Latest news with #Agar
Express Tribune
13 hours ago
- Business
- Express Tribune
SBP injects Rs12.38 trillion
Listen to article The State Bank of Pakistan (SBP) injected Rs12.38 trillion into the financial system through two separate Open Market Operations (OMOs) on June 27, 2025, to manage the liquidity vacuum caused by Eid-related cash demand and fiscal needs of the government constrained by International Monetary Fund (IMF) conditions. The larger of the two was a conventional reverse repo OMO, in which SBP accepted Rs12.20 trillion out of Rs12.42 trillion offered by banks at a rate of 11.07% for a seven-day tenor. A total of 34 bids were accepted out of 36 received, with rates ranging between 11.20% and 11.04%. Additionally, a Shariah-compliant Mudarabah-based OMO saw the SBP accept Rs178 billion out of Rs326 billion offered at a slightly higher rate of 11.13% for the same tenor. Only two bids were received and accepted, showing limited participation from Islamic financial institutions. Analysts attributed the rise in OMO stock to higher currency in circulation during Eid (a temporary effect) and a lag between debt repayments and incoming inflows. They expect OMO levels to ease as inflows materialise in the coming weeks. In the currency market, the Pakistani rupee slightly weakened against the US dollar on Friday, falling by 0.02% in the interbank market. By day's end, the rupee closed at 283.72, down five paisas from Thursday's close of 283.67. Meanwhile, gold prices in Pakistan also saw a steep decline, mirroring a global drop of nearly 2% after confirmation of a US-China trade agreement boosted investor risk appetite and reduced demand for safe-haven assets. According to the All-Pakistan Gems and Jewellers Sarafa Association, the per tola gold price dropped by Rs5,000 to Rs351,000, while the 10-gram price fell Rs4,287 to Rs300,925. This came after gold gained Rs1,335 per tola the previous day, reaching Rs356,000. Adnan Agar, Director at Interactive Commodities, said gold hit a new intra-day low on Friday. "Gold touched a low of $3,255 and is now trading around $3,276 after opening at $3,320," he said, adding that, "The trend remains bearish, with potential downside targets near $3,213 before any short-term rebound." He added that confirmation of a US-China trade deal has dampened gold's momentum, and if similar agreements emerge with other major economies like the European Union, gold could revisit levels between $3,000 and $2,800 in the medium term. "Sentiment is currently tilted towards the downside, and the market may continue to face pressure into next week," Agar said.
Express Tribune
19-06-2025
- Business
- Express Tribune
Foreign exchange reserves top $17b
The central bank said in its latest weekly update on Thursday that the country's foreign exchange reserves, held by the SBP, decreased $66 million to $8.15 billion in the week ended January 5, 2024 due to debt repayments. photo: file Listen to article Pakistan's total liquid foreign exchange reserves rose to $17.1 billion as of June 13, 2025, according to data released by the State Bank of Pakistan (SBP) on Thursday. During the week ended June 13, SBP-held reserves increased $46 million, reaching $11.7 billion. Meanwhile, net foreign reserves held by commercial banks stood at $5.3 billion. The increase in reserves is due to continued foreign inflows and central bank's purchases of dollars from local market. This has a dual impact on the economy. On the one hand, it provides cushion against upcoming external payment obligations and strengthens foreign currency reserves. On the other hand, it prevents the rupee from becoming stronger. In fact, the rupee has recently been on a downward trajectory, losing three rupees against the dollar in just one and a half month, reaching an 18-month low. Increasing imports and debt repayments are also the driving factors. This currency decline further erodes the already weak purchasing power of people. The State Bank reported net foreign exchange interventions of $223 million in February 2025, bringing cumulative purchases to $5.3 billion for the first eight months of FY25 (July 2024 to February 2025). On Thursday, the Pakistani rupee recorded a loss against the US dollar, slipping 0.03% in the inter-bank market. By the end of the session, the local currency stood at 283.64, down nine paisa compared to the previous day's close at 283.55. Meanwhile, gold prices in Pakistan declined on Thursday, mirroring a soft trend in the international market where bullion remained largely steady as escalating geopolitical tensions in the Middle East balanced the downward pressure from the US Federal Reserve's hawkish monetary outlook. Meanwhile, platinum prices slipped slightly after touching their highest level since September 2014. In the local market, the price of gold fell Rs460 per tola, settling at Rs358,595, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). Similarly, the price of 10 grams of gold decreased Rs394 to Rs307,437. Internationally, gold prices were little changed as heightened geopolitical tensions offset pressure from the Fed's hawkish stance. Spot gold was down 0.1% at $3,365.79 an ounce at 1340 GMT. US gold futures fell 0.7% to $3,382.80. Interactive Commodities Director Adnan Agar noted that gold prices were in a holding pattern as markets awaited clarity on the Israel-Iran conflict. "Gold is on pause because the geopolitical situation, especially regarding Israel and Iran, remains unresolved. By the weekend, we'll know whether the US will intervene or not," he said. Agar added that platinum had recently gained attention, hitting a 10-year high after lagging behind other precious metals for an extended period. "For a long time, platinum and silver were undervalued compared to gold, which recently reached record highs. Now, as gold pauses, investors are turning to platinum and silver, driving their prices up. Both metals reached multi-year highs just a few days ago," he elaborated.
Eater
10-06-2025
- Entertainment
- Eater
Live Fire Cooking With Spanish and Portuguese Influences Dominate the Menu at Flamant
Skip to main content Current eater city: Dallas It's fair to wonder how the heck the team who runs Rye — a highly experimental restaurant in Dallas known for its take on the Icelandic hot dog, a tasting menu that features kangaroo tartare, and a Michelin Award for it's Outstanding Cocktail Program — ended up opening a restaurant outside a Hilton Hotel in Plano, a mere stone's throw away from the IKEA in Frisco. It turns out that Boardwalk at Granite Park, a waterfront dining destination, approached Rye's owners to put a restaurant into one of their office buildings, co-owner Tanner Agar tells Eater Dallas. But rather than recreate Rye, Agar and chef-owner Taylor Rause looked to Spain and Portugal for influences for their new restaurant Flamant, which opened on Tuesday, June 10. Agar's personal connection to the country, having worked at Michelin-starred Simply Fosh in Spain in 2013, made him passionate about the idea. Since Rye serves small plates, the duo chose not to open a tapas spot, Agar says, and instead worked on an idea that would showcase their flair for the unexpected and utilize open-flame cooking. 'When we opened Rye years ago, originally in McKinney, one of the principles we pitched to investors was that we think a lot of people move to the suburbs because they want to have a free-standing house and be in a good school district,' Agar says. 'However, they're coming from Dallas, New York, L.A., and Chicago. They're looking around saying, 'I'm tired of all these restaurant chains that don't think I'm smart or sophisticated. I wish there was something for me.'' At Flamant, diners can find dishes like the highly Instagrammable scallop crudo, served in a dressing that incorporates spirulina to give it a blue hue. The scallops, along with herbs and tepin chiles from Portugal, look like they're swimming in an ocean. There is Faux Gras served in a hinge-topped glass jar, made from cashews, preserved lemons, and brandy, accompanied by lacto-fermented blackberry jam to be spread on wood-fired bread. It tastes a bit like foie gras and a bit like a decadent cashew butter and jelly sandwich. The muhammara, a spread of red pepper and walnuts combined with olive oil and salt, is inspired by Rause's days cooking Lebanese food at Sitti in Raleigh, North Carolina. In the end, the menu does have a small plate selection, ideal for diners who want to order a leisurely meal that might include tinned fish, caviar service, or a charcuterie board focused on Spanish, Italian, and French meats. For those who want to have three or four courses, however, there are soups and salads, and, for the first time any any of Agar and Rause's restaurants, a burger and a chicken sandwich. 'A friend of mine said, 'Man, you spent seven years working on this burger recipe, huh? I hope it's good,' Agar jokes. In reality, the burger is designed to cater to nearby office workers who want to stop in for a quick lunch. There are also large entrées, such as the ragu bianco, which omits the tomatoes, allowing the pork, celery, carrots, and various herbs to come together in a powerful, herbaceous sauce. All of the protein-based entrees, which include chicken thighs with roasted vegetables, mussels and chorizo, ocean trout with farro and local greens, and a wagyu ribeye with a smoked sugar rub and beurre rouge, are cooked over the open fire grill in the kitchen. 'We talked for months about how people have to pass multiple other restaurants to get to us here, and how we could create a place that feels exciting and special,' Agar says. 'Live fire cooking is something you could technically do at your house, but you're probably not going to spend an hour arranging the coals or wood to do it right.' Equally exciting is the cocktail menu. Diners should try one of the simplest drinks on the menu to better understand Portuguese culture: The Porto Tonico, made with white port and tonic water. It is the Aperol spritz or ranch water of the country — available everywhere you go, thanks to its light ingredient list, and a default drink that is light and refreshing with a low ABV. Or taste the darker side of summer with a glass of Black Sangria, made with black currant, pomegranate, balsamic, Lambrusco, and Flamant brandy. 'It is a private brandy we brewed in Denison, using Texas grapes that have been distilled by Ironroot Republic and blended with cognac and armagnac to get the flavor profile we are going for.' Sadly, the vines used for the brandy have been destroyed, says Agar, so this is an extremely limited edition product. Flamant is adding THC drinks to its menu, while it is still legal in the state, which is another first for Agar and Rause. For their first foray into selling THC-infused drinks, they're sticking to the cans from Dallas-based Cali Sober, although Agar says they may toy with making their own THC-infused drinks if these products don't become prohibited to sell in Texas. 'Friends of mine who sell these THC drinks at their restaurants said they do really well for them, and they don't have any problems with the guests… I've been in this business for a long time, and I never have rowdy, violent guests who've been smoking weed. Only the ones who've been drinking too much.' Flamant has a brunch menu to explore with one notable difference from most brunch services in DFW: It's $40 per person for endless plates. A few dishes from the lunch and dinner menus are available, alongside a croquette scramble, croissant Benedict, cannoli French toast, patatas bravas with avocados, and more. The purpose, Agar says, is to try as many things as possible, share them, and be in community while eating. Flamant is open now at 5880 State Hwy 121, Suite 103-B in Plano at the Restaurants at Granite Park. See More: Dallas Restaurant Openings
Express Tribune
05-06-2025
- Business
- Express Tribune
Local gold prices steady despite global surge
Listen to article Gold prices remained unchanged in Pakistan on Wednesday, despite a notable rise in the international market, where safe-haven demand and a softer US dollar buoyed prices amid heightened geopolitical concerns. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market held steady at Rs354,100. Similarly, the rate for 10 grams remained unchanged at Rs303,583. This stability comes after a sharp increase of Rs5,900 per tola on Monday when prices had surged to Rs353,100. Globally, gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 1143 GMT. US gold futures were up at $3,406.80. In global markets, gold rebounded from early losses as weak US employment data prompted a shift in investor sentiment. Adnan Agar, Director at Interactive Commodities, noted that the international gold price hit a low of $3,343 earlier in the day before recovering to a high of $3,384. It was last trading at around $3,373. "Gold was declining since morning, but after the US market opened, weak employment data triggered a recovery. Prices briefly touched $3,384 before settling slightly lower," Agar explained. He added that Friday's release of the US non-farm payroll dataa key monthly employment indicatorwill be critical in determining the future direction of gold prices. "That data could be a major market mover," he said. Additionally, rising geopolitical tensions, including renewed flare-ups in the Russia-Ukraine conflict and emerging concerns over global trade disputes, are contributing to volatility in the precious metals market. "Investors are closely monitoring geopolitical developments and US economic indicators," Agar said. "These factors are driving current movements and will continue to shape gold prices in the coming days." Meanwhile, the Pakistani rupee posted a slight decline against the US dollar on Wednesday, slipping by 0.04% in the inter-bank market. By the end of the trading session, the rupee closed at 282.22 against the dollar, marking a depreciation of 10 paisas compared to Tuesday's closing rate of 282.11. At the close of the trading session, the Pakistani rupee depreciated by 0.04% day-on-day (DoD) against the US dollar, settling at 282.22, according to Ismail Iqbal Securities. On a calendar year-to-date (CYTD) basis, the rupee has depreciated by 1.30%, while the fiscal year-to-date (FYTD) depreciation stands at 1.38%. Globally, the US dollar weakened on Wednesday as investors awaited upcoming US employment figures for near-term market direction, while also monitoring progress in President Donald Trump's ongoing tariff discussions with major trade partners such as China.
Express Tribune
02-06-2025
- Business
- Express Tribune
Gold surges as uncertainty grows
Gold prices in Pakistan surged on Monday, tracking a sharp rally in the international market where the precious metal rose over 2%its highest level in more than three weeks. The spike was driven by a weakening US dollar and growing investor appetite for safe-haven assets amid escalating geopolitical tensions and sustained global economic uncertainty. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the local market rose by Rs5,900 per tola, reaching Rs353,100. The price for 10 grams of gold also increased significantly, climbing by Rs5,058 to settle at Rs302,726. This rebound reversed the weekend's losses, when gold prices had declined by Rs1,400 per tola to close at Rs347,200 on Saturday. Commenting on the development, Adnan Agar, Director at Interactive Commodities, said the international gold market is showing strong upward momentum. He noted that gold rose nearly $70 on the day, hitting a low of $3,301 and peaking at $3,377, where it was holding steady. "The rally is largely driven by geopolitical developments, particularly Ukraine's recent large-scale attack on Russia, which has boosted safe-haven demand," he said. Internationally, gold gained more than 2% on Monday to its highest level in over three weeks, as a weaker dollar and a combination of geopolitical risks and economic uncertainty fuelled safe-haven demand, according to Reuters. Spot gold was up 2.7% at $3,377.29 an ounce as of 1419 GMT, after reaching its highest since May 8 earlier in the session. US gold futures were up 2.6% at $3,402.70. Agar added that if gold manages to close above the $3,380 mark, it could test higher resistance levels at $3,400, $3,420, and even $3,440. "A close above these thresholds may pave the way toward $3,500, although it's still early to confirm such a move," he said. For now, the closing outlook remains bullish, with key levels in sight. Meanwhile, the Pakistani rupee posted a slight appreciation against the US dollar on Monday, strengthening by 0.02% in the interbank market. By the end of trading, the local currency settled at Rs281.97 per US dollar, reflecting a modest gain of five paisas from the previous session. In contrast, the rupee had weakened slightly during the prior week, losing four paisas or 0.01% against the dollar. It closed at Rs282.02 last Friday, compared to Rs282.06 at the end of the week before, according to data from the State Bank of Pakistan (SBP). According to Ismail Iqbal Securities, the rupee has depreciated by 1.23% calendar year-to-date and 1.30% fiscal year-to-date.
