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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.

Copyright Mettis Link News

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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Pakistan, Afghanistan private sector representatives boost trade through US...

July 09, 2020: Private sector representatives from Pakistan and Afghanistan met on July 8 to boost prosperity and create jobs in both countries. The participants in this U.S. government-facilitated event addressed a range of trade issues between the two countries that have held back the growth of the cross-border economy.

The “Pakistan-Afghanistan Bilateral Trade – Private Sector Perspectives, Strategy and Recommendations” conference was a first-of-its-kind, cross-border dialogue.  At an event organized by the United States Agency for International Development (USAID), the participants met virtually because of the ongoing COVID-19 pandemic.

Participants included the Pakistan-Afghanistan Joint Chamber of Commerce and Industry, the Sarhad Chamber of Commerce and Industry, and the Chaman Chamber of Commerce and Industry, as well as a number of Afghanistan chambers of commerce and a variety of logistics service providers, transport operators, and traders from both countries.

The participants highlighted a desire to forge closer cross-border private sector partnerships and government ties to promote trade between the two countries.  Many of the participants expressed concerns over unscheduled closures of border crossing points, slow clearing processes, lack of facilities at the Torkham border, and increasing transport costs.  They also supported the creation of a core team of representatives from all participants to plan subsequent coordination efforts with the Governments of Pakistan and Afghanistan.

This inaugural virtual discussion sets the stage for a sustained and continued effort to improve trade relations between Pakistan and Afghanistan.

Press Release

 

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