Latest news with #Rs304
Time of India
23-04-2025
- Business
- Time of India
Officials draw HC ire over delays in Ambazari dam, Nag River project
Nagpur: The Nagpur bench of Bombay high court on Wednesday slammed state agencies over prolonged delays in the Ambazari dam repair and Nag River rejuvenation projects. Taking serious note of the inaction, the court summoned senior officials and warned of possible contempt proceedings and scrutiny into the tendering process. A division bench comprising Justices Nitin Sambre and Vrushali Joshi directed the divisional commissioner, Nagpur municipal commissioner, and Vidarbha Irrigation Development Corporation (VIDC) executive director to appear in person at 10.30am on Thursday. The officers were instructed to submit detailed affidavits on the current status of both projects. The court expressed strong dissatisfaction with VIDC over the lack of progress in constructing Godbole gates at Ambazari dam. Despite floating tenders four to five times, the agency reported that no bids were received — something not disclosed during earlier hearings. The bench questioned why internal mechanisms were not activated to proceed with the work despite repeated tender failures and criticised the agency for lack of transparency. "You want the same deluge to occur again? Are your officers asleep all these days?" the bench verbally remarked, in reference to the devastating floods of September 23, 2023. The judges further questioned, "Why was the work not expedited over the last two months, and with whom are the files currently pending?" by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Upto 15% Discount for Salaried Individuals ICICI Pru Life Insurance Plan Get Quote Undo The court also scrutinised the role of the divisional commissioner who heads a court-appointed committee overseeing the removal of river encroachments and flood mitigation efforts. Government Pleader Deven Chauhan was directed to identify the officer allegedly responsible for delaying the files related to the Nag River retention wall project. The bench warned VIDC of a possible deeper investigation into the tendering process, suggesting there may have been irregularities. "Are you at the mercy of contractors? Why hasn't the agency acted promptly?" the court asked. The bench warned VIDC that it may be compelled to "open a Pandora's box" into how tenders are being awarded to the contractors. The judges referred to past cases where tenders were allegedly granted within a day under questionable circumstances, implying that transparency and procedural integrity were being compromised. These directives were issued during the hearing of a public interest litigation (PIL) filed by Ramgopal Bachuka and others, represented by advocate Tushar Mandlekar. In an earlier affidavit, the divisional commissioner had informed the court that desilting work was underway across the Nag, Pili, and Pohra rivers. The state government has sanctioned Rs304 crore for river and nullah development, with tenders floated and some initial work already begun. The state also outlined its progress on infrastructure upgrades. Desilting commenced on February 6 and is scheduled for completion by June 15, 2025. The work covers 16.58 km of the Nag River, 17.42 km of the Pili river, and 15.17 km of the Pohra River. Photographic evidence of the ongoing work was submitted to the court. The affidavit further noted that 1 km of retaining wall has been completed along Nag River, with an additional 0.662km currently under construction. The irrigation department also reported the dewatering of 32.06 crore litres from Ambazari lake as a flood prevention measure.
Express Tribune
08-03-2025
- Business
- Express Tribune
Gold prices rebound Rs3,000/tola
Listen to article After experiencing a decline in the previous session, gold prices in Pakistan rebounded in line with an upward trend in international markets. In the local market, the price of gold per tola rose by Rs3,000 on Friday, reaching Rs307,000. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold increased by Rs2,571, bringing it to Rs263,203. On Thursday, gold prices had dropped by Rs3,000 per tola, settling at Rs304,000 in Pakistan. Meanwhile, international gold prices also witnessed an upward movement on Friday. As per APGJSA, the global gold rate stood at $2,921 per ounce (including a $20 premium), reflecting a $28 increase for the day. Adnan Agar, Director at Interactive Commodities, commented on the gold market trends, stating that the market has been relatively stagnant for the past few days, fluctuating between $2,916 and $2,930 per ounce. He highlighted that the market has been stuck in this range for the last four days, and a breakout on either side would determine the next movement. Agar further explained that if gold closes above $2,930, an upward trend is expected, whereas if it drops below $2,890, a downward trend could be seen. However, given the current market conditions, a slight downward movement seems more likely, especially with the weekend approaching and renewed tariff impositions. Nonetheless, if gold manages to close above $2,930, any downside risks would be negated, and an upward trend would follow. Globally, gold prices edged up on Friday, poised for a weekly gain on safe-haven inflows and a US jobs report revealing lower-than-expected job growth in February, suggesting the Federal Reserve is on track to cut interest rates this year. Spot gold added 0.3% to $2,918.11 an ounce. Bullion has gained over 2% so far this week, as US President Donald Trump's ever-shifting tariff policies fanned uncertainty. Meanwhile, the Pakistani rupee saw a slight decline against the US dollar, depreciating by 0.05% in the inter-bank market on Friday. By the end of the trading session, the rupee settled at 279.97, marking a loss of 15 paisa against the US dollar. A day earlier, it had closed at 279.82. On the global front, the US dollar remained near a four-month low on Friday as fluctuating tariff policies fuelled uncertainty and raised concerns about economic growth in the United States. Investors awaited the key jobs data for further direction.
Express Tribune
06-03-2025
- Business
- Express Tribune
SBP reserves increase by $27m
Listen to article The State Bank of Pakistan's (SBP) foreign exchange reserves increased by $27 million, reaching $11.25 billion during the week ending February 28, 2025. According to the latest data, the total liquid foreign reserves held by the country stood at $15.87 billion as of February 28, 2025. Of this, the SBP holds $11.25 billion, while commercial banks hold $4.62 billion. Meanwhile, gold prices fell in Pakistan, mirroring a drop in international rates. In the local market, the price per tola declined by Rs3,000 on Thursday, settling at Rs304,000. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold dropped by Rs2,571 to Rs260,630. On Wednesday, gold prices had increased by Rs700 per tola, closing at Rs307,000. Internationally, gold prices also saw a decline on Thursday. As per APGJSA, the international rate for Pakistan stood at $2,893 per ounce (including a $20 premium), marking a $28 decrease for the day. Globally, gold prices dipped due to rising US Treasury yields and profit-taking, while market attention turned to payroll data for insights into the Federal Reserve's monetary policy. Spot gold fell 0.2% to $2,912.82 an ounce as of 1442 GMT after rising for the past three sessions. US gold futures also dropped 0.2% to $2,921.50. "We are just seeing some mild profit-taking pressure from recent gains. The underlying fundamentals are still bullish Another thing that's putting some mild pressure on the gold market is a rise in bond yields," said Jim Wyckoff, a senior market analyst at Kitco Metals. The benchmark 10-year US Treasury yields hit a one-week high, reducing the appeal of non-yielding gold. Amid geopolitical uncertainties, gold, a global safe-haven, has gained over 10% year-to-date and hit a record high of $2,956.15 on February 24. The US imposed a 25% tariff on imports from Mexico and Canada on Tuesday, along with further duties on Chinese goods. However, the White House confirmed on Wednesday that automakers from Canada and Mexico would be exempt from these tariffs for a month, subject to compliance with existing free trade rules. The Pakistani rupee saw a slight gain against the US dollar, appreciating 0.02% in the interbank market on Thursday. By the end of the trading session, the rupee stood at 279.82, marking an increase of 5 paisa from its previous close of 279.87 on Wednesday. Globally, the euro reached a four-month high against the US dollar. This surge was driven by a rise in European bond yields following Germany's proposal for a 500 billion ($539.85 billion) infrastructure fund and revisions to borrowing limits.
Express Tribune
19-02-2025
- Business
- Express Tribune
Gold price rises Rs1,000/tola, rupee loses 10 paisa vs dollar
Gold prices continued their upward trajectory on Tuesday, in line with the international market trend. The price of gold per tola rose Rs1,000, reaching Rs304,200, while the 10-gram price increased Rs857 to Rs260,802, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). This follows a Rs1,700 per-tola increase recorded on Monday. On the global front, gold prices also experienced an uptick, with the metal trading at $2,910 per ounce, reflecting a $10 increase, including a $20 premium, as per APSGJA. According to Mohammad Qasim Shikarpuri, President of APSGJA, the global economic slowdown and financial instability have driven investors towards gold as a safe-haven asset. He explained that the rising investment demand for gold is not limited to Pakistan but is a worldwide phenomenon. Countries like China are preferring gold over the US dollar and many investors globally are shifting their capital to gold due to uncertain market conditions. This surge in demand has contributed to the continued increase in gold prices. The local market has also been affected by weakened consumer purchasing power. Gold has become unaffordable for many in Pakistan, leading to a decline in traditional jewellery purchases. In the past, weddings often involved buying multiple tolas of gold, but now, many families opt to repurpose old jewellery or purchase minimal new gold. The soaring gold prices have made large-scale purchases out of reach for the average consumer. Another major factor influencing gold prices is global trade tensions and economic policies. The ongoing US-China trade war, which has led to higher tariffs on Chinese exports, has increased global economic uncertainty. Investors, anticipating financial instability, have responded by increasing their gold holdings, further pushing up prices. Additionally, geopolitical conflicts, particularly the Russia-Ukraine war, have intensified the demand for gold as a protective asset. Despite these rising trends, Shikarpuri predicts that a market correction is likely in the near future. He suggests that if global political stability improves, especially if tensions in the Russia-Ukraine conflict ease or if US economic policies become more predictable, gold prices could see a downward shift. However, for now, investors continue to see gold as a reliable and liquid asset, making it one of the safest investment options available in an uncertain global economy. Meanwhile, the rupee experienced a slight decline against the US dollar in the inter-bank market on Tuesday, depreciating by 0.04%. By the end of the trading session, the rupee closed at Rs279.37, marking a 10 paisa loss compared to Monday's closing value of 279.27.
Express Tribune
14-02-2025
- Business
- Express Tribune
Foreign currency reserves drop by $252m
Listen to article KARACHI: Pakistan's foreign exchange reserves declined by $252 million, bringing the State Bank of Pakistan's (SBP) total holdings to $11.17 billion due to external debt repayments. As of February 7, 2025, Pakistan's total liquid foreign reserves stood at $15.86 billion, with the SBP holding $11.17 billion and commercial banks' reserves at $4.70 billion. "During the week ended on 07-Feb-2025, SBP reserves decreased by $252 million to $11,166.6 million due to external debt repayments," the SBP stated. Foreign reserves have fluctuated due to economic challenges and debt repayments. However, commercial banks' reserves increased by $69 million to $4.70 billion, according to Arif Habib Limited (AHL). Over the fiscal year to date, reserves have grown by $1.87 billion, but compared to December 2024, there has been a $65 million decline. Import cover, which reflects the number of months Pakistan can sustain imports with its current reserves, slightly decreased from 2.10 months to 2.05 months, based on an average of $5 billion in monthly imports over the last three months. Reserves peaked above $27 billion in mid-2021 but have since declined due to external obligations. However, recent months have shown some stabilisation, with both SBP and commercial bank reserves gradually improving. The import cover has also strengthened compared to mid-2024, when it was around 1.66 months. Pakistan faces a unique economic situation regarding the US dollar. The SBP governor recently admitted that the central bank purchased $9 billion from the market to stabilise reserves. Experts argue this move weakened the rupee, which could have otherwise appreciated by Rs40, bringing the exchange rate down to Rs240 per US dollar. A stronger rupee would increase purchasing power and provide relief from years of high inflation. However, it would also limit SBP's ability to build reserves, creating a trade-off between economic stability and affordability. Conversely, a weaker rupee benefits exporters by making Pakistani goods more competitive in global markets. However, critics argue that exporters have failed to innovate or improve efficiency, instead relying on government protectionwhether through a high-priced dollar or billions in annual subsidies. They contend that instead of adapting to global competition, exporters prefer to remain in their comfort zone. After a brief dip in the previous session, gold prices in Pakistan surged sharply on Thursday, following an upward trend in international markets. The price of one tola of gold jumped by Rs2,500, reaching a record high of Rs304,000, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Gold is traditionally viewed as a safe-haven asset during economic uncertainty, though rising interest rates often reduce its appeal as a non-yielding investment. Globally, gold prices edged higher on Thursday, with investors closely monitoring US trade policies under President Donald Trump, particularly expected tariff announcements that could impact financial markets. Adnan Agar, Director of Interactive Commodities, noted that while the market shows upward momentum, signs of cooling off have emerged. If gold continues to rise without correction, it may face a sharp pullback. However, a gradual correction would offer more stability. Agar also pointed out that traders are closely watching US tariff policies and geopolitical developments, as these factors could influence price movements. He suggested that if gold reaches its next target, a massive correction of $400$500 per ounce could occur due to profit-taking. Over the past 18 months, gold has gained significantly without a major correction, making future price movements crucial to watch. Meanwhile, the Pakistani rupee remained stable against the US dollar in the inter-bank market on Thursday, closing at 279.26 per dollar, unchanged from the previous session.
