Latest news with #Rs260
Express Tribune
2 hours ago
- Business
- Express Tribune
SBP bought $7.2b from Jun'24-Apr'25
Listen to article The State Bank of Pakistan (SBP) purchased $7.2 billion from the inter-bank market between June 2024 and April 2025, according to data compiled by Taurus Securities Limited. This substantial intervention reflects the central bank's strategy to rebuild foreign exchange reserves and ensure macroeconomic stability amid an International Monetary Fund (IMF)-supported economic reform programme. The monthly data shows strong buying in late 2024, peaking in November with $1.15 billion, followed by $1.02 billion in October and $946 million in September. Activity eased in early 2025, with only $154 million in January, $223 million in February, a rebound to $860 million in March, and a drop to $473 million in April. This accumulation of dollars helped SBP reserves rise from $13.5 billion in June 2024 to nearly $16.5 billion in November 2024. However, reserves started falling from December and settled at around $14.5 billion by April 2025, likely due to debt repayments or weaker net financial inflows. The business community has raised serious concerns over the exchange rate, alleging that the rupee is being held at an artificially strong level. SBP remains the largest dollar buyer, keeping demand high and the rupee undervalued. Rising imports and declining exports have worsened the imbalance. The Pakistan Business Forum (PBF) claimed that the dollar's actual market value should be closer to Rs260, while it is currently around Rs283. "The dollar is being controlled through artificial means. The prime minister must take immediate notice," the Forum said in a statement. PBF Chief Organiser Ahmad Jawad said Pakistan's policies have historically failed to restore the rupee after depreciation. "Unfortunately, whenever the rupee has fallen, it has never been brought back to its previous strength," he noted. He warned the economy cannot operate sustainably at Rs283 per dollar, warning that meaningful relief will only be possible through a stronger rupee. Meanwhile, the rupee appreciated by Rs1.92 against the US dollar over the last five trading sessions. It closed at Rs283.05 on July 29, compared t to 283.21 on July 28, a 0.06% gain, according to SBP data compiled by AKD Research. Gold prices in Pakistan also declined on Tuesday, tracking a cautious tone in the international market as investors awaited key developments, including US-China trade talks and the upcoming US Federal Reserve policy decision. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), per tola gold fell by Rs1,600 to Rs354,700, while 10-gram gold dropped by Rs1,372 to Rs304,098. The decline followed a Rs100 fall on Monday. Global prices remained steady with traders adopting a wait-and-see approach ahead of major economic signals that could influence monetary policy and global risk sentiment.
Express Tribune
a day ago
- Business
- Express Tribune
'Artificial control' keeps dollar overvalued by Rs20
The Pakistan Business Forum (PBF) has urged Prime Minister Shehbaz Sharif to address the artificial control over currency exchange rate, asserting that the current dollar value is being kept deliberately high. Economic indicators suggest that fair value of the dollar should be around Rs260, it said. In a statement, PBF Chief Organiser Ahmad Jawad called on the premier to take immediate notice of the situation as a correction of even Rs20 in the rupee value could significantly reduce both public debt and inflation. He pointed out that historically Pakistan had failed to restore true value of the rupee after depreciation, which resulted in long-term instability. The forum noted that the current exchange rate of Rs283 to a dollar was unsustainable for the economy. "A meaningful economic relief can only be achieved if the rupee stabilises." Jawad pointed out that inflation, measured by the Consumer Price Index (CPI), had dropped to around 3%, making the current 11% interest rate unjustifiable. The PBF stressed that the upcoming monetary policy, scheduled for July 30, should bring the interest rate down to at least 9%. It added that the government was paying 11% interest on domestic debt totalling Rs50 trillion, which was 5-6% higher than the current inflation rate. "This discrepancy imposes an annual burden of approximately Rs3 trillion on the national exchequer, which can otherwise be used for public welfare and infrastructure development." Lower interest rates would also boost Pakistan's export potential in global markets, the forum stated, adding that the IMF itself recommended that interest rates be kept closer to the prevailing inflation rate. The PBF underlined the need for diversifying Pakistan's export base beyond textile and advocated the search for new industries and markets. Additionally, the State Bank of Pakistan should ensure access to credit for the business community in Balochistan in the upcoming monetary policy. Jawad concluded his remarks through expressing concern over growing frustration among the business community due to the lack of attention to challenges faced by the productive sectors. He expressed hope that the Monetary Policy Committee would adopt a growth-friendly and pragmatic approach in its upcoming meeting.
Express Tribune
a day ago
- Business
- Express Tribune
Rupee continues uptrend with appreciation of 24 paisa
The Pakistani rupee appreciated against the US dollar on Monday, gaining 0.08% in the inter-bank market. At close, the rupee settled at 283.21, an increase of 24 paisa. The fresh gain reflects a recent trend of strength, with the local unit rising 0.50% against the greenback last week, its strongest weekly performance in 93 weeks, according to a report of AKD Securities. The rupee had closed the previous week at 283.45 against 284.87 a week earlier. Amid this positive momentum, the Pakistan Business Forum (PBF) has raised concerns over what it calls an artificially controlled exchange rate. It claims the real value of the dollar should be around Rs260 based on current macroeconomic indicators. Gold prices in Pakistan declined on Monday, mirroring a downward trend in the international market as investor appetite for safe-haven assets weakened following a breakthrough in US-European Union trade negotiations. The price of gold per tola in the local market fell Rs100 to settle at Rs356,300, according to the All Pakistan Sarafa Gems and Jewellers Association (APGJSA). Similarly, the rate for 10 grams of gold declined Rs85 to Rs305,470. The local market tracked a near three-week low in international bullion prices as the dollar strengthened and market sentiment improved after reports emerged of a trade accord between Washington and Brussels. Although the deal has not yet been officially signed, its confirmation has been enough to boost risk appetite and reduce the demand for gold as a traditional safe-haven asset. Interactive Commodities Director Adnan Agar noted that gold prices eased due to shifting global dynamics. "Gold touched a low of $3,301, with the high at $3,345. It was later trading around $3,309," he said. "The tentative agreement between the US and EU has softened gold's appeal. Now, all eyes are on key US economic indicators due later this week." Investors are closely watching for two major releases from the United States – the Federal Reserve's monetary policy decision expected on Wednesday night and the monthly employment report scheduled for Friday. "These two data points will heavily influence market sentiment and gold's trajectory in the days ahead," Agar added. The decline comes after Saturday's trading saw a drop in domestic gold rates, when the per-tola price fell Rs300 to Rs356,400. Analysts say that unless new geopolitical risks emerge or economic data disappoints, gold may remain under pressure in the short term.
Express Tribune
13-07-2025
- Express Tribune
Man held for faking robbery
Police have arrested a man for making a fake call to the emergency helpline 15 and staging drama of a robbery. According to police, the man had called the police helpline and claimed that four armed men had snatched his cash, mobile phone and motorcycle at gunpoint. Acting swiftly, the police reached the scene. However, during the investigation, it was found that no robbery had taken place. Instead, the man's brother had hidden Rs260,000 and the motorcycle in his shop.
Time of India
12-07-2025
- Time of India
New ‘fare by meter' trend of cabbies compounds longstanding hassles faced by arriving flyers at Pune airport
Pune: Thousands of flyers arriving at the city airport and trying to exit the facility have cited major hassles with booking cabs. To compound this issue, many commuters are now claiming that a new trend of "pay by meter" that cabbies are insisting on is further creating chaos. For instance, Kalyaninagar resident Paras Agarwal, who reached Pune by flight late in June, told TOI, "I took off from Delhi on a two-hour flight and landed here around 8.20pm. By 8.35pm, I had collected my luggage and was at the AeroMall. I tried the apps of all cab aggregators, but until 9.50pm, not a single cabbie accepted a trip. Finally, one okayed the ride but told me the fare would be charged 'by the meter'. I was with my wife, who was too tired, and we just chose to not argue with him," he narrated. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Several commuters echoed this experience. Despite AeroMall officials claiming to have taken steps to ensure that arriving passengers get cabs easily, the perennial issue continues — especially in evening hours. "I am surprised that both the police and Pune RTO are unable to resolve this matter till date. I flew around five months ago and again last month — each time it was a battle. Cabbies tend to just not accept rides, and then the booking goes from one cabbie to the next again and again," said Ashutosh Goyal, a Sinhagad Road resident. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like So sánh mức trượt giá: Hợp đồng tương lai (CFD) Bitcoin vs Ethereum IC Markets Tìm hiểu thêm Undo Katraj resident Yashodhan Joglekar, who landed at the city airport from Bengaluru around 8pm on June 19, said he reached home well over two hours later. "It took me approximately an hour to reach Pune. The flight took off at 6.58pm, and I landed in Pune by 8pm. By around 8.15pm, I was at the AeroMall trying to get a cab. But my perfect journey didn't end well — I found myself dealing with at least four ride cancellations over the next hour and finally got a cab only around 9.10pm. The wait was frustrating, and I managed to reach home only around 10.15pm," Joglekar said. Roshanjeet Singh, who lives in Delhi and came to Pune for a function in May, was angry too. "The fare of an Uber cab from Pune to Vimannagar showed around Rs260, but this cabbie called me and said the fare would be Rs380 by the meter. When I refused, the ride was cancelled. This happened six times. I could only get a cab after 50 minutes. What is happening in Pune?" he said. YS Rajput, vice president of the AeroMall, said they have now launched Meru cab services, besides the existing Ola, Uber and Rapido cabs for passengers. "With this, there are six cab services working at the AeroMall. There is a system wherein one can get immediate cabs, though the price could be a bit higher. We have a policy under which cabs belonging to any company can come inside to pick up passengers. Ride refusals are a problem, but we have had talks with the companies on the same," he told TOI. Pune deputy RTO Swapnil Bhosle said that the issue of "fare by meter" would be solved. "Once the new cab aggregator policy of the state gets implemented, all these companies will have to get a licence to operate by RTO. At present, they don't have a licence, but we have allowed them to operate to ensure that people don't face problems. The companies will have to follow regulations in the policy, which will mean all kinds of malpractices getting curtailed," he told TOI. Flyers were not convinced. "How can they just wait for some policy and be sure that things will get better? In many other airports, like Kolkata or Bengaluru, getting public transport from the airport is not very tough and full of hassles like in Pune," observed Sarvesh Thorat, a regular flyer.
