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Express Tribune
3 days 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.
Hans India
19-07-2025
- Business
- Hans India
SBI gets 4x bids for Rs 20,000-cr QIP
New Delhi: Qualified institutional placements (QIPs) witnessed a resilient growth in July so far, led by State Bank of India's (SBI) recent fundraise, taking the total QIP fundraising to a five-year high of over Rs30,000 crore. QIPs are a way for listed companies to raise capital without having to submit legal paperwork to market regulators. Ten issuances have offered over Rs30,470 crore so far this month. It is the biggest monthly performance of QIPs since September 2020, when companies had collectively raised over Rs39,000 crore. Driving this surge was the State Bank of India's (SBI) historic QIP on July 17, which mobilised over Rs20,000 crore. The offering drew robust investor interest, with demand reportedly outstripping supply by nearly four times. According to multiple reports, the SBI QIP has received significant interest from global and domestic investors worth around Rs1 lakh crore. July also saw a flurry of other notable QIP deals. CG Power raised over Rs3,000 crore, while Marathon Nextgen and Navin Fluorine collected Rs900 crore and Rs750 crore, respectively. Several other mid- and small-cap firms also tapped into institutional funding during the month. The fundraising momentum in 2025 has remained strong beyond July. In the year so far, Biocon raised Rs4,500 crore through a QIP, followed by Hitachi Energy (Rs2,500 crore), IREDA (Rs2,000 crore), UCO Bank (Rs2,000 cr), and Capri Global Capital (Rs2,000 cr). In June alone, seven companies together raised over Rs14,000 crore. Altogether, 30 companies have raised close to Rs60,000 crore via QIPs so far in 2025. This shows the robust activity seen in 2024, when 95 firms mopped up more than Rs1.37 lakh crore.
The Star
19-07-2025
- The Star
21 detained in anti-vice raids in Petaling Jaya and Subang Jaya
KUALA LUMPUR: A prostitution ring operating out of two locations in Petaling Jaya and Subang Jaya was busted with the arrests of 21 individuals, including women from Japan, Russia, and Uzbekistan following an operation by the police. The operation, codenamed Ops Moda, was carried out by Bukit Aman CID Anti-Vice, Gambling and Secret Societies Division (D7) at about 6.30pm on Thursday (July 17) following a tip-off from the public. Bukit Aman CID acting director Deputy Comm Datuk Fadil Marsus said the raid targeted a hotel and a serviced apartment that were believed to be used as venues for the illicit activities. "A 44-year-old local man, believed to be a pimp, was detained along with 20 women suspected of offering sexual services," he said when contacted on Saturday (July 19). The women included two locals aged 26 and 37, eight from China, three each from Mongolia and Uzbekistan, and one each from Japan, Russia, Vietnam and Laos. DCP Fadil said the syndicate was operating online, advertising services through websites featuring images of the women dressed provocatively. "The websites listed various sex packages, with prices ranging between RM400 and RM1,000. Payments were made directly to the women," he said. He added that the group used hotel rooms on separate floors and rented apartment units to avoid detection by the authorities. "Customers would make bookings via phone numbers displayed on the websites and were only given the location and room numbers upon arrival," he said. Various items were seized including 59 condoms, 21 towels, 21 mobile phones, 16 access cards and RM4,470 in cash believed to be earnings from the sex trade. "A total of 16 foreign women were remanded for 14 days until July 30. "Two local women and one each from Vietnam and Laos were remanded for a day, while the local male suspect was remanded for three days," DCP Fadil said. The case is being investigated under Section 372B for soliciting, as well as Sections 55B and 6(1)(c) of the Immigration Act 1959/63, and Regulation 39(b) of the Immigration Regulations.
The Print
12-07-2025
- Business
- The Print
X slashes subscription fees in India by up to 48 pc
The subscribers of premium and premium-plus service at X get a checkmark next to their name or id. The social media firm has slashed premium account subscription fee for mobile app by about 48 per cent to Rs 470 from Rs 900 it charged earlier on a monthly basis. New Delhi, Jul 11 (PTI) Social media platform X has slashed subscription fees for account holders in India by up to 48 per cent, according to updates on its portal. Similarly, X has reduced premium subscription fee by about 34 per cent for web accounts to Rs 427 from Rs 650 charged earlier. The charges for premium subscription on mobile apps are higher at Rs 470 due to additional fees charged by app stores. The company has slashed monthly subscription for basic subscribers on their handle by 30 per cent to Rs 170 from Rs 243.75 earlier. The basic account holder gets featured to enable them to edit posts, write longer posts, background video playback and they can download videos. The reduction is about 34 per cent for the annual subscription fee of basic account, which will be billed Rs 1,700 on an annual basis, down from Rs 2,590.48 charged earlier. The premium plus subscription of X account now cost users about 26 per cent less at Rs 2,570 on web compared to Rs 3,470 charged earlier. The premium plus accounts on X are completely ad free, holders can write articles, get access to SuperGrok with Grok 4. These services are not available for premium and basic account holders. The mobile version of premium plus subscription will cost users Rs 3,000 compared to around Rs 5,100 that had to pay earlier on a monthly basis. PTI PRS TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hans India
02-07-2025
- Business
- Hans India
Gold rallies Rs 1,200, silver surges Rs 2,000
New Delhi: Cutting short the seven-day losing streak, gold prices rebounded by Rs1,200 to Rs98,670 per 10 grams in the national capital on Tuesday due to fresh buying by stockists in line with strong global trends, according to the All India Sarafa precious metal of 99.9 per cent purity had settled at Rs97,470 per 10 grams on Monday. Gold of 99.5 per cent purity climbed by Rs1,100 to Rs98,150 per 10 grams on Tuesday. It had closed at Rs97,050 per 10 grams in the previous market close. 'A retreat in the US dollar, driven by concerns over the ballooning US fiscal deficit and the market's focus on President Donald Trump's proposed tax-cutting and spending bill, has made gold more attractive,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. President Donald Trump has also threatened new tariffs on Japan ahead of the July 9 deadline for the implementation of reciprocal tariff.
