Govt raises Rs1.1trin debt auctions
The government raised approximately Rs1.1 trillion through auctions of Market Treasury Bills (MTBs) and floating-rate Pakistan Investment Bonds (PIBs). In the MTB auction, bids worth Rs853 billion were accepted by the State Bank of Pakistan. Similarly, the bond auction saw total acceptance of Rs206.91 billion.
Meanwhile, the Pakistani rupee weakened against the US dollar on Wednesday, slipping 0.09%. By the day's close, the local currency stood at 282.47 per dollar, down 26 paisa compared to the previous close at 282.21. On the global front, both the US dollar and Chinese yuan remained stable as the two nations wrapped up trade negotiations in London, signalling a potential easing of their prolonged dispute, though details were limited.
Gold prices in Pakistan edged higher on Wednesday, mirroring gains in the international market, where bullion rose following softer-than-expected US inflation data. The easing inflation bolstered expectations that the Federal Reserve may begin cutting interest rates by September, lifting investor sentiment.
In the domestic market, the price of gold per tola increased Rs600 to Rs352,900 while the price for 10 grams rose Rs514 to Rs302,554, reported the All Pakistan Sarafa Gems and Jewellers Association. This followed a sharp drop on Tuesday when the per-tola price fell Rs6,100.
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