Latest news with #Rs1.72
Express Tribune
11-07-2025
- Business
- Express Tribune
State Bank injects Rs1.7tr via dual OMOs
Listen to article The State Bank of Pakistan (SBP) on Friday injected a total of Rs1.72 trillion into the banking system through simultaneous conventional and Shariah-compliant open market operations (OMOs), aimed at addressing liquidity needs. Earlier on Wednesday, the government had borrowed Rs1.62 trillion through auctions of securities, with a substantial proportion of Rs1.413 trillion being raised from the Market Treasury Bills (MTBs) and Rs208.42 billion from the 10-year Pakistan Investment Bonds Floating Rate (PFL). The government is compelled to borrow from the private sector amid limits from the International Monetary Fund (IMF) on borrowing directly from the central bank. Therefore, the central bank has to go through this cycle of injecting money through OMOs and then borrowing back from the private sector through securities to bridge the fiscal deficit of the government. According to official data, the SBP accepted bids worth Rs1.48 trillion under its conventional reverse repo operation, with a realised value of Rs1.43 trillion. The OMO included injections of Rs154.25 billion for seven-day tenor at a rate of return of 11.09% and Rs1.32 trillion for 14-day tenor at 11.07%, with 24 bids accepted out of 27 received. In parallel, the central bank conducted a Mudarabah-based Shariah-compliant OMO, where it injected an additional Rs243 billion, with a realised value of Rs244.9 billion. The Islamic OMO consisted of Rs40 billion accepted for seven days at a rate of 11.13% and Rs203 billion for 14 days at 11.12%. All three bids received were accepted, reflecting growing market interest in Shariah-compliant instruments. The cumulative injection of liquidity comes at a time when the SBP has been easing monetary conditions, having recently cut the policy rate amid a downward trend in inflation. The strong demand for 14-day funds in both OMOs highlights banks' preference for locking in medium-term liquidity, possibly in anticipation of further monetary easing. Furthermore, the rupee posted a marginal gain against the US dollar on Friday, appreciating by 0.04% in the inter-bank market. By the end of trading, the rupee closed at 284.46, marking an improvement of 10 paisa compared to Thursday's closing rate of 284.56. Meanwhile, gold prices in Pakistan climbed sharply on Friday, tracking gains in the international market, where the yellow metal surged over 1% to a more than two-week high. The rally was driven by renewed safe-haven demand after President Donald Trump reignited trade tensions by announcing fresh tariffs, escalating fears of a global trade war. In the domestic market, the price of gold per tola rose Rs2,300 to settle at Rs357,000, according to data released by the All Pakistan Sarafa Gems and Jewellers Association. Similarly, the rate for 10 grams of gold increased Rs1,971 to Rs306,069. This follows Thursday's sharp uptick of Rs3,200 per tola, when gold closed at Rs354,700. Globally, spot gold was up 1.2% to $3,363.46 per ounce by 11:32 am EDT (1532 GMT), its highest since June 24. US gold futures gained 1.6% to $3,377.80, according to Reuters. Adnan Agar, Director at Interactive Commodities, explained the international trend, saying: "Gold touched a low of $3,322 and a high of $3,368 today (Friday) and is trading around $3,355. Renewed tariff threats from Trump have triggered another wave of buying in gold." He noted that unless a breakthrough occurs in trade negotiations after August 1, gold is expected to continue trading within a range of $3,270 to $3,420. "If tariffs persist beyond August, we could see further upside. Otherwise, history shows that Trump often backtracks or secures last-minute deals, which could cap gold's rise," Agar added.
Time of India
28-06-2025
- Business
- Time of India
10 FIRs against Ansal API in a day
Lucknow: Ten fresh FIRs were registered against Ansal API on Thursday and Friday at the Sushant Golf City police station, taking the total number of cases filed against the real estate giant in Lucknow to 224. The complaints allege fraud related to undelivered flats, villas and plots amounting to over Rs1.72 crore. Tanuja Krishna Dubey of Railway Officers' Colony, in her complaint said her late father booked a plot in 2011 and paid Rs 33.60 lakh by 2015. Despite multiple requests, the registry was never executed. After her father's death in 2022, Tanuja was allegedly threatened by company representatives when she asked for the registry to be transferred to her name. Dr Shachi Tripathi from Gurugram alleged that she paid Rs 25.32 lakh for a plot that was never transferred to her. Similarly, Amiyaket Singh from Gomtinagar accused the company of duping him of Rs 10.47 lakh for a plot. Additional complaints include Rajneesh Gaur from South City, who paid Rs 31.30 lakh for two villas, Ashish Agnihotri from Bada Chandganj, who was cheated of Rs 8 lakh for a flat, and Chetaram from Aashiyana, who claimed he lost Rs 10.22 lakh for a plot. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thị trường có dấu hiệu suy thoái không? IC Markets Đăng ký Undo Additional victims comprise Shailesh Agnihotri from Aliganj (Rs 8 lakh for a double-bedroom flat), Paras Nath from Arjunganj (Rs 5.38 lakh for a 2010 flat booking), Amit Kumar from Saketpuri, Alambagh (Rs 28 lakh for a flat), and Saroj Tiwari from Gautam Budh Nagar (Rs 12.35 lakh for a villa).
Time of India
31-05-2025
- Time of India
Coimbatore cop who took bribe to save murder accused arrested
Coimbatore: A sub-inspector attached to the Mahalingapuram police station was arrested on Saturday for taking a bribe of Rs1.72 lakh and gold ornaments weighing 18 sovereigns from a family for not arresting them in connection with the murder of a youth at a rehabilitation home in Pollachi. The arrested cop was identified as Navaneethakrishnan, 27, a native of Tenkasi district. He joined the force as a sub-inspector of police in 2021. He was posted at Mahalingapuram police station near Pollachi on October 7, 2024. The case pertains to the murder of S R Varunkanth, 24, of Karavali Mathappur, who was suffering from deficit/hyperactivity disorder. He was admitted to a rehabilitation home for persons with intellectual disabilities at Rathinasabapathy Puram near Pollachi on May 12. The trustees and staff of the home beat the youth to death and buried the body on a parcel of land at S Nagore near Nadupuni. After the incident came to light, according to a police officer, Navaneethakrishnan had gone to Thiruvananthapuram to nab managing trustee of home Dr Kavitha, her husband Lakshman and daughters Shreya and Shruthi on May 27. "He took Rs1.72 lakh and 18 sovereigns of gold from them for not arresting Kavitha's husband Lakshman and her daughters in the case and threatened them with dire consequences, if they were to reveal the incident to anyone. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo However, all the four were eventually arrested." The family, in their statement to police, revealed the incident, which Navaneethakrishnan initially denied. "He confessed to the crime today (Saturday). The Mahalingapuram police subsequently registered a case against him for extortion and criminal intimidation and arrested him. Further investigation is on," the source said.
