Latest news with #Rs291
Express Tribune
17-05-2025
- Business
- Express Tribune
REER drops to 99.4 in April
Listen to article Pakistan's Real Effective Exchange Rate (REER) declined to 99.4 in April 2025, down from 101.6 in March 2025, according to data from the State Bank of Pakistan (SBP). This 2.2% month-on-month drop suggests a modest improvement in export competitiveness, as a REER below 100 indicates the Pakistani rupee is undervalued relative to trading partners. REER had peaked at 104.1 earlier in the fiscal year before trending downwards. Analysts note that while the decline could benefit exporters by making Pakistani goods more competitive globally, it may also reflect underlying economic pressures, such as inflation differentials or exchange rate adjustments. Market observers, including Arif Habib Securities, highlight that future REER stability will hinge on inflationary trends and external trade conditions. Meanwhile, the Pakistani rupee recorded a slight depreciation against the US dollar, slipping 0.02% in the inter-bank market on Friday. By the end of trading, the rupee closed at 281.66, down Rs0.05 from the previous day's rate of 281.61. Moreover, on May 16, the SBP injected a total of Rs869.65 billion into the financial system through two open market operations (OMOs). The first operation was a Shariah-compliant Mudarabah-based OMO, totalling Rs291 billion, with Rs145.2 billion accepted for seven days at 11.09% and Rs145.8 billion for 14 days at 11.10%. The second operation was a conventional reverse repo OMO, amounting to Rs578.65 billion, including Rs223.65 billion for seven days at 11.08% and Rs355 billion for 14 days at 11.05%. Meanwhile, gold prices in Pakistan increased marginally on Friday, mirroring trends in the international market, where gold saw a significant decline of over 2% — its steepest weekly loss since November— amid improved investor sentiment following progress in the US-China trade agreement. In the local market, the price of gold per tola increased only by Rs900, reaching Rs336,100, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10-gram gold rose Rs772, settling at Rs288,151. This followed a sharp drop on Thursday, when the price per tola had plunged by Rs6,700 to Rs335,200.
Business Recorder
13-05-2025
- Business
- Business Recorder
Gold sees gigantic loss
KARACHI: Gold saw a gigantic loss on Monday with global market crushing below $3,250 per ounce, traders said. Local market suffered one of the biggest single day falls, amounting by Rs10, 400 per tola and Rs8,917 per 10 grams due to the global bullion slumped by $104, receding to $3,221 per ounce. This huge plunge dragged down the gold prices to Rs340,500 per tola and Rs291,923 per 10 grams, according to All Pakistan Sarafa Gems and Jewelers Association Domestic silver prices registered a slight drop by Rs17 and Rs15, going down to Rs3,400 per tola and Rs2,914 per 10 grams, respectively with world market trading the white metal at just over $32 per ounce, the association added. It is important to mention that the open market may trade gold and silver at different prices as compared to those fixed by the association. Copyright Business Recorder, 2025
Express Tribune
12-05-2025
- Business
- Express Tribune
Gold plunges following US-China truce
Gold prices in Pakistan maintained a downward trajectory with a massive fall on Monday, mirroring a sharp drop in the international market as risk sentiment crept in following the announcement of a temporary deal between the United States and China to reduce tariffs. In the local bullion market, the price of gold per tola dropped by Rs10,400 to settle at Rs340,500, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The 10-gram gold rate also declined by Rs8,917, closing at Rs291,923. The downtrend followed a similar fall on Friday when the price per tola had dipped by Rs1,800, ending the week at Rs350,900. Before this, the yellow metal nosedived Rs1,170/tola on April 23, 2025. Globally, the safe-haven asset fell more than 2% on Monday as risk sentiment crept in following the announcement of a temporary deal between the United States and China to reduce tariffs, according to Reuters. Spot gold was down 2.6% at $3,237.04 an ounce. Bullion, considered a hedge against economic and geopolitical turmoil, hit a record high of $3,500.05 last month amid increased tariff uncertainty. US gold futures shed 3.1% to $3,241.70. Adnan Agar, Director at Interactive Commodities, attributed the decline to improved trade sentiment between the US and China. "Gold opened lower today, marking a low of $3,207 before stabilising around $3,236. This drop is largely due to progress in US-China negotiations, where both sides agreed to suspend 90% of tariffs for a 90-day period," he said. Agar added that gold faced key support levels at $3,200 and $3,180. "If prices fall below $3,180, we could see further downside. For now, the market remains weak and volatile as investors await further cues from ongoing talks," he noted. Meanwhile, the Pakistani rupee posted a marginal gain against the US dollar on Monday, appreciating by 0.05% in the inter-bank market. According to the State Bank of Pakistan (SBP), the rupee closed at 281.57 against the greenback, strengthening by Rs0.14 compared to the previous session. Last week, however, the local currency had weakened by Rs0.65 or 0.23% to close at Rs281.71, down from Rs281.06 a week earlier. Moreover, as of March 2025, Pakistan's central government debt rose to Rs73.7 trillion, marking a 0.9% increase month-on-month (Rs652 billion) and a 12.7% rise year-on-year. The domestic portion of the debt stood at Rs51.5 trillion, up 18.6% YoY, driven largely by long-term borrowings, particularly federal government bonds which surged 28.8% YoY to Rs39.7 trillion, according to AHL. Permanent debt rose to Rs40.6 trillion, while short-term debt declined by 2.3% to Rs7.8 trillion. Unfunded debt also saw a slight decrease and investments in Naya Pakistan Certificates dropped sharply by 33.2% YoY. Meanwhile, external debt increased marginally to Rs22.2 trillion, up 1% YoY.
Express Tribune
12-05-2025
- Business
- Express Tribune
Gold prices drop by Rs10,400 per tola in Pakistan
Listen to article Gold prices declined significantly in both Pakistani and international markets amid global fluctuations on Monday, Express News reported. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs10,400, settling at Rs340,500. The price of 10-gram gold also fell by Rs8,917, reaching Rs291,923. The latest drop comes after gold lost Rs1,800 per tola on Friday, when it had closed at Rs350,900. In global markets, gold fell by $104 during the day, with the international rate standing at $3,221 per ounce, including a $20 premium, APGJSA reported. Silver also saw a modest decline, with the price per tola shedding Rs17 to close at Rs3,400. Jewellers noted that fluctuations in global demand, currency volatility, and investor caution were contributing to market uncertainty.
Business Recorder
12-05-2025
- Business
- Business Recorder
Gold price per tola falls massive Rs10,400 in Pakistan
Gold prices in Pakistan declined on Monday in line with their fall in the international market. In the local market, gold price per tola reached Rs340,500 after it lost Rs10,400 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs291,923, after it registered a decline of Rs8,917. On Friday, gold price per tola reached Rs350,900 after it lost Rs1,800. Moreover, the international rate of gold also declined today. As per APGJSA, the rate was at $3,221 per ounce (with a premium of $20), a decrease of $104 during the day. Furthermore, silver price per tola shed Rs17 to reach Rs3400.
