ISLAMABAD: Federal Finance Minister Ishaq Dar has said that the sudden devaluation of Pakistani rupee against the US dollar was shocking and an investigation will be held in this regard.
PKR slid 3.1 percent against the dollar on Wednesday in an apparent devaluation as the Central Bank said the new rate would shore up economic growth and ease external account pressures.
According to some trade analysts, State Bank of Pakistan (SBP) had effectively devalued the rupee to its lowest level against the dollar since December 2013, but Ishaq Dar said he felt “deep concern and indignation” at what he called an artificial weakening.
“We don’t know the main reason behind the dollar boost, but we will investigate into the matter,” Dar said while talking to the media after meeting with the heads of local banks here today.
“The responsible persons and entities in this matter will be identified and appropriate action will be taken against them in the national interest,” he added.
The minister also took serious notice of the hike of interbank rates of the US dollar against the Pakistani Rupee.
He professed that the move had negatively affected our Foreign Exchange (FX) market.
PSX: Benchmark KSE-100 Index sheds 54 points on week’s 1st trading day!
KARACHI: The looming specter of FATF meeting in Paris that could result in putting Pakistan on a watch-list enabled bear growl all over the bourse on week’s first trading day.
With a loss of 54 points, benchmark KSE-100 Index closed at 43,573. Rs. 5.1b worth of 126.9m shares were traded today. Value of the shares of 193 companies augmented, 140 plummeted, while 26 remained stagnant.
Food/Personal Care Products, Cement & Communication Sectors led the trading with 19.3m, 14.9m and 12.2m shares respectively. Top five traders of shares today were: Fauji Foods Ltd., 9.8m shares (+4.97pc); TRG Pak Ltd., 7.5m shares (-2.94pc); Matco Foods Ltd., 6.8m shares (+3.19pc); Dewan Salman, 6.6m shares (+3.53pc); Dewan Cement, 5.9m shares (-2.85pc).
Swiss-Pak Bilateral Trade Up 7.5%; Crosses Half-a-Billion CHF Mark
KARACHI: According to Swiss Federal Customs Administration latest statistics, bilateral trade between Pakistan and Switzerland during the year 2017 crossed half-a-billion mark; total CHF 518.5 Million due to volume increase of over 7.5%.
i) Swiss pharmaceuticals and watches exports rose by 7.7% and 7.2% respectively.
ii) Pakistani textile exports were also all time high: CHF 109.86 Million; 30% more than 2016.
PSX: Bulls shoo the bears off on week’s final trading day!
KARACHI: Benchmark KSE-100 Index closed in the green (43,627) on the week’s last trading day with an augmentation of 685 points.
Rs.5.8b worth of 148m shares were traded today. Value of the shares of 243 companies augmented, 96 plummeted while 25 remained stagnant.
Communication, Banking & Chemical Sectors led the trade today with 23.6m, 18.3m and 13.5m shares.
Today’s top five traders of shares were: TRG Pak Ltd.,13.8m shares (+2.50pc); Azgard Nine Ltd., 11.3m shares (+4.30pc); Pak Stock Exchange, 5.7m shares (+0.37pc); Fauji Foods Ltd., 5.6m shares (+2.32pc); Hum Network, 5.6m shares (-0.32pc).