Latest news with #Rs355
Express Tribune
01-08-2025
- Business
- Express Tribune
Reserves dip $153m on repayments
Since July 22, numerous unauthorised exchange outlets have been closed after the military intelligence agency summoned currency dealers to address the rising dollar rate in the open market. photo: file Listen to article Pakistan's total liquid foreign exchange reserves stood at $19.61 billion after a decline of $153 million for the week ended July 25, 2025 owing to debt payments, according to figures released by the State Bank of Pakistan (SBP) on Thursday. The SBP reported a decrease of $153 million in its reserves, which fell to $14.30 billion, mainly due to external debt repayments. Meanwhile, net foreign exchange reserves held by commercial banks remained stable at $5.30 billion. The combined position of the country's foreign exchange reserves stood at $19.61 billion, reflecting the continued impact of external financial obligations on the central bank's holdings. Furthermore, the Pakistani rupee continued its positive momentum against the US dollar on Thursday, with a slight appreciation of 0.03% in the inter-bank market. By the end of trading, the rupee reached 282.87, marking an increase of 8 paisa from the previous day's close at 282.95. Though the rupee appreciated by 0.03% day-on-day against the greenback, it has depreciated by 1.53% in the calendar year to date (CYTD) and appreciated by 0.32% in the fiscal year to date (FYTD), according to Ismail Iqbal Securities. The local currency has benefited from a government crackdown on illegal dollar trading, which has bolstered its value. However, traders report that black market activity has quickly adapted, shifting to digital platforms and discreet home delivery services. Since July 22, numerous unauthorised exchange outlets have been closed after the military intelligence agency summoned currency dealers to address the rising dollar rate in the open market. The move was followed by enforcement actions led by the Federal Investigation Agency (FIA), tasked with combating financial crimes and smuggling. The rupee showed notable strength against the US dollar in recent trading sessions, gaining Rs2.10 over the past seven days, according to data from the State Bank and AKD Research. Gold dips Rs2,000 Gold prices in Pakistan declined, bucking the international trend, where the yellow metal saw a 1% rise as investors sought safe-haven assets amid growing tariff uncertainty ahead of US President Donald Trump's August 1 deadline to conclude trade negotiations. In the local market, the price of gold per tola dropped by Rs2,000 to settle at Rs353,000, according to the All Pakistan Sarafa Gems and Jewellers Association. Similarly, the rate of 10-gram gold fell by Rs1,714, closing at Rs302,641. This came after a marginal increase on Wednesday, when gold rose by Rs300 per tola to reach Rs355,000. Commenting on market movement, Interactive Commodities Director Adnan Agar noted that international gold prices on Thursday reached a high of $3,314 and low of $3,282, with the market later hovering around $3,294. "Despite recent gains supported by favourable US economic data, gold remains on the lower side," Agar said. "If the upcoming US employment data fails to support gold, we could see a dip towards $3,250 to $3,270. However, a rebound from that range could define the next trend." Analysts suggest that geopolitical and economic uncertainty continues to fuel volatility in global bullion markets, with local pricing reflecting a mix of international trends and rupee-dollar parity. Spot gold, internationally, was up 1% at $3,308.07 per ounce as of 1255 GMT, according to Reuters. US gold futures gained 0.3% to $3,306.10. "We've seen an uptick in trade uncertainty as we approach this August 1st deadline for tariffs... just a little bit of revival of the safe-haven bid," said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals.
Express Tribune
31-07-2025
- Business
- Express Tribune
Rupee continues rally amid crackdown
Listen to article The Pakistani rupee continued to strengthen against the US dollar on Wednesday, appreciating by 0.04% in the inter-bank market. By the end of trading, the rupee closed at 282.95, marking a rise of 10 paisa from the previous day's close at 283.05. The local currency has benefited from a government crackdown on illegal dollar trading, which has bolstered its value. However, traders report that black market activity has quickly adapted, shifting to digital platforms and discreet home delivery services. Since July 22, numerous unauthorised exchange outlets have been closed after the military intelligence agency summoned currency dealers to address the rising dollar rate in the open market. The move was followed by enforcement actions, led by the Federal Investigation Agency (FIA), tasked with combating financial crimes and smuggling. The rupee showed a notable strength against the US dollar in recent trading sessions as it gained Rs2.02 over the past six days, according to data from the State Bank of Pakistan (SBP) and AKD Research. Meanwhile, gold prices in Pakistan marginally increased on Wednesday despite a decline in the international market as strong US economic data tampered expectations of imminent interest rate cuts by the Federal Reserve. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola rose by Rs300 to settle at Rs355,000. Meanwhile, the rate for 10 grams of gold stood at Rs304,355, down by Rs257. In contrast, global gold prices slipped as robust US data reinforced the likelihood that the Fed would keep interest rates steady in its policy meeting and possibly delay any cuts for the remainder of the year. On Tuesday, domestic gold prices had dropped by Rs1,600 per tola to Rs354,700. Globally, spot gold was down 0.6% at $3,306.57 per ounce, as of 1334 GMT. US gold futures fell 0.6% to $3,303.40, according to Reuters. Interactive Commodities Director Adnan Agar said gold was trading at $3,290 per ounce, after hitting a high of $3,334 and low of $3,288 earlier in the day. "Gold has come down," Agar noted, adding that the direction of prices will likely depend on the US Federal Reserve's policy statement, which is scheduled for release around midnight. "If the announcement favours gold, we could see a rally. However, if the outcome is not supportive, prices may fall further, possibly to $3,260 or $3,250," he said.
Business Recorder
22-07-2025
- Business
- Business Recorder
Loss-making chemical maker in Pakistan pegs revival hopes on BMR
The management of loss-making Sitara Peroxide Limited (SPL), a chemical manufacturer, is pinning its revival hopes on a planned Balancing, Modernization, and Replacement (BMR) initiative, backed by fresh capital injection and bank financing. As per the report, made available to the exchange on Tuesday, the company's sponsors have planned to further inject Rs355 million in the company through disposal of assets of associated company which shall be utilized for Balancing, Modernization and Replacement (BMR) in addition to financing from banks. 'This BMR include implementing the latest and most efficient production technology through the conversion to slurry bed catalyst technology from fix bed catalyst technology. 'This upgrade will allow for greater efficiency and productivity in the production process and will enhance the production capacity of existing plant by 40% and will result in significant reduction in cost of production of the company,' read the report. Sitara Peroxide looks to 'generate funds through various sources' as shutdown bites While sharing the financial results for the of half year ended on December 31, 2023, Sitara Peroxide said the company incurred a net loss of Rs76.371 million in comparison with loss for the corresponding half year at Rs220.06 million. Meanwhile, it said that the BMR will enhance current production capacity of plant from 30,000 tons per annum to 40,000 tons per annum along with better yield and efficiency. The listed company shared that it remains in active negotiations with the technology and plant & machinery suppliers and has already made certain advance payment. 'The management of the company is confident for BMR and viable operations,' it said. Sitara Peroxide Limited incorporated in Pakistan as a public limited Company under the Companies Ordinance, 1984 (Repealed with the enactment of the Companies Act 2017 on May 30, 2017) and is listed on Pakistan stock exchange. The principal activity of the company is manufacturing and sale of hydrogen peroxide (H2O2) and Sitara Safe (disinfectant).
Business Recorder
18-07-2025
- Business
- Business Recorder
Gold price per tola gains Rs2,500 in Pakistan
Gold prices in Pakistan increased on Friday in line with their gain in the international market. In the local market, gold price per tola reached Rs357,600 after a gain of Rs2,500 during the day. As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs306,584 after it accumulated Rs2,143. On Thursday, gold price per tola reached Rs355,100 after a loss of Rs900 during the day. The international rate of gold also increased on Friday. The rate was at $3,351 per ounce (with a premium of $20), a gain of $25, as per APGJSA. Meanwhile, silver price per tola increased by Rs48 to reach Rs4,012.
Business Recorder
04-07-2025
- Business
- Business Recorder
Gold price per tola decreases Rs1,500 in Pakistan
Gold prices in Pakistan declined on Friday in line with their decrease in the international market. In the local market, gold price per tola reached Rs355,500 after a loss of Rs1,500 during the day. As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs304,783 after it shed Rs1,286. On Tuesday, gold price per tola Rs357,000 after a gain of Rs800 during the day. The international rate of gold decreased on Friday. The rate was at $3,335 per ounce (with a premium of $20), a loss of $15, as per APGJSA. Meanwhile, silver price per tola remained unchanged at Rs3,871.
