX Commodity Index plunges by 335 points

July 09, 2020: On Wednesday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index lost 335 points to settle at 4,132-mark. The traded value of Metals, Energy, and COTS/FX was recorded at PKR 9.217 billion and the number of lots traded was 11,191.

The major business was contributed by Gold amounting to PKR 6.121 billion, followed by Currencies through COTS (PKR 686.597 million), Silver (PKR 624.835 million), NSDQ 100 (PKR 529.768 million), DJ (PKR 460.730 million), Platinum (PKR 279.992 million), Crude Oil (PKR 179.982 million), Copper (PKR 152.298 million), Natural Gas (PKR 106.619 million) and SP500 (PKR 75.031 million).

 In agriculture commodities, 5 lots of Wheat amounting to PKR 21.095 million and 3 lots of Cotton amounting to PKR 1.597 million were traded.

Press Release

US IDFC to provide financial support to Pakistan in...

July 09, 2020 (MLN): CEO of U.S. International Development Finance Corporation (IDFC), Mr. Adam Boehler has stated that funds are available through both debt & equity to finance projects in Pakistan and for infrastructure projects in PPP mode.

Mr Adam expressed his interest to finance various projects in the private sector while visiting the Ministry of Commerce to introduce his organization.

Advisor to PM for Commerce and Investment has announced via his Twitter handle, ‘Interested parties may contact Chairman Board of Investment (BOI)’. He further said that procedures are being developed to facilitate investment through IDFC.

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SBP revises office timings for Banks/MFBs

July 9, 2020 (MLN): The State Bank of Pakistan has announced the revised office timings for Banks/MFBs, effective from July 13, 2020.

According to the circular issued to all Banks and MFBs, the Office Hours from Monday to Thursday would be 09:00 a.m. to 5:30 p.m. (with prayer/lunch break from 1:30 p.m. to 2:00 p.m.), whereas the timings for Friday would be from 09:00 a.m. to 5:30 p.m. (with prayer/lunch break from 1:00 p.m. to 2:30 p.m.).

However, banks/MFBs may prescribe business hours for branches as per their business requirement subject to observance of SBP business (banking) hours for public dealings.

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