The dollar has disappeared from the open market run by the exchange companies and there are reports that the US currency is trading at a much higher price in a parallel grey market. “This is true. The dollar is not available in the open market, but the grey market is offering it for as high as Rs232, making the legal currency business meaningless,” said Zafar Paracha, the secretary general of t
The Pakistani rupee continued to extend its losses on Wednesday, falling by Rs1.17 against the dollar during interbank trade. The PKR closed at Rs220.88 as compared to yesterday’s close of Rs219.71, according to the State Bank of Pakistan (SBP). The dollar had managed to make a slight gain against the rupee on Oct 12, breaking its 13-day rally triggered after the announcement of Ishaq Dar’s
Investment bank JPMorgan has called the slump in Pakistan’s bonds to just a third of their face value justified, following the country’s devastating floods and recent warnings by officials that some debt payments may need to be suspended. Finances were already strained before this month’s floods, but the cost of repairing the damage and providing support for those affected have raised fears tha
The government on Wednesday raised Rs853 billion less than the auction target of treasury bills but the cut-off yields were slightly reduced. The State Bank of Pakistan (SBP) reported the cut-off yields for the three- and six-month T-bills were reduced by 2 and 1 basis points to 15.72pc and 15.74pc, respectively. Sources in the market said there was no chance for change in returns on T-bills
The amount of outstanding auto loans decreased for the third consecutive month at the end of September, data released by the State Bank of Pakistan (SBP) showed on Wednesday. The outstanding financing for vehicles stood at Rs397.4 billion at the end of last month, down roughly Rs2bn from August. The month-on-month decline becomes more pronounced by excluding the auto loans that banks extende