Rupee depreciates by Rs24.54 in interbank market; experts predict more pain as inflation set to jump.
Local currency closes at Rs243, up from Rs252.5 level seen when trading opened on Wednesday.
Exchange companies to meet SBP officials; Bostan says decision to bring dollar rate on par with grey market
• 100 bps hike takes benchmark rate to 25-year high of 17pc • SBP chief says less than $3bn debt repayments left over next five
SBP directs banks to prioritise food, pharmaceutical, energy sectors.
Bankers, financial experts and analysts expect a hike in the SBP’s policy rate keeping in view the surging inflation which hit 24.5 per cent.
The profit rate on Naya Pakistan Certificates has been increased by 120 bps to 7.2pc for six months, and by 100 bps to 7.5pc for 12 months.
Central bank says its reserves improved to $4.6bn from $4.4bn in the preceding week.
Net inflows more than halve to $461m in July-Dec.
Current account deficit widens 58pc in December.
Experts believe that the country would soon notice a shortage of petroleum products along with basic essential items like food commodities.
Allows retention of 35pc of their earning outside the country.
Widening exchange rate gap seen as major reason behind decline
The State Bank of Pakistan (SBP) reported the dollar price at Rs227.93 compared to Rs227.88 a day before.
• Considers increasing deposit in SBP to $5bn • Analysts fear move may not help Islamabad meet immediate needs
Sources claim the finance minister is not ready to accept the single exchange rate market.
KARACHI: No macro indicator of the economy shows positive signs particularly on the external front as the trade...
SBP says Rs655 billion were raised for a three-month tenor at 16.99pc while the bids for six- and 12-month bills were rejected.
Experts reluctant to accept Dar’s ‘optimism’.
Exporters already fear 30pc fall in December figures.