‘FBR Hasn’t Blocked POL Supplies To Nato’
Sunday, September 7, 2008 at 11:49 am
ISLAMABAD:The Federal Board of Revenue has not issued any administrative instructions to the Collectors of Customs to block clearance of consignments and POL products supplies to the International Security Assistance Force (Isaf), Nato forces or Defence Energy Support Centre (Desc) based in Afghanistan.
Sources told Business Recorder on Saturday that the customs department has not issued any kind of customs general order (CGO), administrative instructions or letter to the Collector, Model Customs Collectorate (MCC), Peshawar and Quetta to block supplies to Isaf and Nato force in Afghanistan.
There were some media reports that the supplies to the international security forces in Afghanistan have been stopped. It was reported supply lines to the allied forces stationed in Afghanistan has been disconnected through Pakistan. There were other reports that the Torkham highway was closed down due to Taliban threat to trucks carrying consignments for international forces. The decision appeared to be taken in the wake of the growing unrest in the Khyber Agency.
However, senior customs officials opined that the FBR has yet not notified any order to the customs machinery for blocking such international consignments. Although, Ministry of Commerce has powers to allow or restrict imports and exports, but the concerned ministry also not issued such kind of order.
Sources said that the CGO mainly deals with the regulations of movement of goods etc. Such kind of administrative order is required where regulations for specific practice or enforcement are required. However, the government has not ordered customs department to stop clearance of supplies to the forces in Afghanistan.
Sources said that if something has happened to block consignments of Isaf/Nato routed through Pakistan, this has happened at the local level at the Torkham Highway to stop Afghanistan-bound supplies for Nato forces. The customs officials have not been involved in any kind of activity to block supplies for the international forces.
The FBR has already implemented a new system for transportation of petroleum products to Afghanistan and exports meant for Isaf/Desc in Afghanistan. Board wanted proper documentation and monitoring of the petroleum products exports to Afghanistan under Duty and Tax Remission for Export (DTRE) scheme.
Sources said that all vehicles meant for transporting goods to Afghanistan would be fitted with tracking system enabling oil exporting company or refinery as well as the Collectorates to monitor them. All transport units and conveyances used by the carrier for carrying goods shall be properly secured, locked and sealed.
It has been made compulsory for the oil exporting company or the refinery to submit monthly statement to the Collectorate of Customs and the Collectorate of Sales Tax giving details of all the consignments dispatched for export to Afghanistan.
The goods loaded by the carrier shall be weighed and the vehicle carrying such goods shall be sealed with high security seals by the oil exporting company/refinery, or by the duly authorised agent of Isaf or Desc before its departure from the premises of oil exporting company or refinery. The details of weighing and sealing shall be recorded in the permit by the authorised representative of the carrier in the presence of the authorised representative of the oil exporting company/refinery.
Hydel Policy Of 1995: Amendments Likely For Hydel Projects Upfront Tariff
Sunday, September 7, 2008 at 11:47 am
ISLAMABAD:The federal government is likely to allow amendments to those private sector projects which were initiated under the hydel policy of 1995 by allowing them upfront tariff in accordance with tariff provisions of 2002, sources in the PPIB told Business Recorder.
The issue is expected to be placed before the Economic Co-ordination Committee (ECC) of the Cabinet shortly as the Ministry of Water and Power is in the process of receiving comments from other ministries, the sources added. The sources said various options for the development of projects under 2002 Power Policy were deliberated in depth between the PPIB, National Transmission and Distribution Company (NTDC), Azad Jammu and Kashmir Council and the project companies.
They said that it was a considered opinion of the stakeholders that wholesale extension of 2002 policy concessions with minimal changes to the project agreements was not possible as fundamental changes in the securitisation, financing and contractual framework would then be required.
Therefore, it was agreed that for the expeditious fast track development, the projects should continue to be governed by 1995 Hydel Policy and only the tariff provisions of 2002 policy including the amendments made thereto shall be made applicable to the projects.
In May 1995, the government announced policy framework and package of incentives for development of hydro electric power projects in the private sector. The policy encouraged proposals for setting up of power generation plants utilising indigenous resources on the least cost basis and providing benefits of economic growth in the under developed parts of AJK and NWFP. Hydel Policy 1995 was subsequently adopted by the AJK Council for its implementation in the territory.
Consequently, Letters of Support (LoS) were issued to M/s Laraib Energy Ltd, M/s Iqbal Power Limited and M/ Matiltan Power Company Ltd for projects led in AJK and NWFP respectively on Build, Operate, Own, and Transfer (BOOT) basis for a term of 25 years (the “Projects”). The 1995 Hydel Policy offered an upfront tariff of 4.7 US cents per kWh.
However, due to substantial increase in prices of construction material and equipment required in the hydropower projects, tariff under the 1995 hydel policy was raised to 5.89 cent per kWh as approved by the ECC on October 31, 2007. Meanwhile, the GoP approved a framework of implementation of hydropower projects under Power Policy 2002 whereby National Electric Power Regulatory Authority (Nepra) will notify mechanism for determination of tariff for hydropower projects including cost variations for re-openers in certain defined areas.
Nepra however developed a mechanism for determination of tariff for hydropower projects in consultation with various stakeholders. The mechanism appreciates that the hydropower plants due to their unique nature present a number of unforeseen risks that deter investment by the private sector including upfront tariff determination. Tariffs are inadequate to remove costs uncertainties of civil works in such projects.
In order to mitigate the risk of the investors, the mechanism provides determination and multiple adjustments of tariff at different stages of hydropower project development. Projects under 1995 policy are at the advanced stage of negotiations in project agreements {including the Implementation Agreements (IAs), Power Purchase Agreement (PPA), Direct Lenders Agreement (DLA), Water Use Agreement (WUA), engineering, procurement and construction contracts} and are required to achieve financial closing by December 31, 2008.
However, the project companies are unable to achieve financial close based on revised upfront tariff of 5.89 cents for unit due to unforeseeable risks encountered in civil works, escalating prices of construction materials, and eroding returns on investment. The sources said that investors/sponsors of the projects are of the view that for bankability of the projects they should be given upfront tariff.
SBP Sets Rs 250 Billion Agriculture Credit Target For Fiscal Year 2009
Sunday, September 7, 2008 at 11:26 am
KARACHI:State
Bank of Pakistan Governor Dr Shamshad Akhtar said on Saturday that the
central bank has set an indicative credit disbursement target of Rs 250
billion for the agriculture sector for the current fiscal year ie
2008-09, which can be further enhanced after having a detailed analysis
of the rising input costs of the sector.
Chairing a meeting of
the Agricultural Credit Advisory Committee (ACAC) held at the State
Bank of Pakistan, Dr Akhtar commended the performance of banks that
played a significant role in surpassing the target set for the last
fiscal year.
Dr Akhtar informed the meeting that in 2007-08
banks surpassed the agriculture credit target of Rs 200 billion and
disbursed Rs 212 billion to the farming community which is higher by Rs
43 billion or 25 percent than last year’s disbursement of Rs 169
billion.
She said that keeping in view the growing requirements
of the sector, the State Bank has proposed an indicative target of Rs
250 billion for 2008-09, which is higher by Rs 50 billion or 25 percent
than last year’s target and Rs 38 billion or 15 percent higher than the
actual disbursements of FY08.
She pointed out that recoveries of
agriculture loans have shown significant improvement during FY08 and
banks recovered 92 percent of their recoverable amounts against 83
percent recovered during FY07.
Dr Akhtar urged the
representatives of the three provincial governments to take necessary
steps to address these issues and improve the co-ordination between
respective departments on fast-track basis to increase the flow of
agriculture credit to the less developed areas of the country.
The
SBP Governor also informed the meeting about the recently launched Crop
Loan Insurance Scheme developed by SBP task force that would be
implemented from coming Rabi crop. To facilitate the small farmers, the
government has agreed to share the premium cost of subsistence farmers.
She asked banks to adequately publicise the scheme for the benefit of
farmers. The banks will also adjust their agriculture loan pricing
following the introduction of Crop Loan Insurance Scheme as it will
mitigate their risk of losses due to natural calamities, she added.
Dr
Akhtar briefed the committee about the State Bank initiative of
introducing guidelines on Islamic Financing for Agriculture. She urged
all stakeholders to effectively publicise the scheme for creating
awareness among farming community.
The representatives of the
farming community while appreciating the efforts of State Bank and
commercial banks in increasing the flow of credit to farming community
highlighted the issues pertaining to low quality seeds, acute shortage
of fertilisers, water scarcity and lack of marketing channels.
They
suggested the committee to take up these issues with concerned federal
and provincial government departments so that the farming community
could utilise bank credit efficiently.
The Executive Director,
State Bank of Pakistan, Jameel Ahmed informed the meeting that as per
approved plan the banks will open 600 branches during 2008, 20 percent
of which will be in the rural areas. Dr Shamshad Akhtar said that SBP
will encourage banks to open as many number of branches as they like in
rural unserved areas in addition to approved plan.
Dr Akhtar
informed the committee about the introduction of a scheme under the
DFID funded Financial Inclusion Programme whereby banks can provide
wholesale credit to microfinance banks for onward disbursement to micro
borrowers of rural areas against the credit enhancement guarantee
scheme. She said that the initiative will facilitate the government
efforts to alleviate poverty and also increase access to credit to
rural/farming community, besides banks can contribute in enhancing
agriculture credit disbursement through the network of microfinance
institutions.
Bullion Rates
Sunday, September 7, 2008 at 11:15 am
KARACHI:Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (September 06, 2008).
================================== In rupees per 10 gram ================================== KARACHI ---------------------------------- Gold Tezabi 19842.00 Silver Tezabi 347.00 ---------------------------------- LAHORE ---------------------------------- Gold Tezabi 19973.00 Gold 22 CT 18311.00 Gold 21 CT 17479.00 Silver Tezabi 360.00 Silver Thobi 347.25 ---------------------------------- MULTAN ---------------------------------- Gold Tezabi 24 CT 19630.00 Gold 22 CT 17950.00 Silver Tezabi 395.00 Silver Thobi 391.00 ==================================
NOTE Bullion rates from Hyderabad not received.
SBP To Issue Ijara Sukuk
Sunday, September 7, 2008 at 11:12 am
KARACHI:The State bank of Pakistan is all set to launch the first three-year Islamic bond “Government of Pakistan Ijara Sukuk” to further diversify the government borrowing base. The GoP Ijara Sukuk will be sold through competitive auctions by central bank during next week.
The issuance of Ijara Sukuk will not only help the government to diversify its debt by reducing borrowing from the central bank but also arrange the liquidity available with Islamic banks.
As per the rules, the maturity period of the first Sukuk issue will be for three years from the date of issue and the profit on the Sukuk will be paid semi-annually on the basis of rental rate announced by the State Bank prior to start of each half year. The GoP Ijara Sukuk semi-annual profit will be the benchmark against latest weighted average yield of the six-month Market Treasury Bills (MTBs).
On Saturday, while issuing detailed guidelines regarding issuance and other operational details of GoP Ijara Sukuk, the SBP said that Sukuk will be issued on face value for three years and all commercial banks including Islamic banks (and non-banks subjected to SLR and entitled to open current account with SBP) will be eligible to open Subsidiary General Ledger Accounts (SGLA) with the SBP for Ijara Sukuk.
While, commercial banks having Islamic branches will have to maintain separate SGLAs to clearly distinguish between the holdings of the Islamic branch and its conventional counterpart.
The SBP said that all Islamic banks and commercial banks with Islamic branches will be designated as primary dealers for the purpose of participating in the auction of GoP Ijara Sukuk, however Islamic branches will not be allowed to separately place bids in the auction. The GoP Ijara Sukuk will be sold through competitive auctions in which participation will be restricted to the mentioned primary dealers, the SBP said.
The semi-annual profit will be benchmarked against the latest weighted average yield of the 6 month Market Treasury Bills determined one day prior to the start of each 6 month rental period (commencing from the issue date of Sukuk) and determined in the same manner at the start of each half year.
However, in case the last Market Treasury Bill auction the 6 month tenor is either rejected by the State Bank or there is no participation from the market, State Bank will use the 6 month tenor as given on the Reuters PKRV page (121-180 days) as the above benchmark determined one day prior to the start of each 6 month rental period.
Primary Dealers will be required to place bids as margin over under the benchmark 6 month Treasury Bill weighted average yield and minimum bid size will be PKR 100,000 and in multiples thereof and primary dealers will be free to place multiple bids.
The highest margin over the six-month Treasury Bill weighted average yield (at and below which the SBP decides to accept all bids) will apply uniformly to all accepted bids. This margin will remain fixed over the entire tenor of the Sukuk.
“In order to ensure that there is no over concentration, holding of any commercial bank including Islamic banks cannot exceed 25 percent of the issue amount as of close of any business day. In case of commercial banks with Islamic branches this restriction will be applied on a combined or amalgamated basis,” the SBP said. A tender notice inviting sealed bids from the primary dealers would be broadcast on SBP’s REUTERS page SBPK16 and newspapers and will give details of the auction programme.
While, successful bidders would be required to duly execute, within one day of announcement of auction result, a Certificate Subscription Undertaking through their authorised signatories at the premises of the SBP Banking Services Corporation (”SBP BSC”), to subscribe to the Sukuk and deposit the requisite amount for settlement of the accepted bids on the settlement date of the auction.
In addition, the settlement date will be the date of issue of the Sukuk and Ijara Sukuk will be scripless and held in the SGLA accounts of commercial banks. Sukuk can be traded in the secondary markets and are transferable through SGLA and primary dealers are free to sell Ijara Sukuk to eligible investors as described in the rules.
However, the SBP said that in such cases all banks will be required to open IPS accounts of their customers reflecting the customer holdings of Ijara Sukuk. In this regard, the current procedures applicable for IPS accounts will also apply to that of Ijara Sukuk.
When To Cut? Opec Struggles With Falling Oil Prices
Sunday, September 7, 2008 at 11:05 am
LONDON:The question facing the Opec oil producer group which meets this week is when, not if, to cut its oil production target as crude prices slide in the face of weakening economic growth, analysts say.
Most analysts surveyed by AFP expect the 13-nation cartel to agree to trim its output informally at its meeting Tuesday before waiting until later, most probably a scheduled gathering in December, to alter its official target.
The trimming will be achieved by members, mainly powerhouse Saudi Arabia, agreeing to cut their excess production above their Opec quota, which would remove oil from the market but not amount to a formal change in policy.
Under fierce pressure from the United States, Saudi Arabia agreed in May and June to increase production to help calm the runaway crude market which reached a pinnacle on July 11, when crude struck 147 dollars a barrel in New York.
“Even Saudi Arabia doesn’t want the price to come down too much,” said analyst Manouchechr Takin at the Britain-based Centre for Global Energy Studies (CGSE) referring to the moderate and pro-US Middle East producer.
The stakes are entirely different to the last time Opec members met in March, when crude prices had broken through 100 dollars a barrel and were on a steep upwards trajectory.
This time, oil prices are on the way down approaching 100 dollars a barrel — a level many members, above all the traditional price hawks of Iran and Venezuela, are keen to protect.
But economic conditions, which determine demand for oil, have worsened considerably, with many European economies facing recession, the US struggling and fears growing about the emerging economies of Asia.
Opec producers have to balance their desire for revenues from high oil prices against the danger that high prices could choke off feeble economic growth.
“There is quite a bit of uncertainty still over how oil demand will develop in the light of economic growth prospects in the US and Europe as well as Asia,” said Noe Van Hulst, the secretary general of the International Energy Forum.
Analyst John Hall, who runs his own oil consultancy, John Hall Associates, expects a cut in production via a crackdown on overproduction by Saudi Arabia.
“I think they’ll hold up (their production target) at where it is and reinforce targets. That’ll bring the output number down,” he told AFP.
“It’s a way of not announcing an official reduction in output.”
He estimated that Opec was pumping about a million barrels per day (bpd) more than its output target of 27.25 million bpd, with Saudi Arabia accounting for 700,000 bpd of this figure.
“The focus of debate among Opec ministers gathering next week in Vienna will not be whether there is a need to cut crude oil production, but rather when,” said analysts at Washington-based energy consultancy PFC Energy.
PFC raised the spectre of an outright output target cut on Tuesday, saying support was growing for it despite the unpopularity of such a move in consumer countries where transport and heating costs are rising. If not on Tuesday, then a cut would be announced in December at the next Opec meeting. “Though Riyadh (Saudi Arabia) will not be bullied into agreeing to a production cut, the near consensus within the group that some reduction in volumes is needed … raises the distinct possibility that the final communiqué in Vienna will announce an output reduction,” PFC continued.
The Organization of Petroleum Exporting Countries meets regularly to set its production policy, with each member assigned a quota or production target.
In the lead up to the meeting Tuesday, Opec member Iran suggested that overproduction should be addressed in Vienna and Libya said that the market was oversupplied at the moment.
“The oil supply should be proportionate to demand and control of excess supply is an issue which should be addressed at the upcoming Opec meeting,” Iranian Oil Minister Gholam Hossein Nozari said on September 2.
Business Community Felicitates Asif Ali Zardari
Sunday, September 7, 2008 at 10:56 am
KARACHI:Business community has felicitated Asif Ali Zardari on becoming the 14th President of Islamic Republic of Pakistan. They were of the opinion that since both the President and Prime Minister are from the same party, they would, therefore, make efforts on war footing to bring the country out of economic crises.
Karachi Chamber of Commerce and Industry (KCCI) President Shamim Ahmed Shamsi, congratulating Asif Ali Zardari on wining the presidential election, said that critical economic condition needed immediate attention of the government on issues like power crisis, decline of Pak rupee against dollar, continued decline in exports and fall in industrial production. He expressed the hope that the government and the new President would complete their tenure and work for improving the living standard of general public.
Senior Vice President of KCCI Iftikhar Ahmed Shaikh said that Zardari should hold a meeting with business community after assuming charge and discuss economic issues. Referring to the present economic situation, he suggested that policies should be made in consultation with the business community to bring the country out of economic crises.
He said that Almighty God had given him a change to work for the betterment of the general public as both the President and Prime Minister, who belonged to the same party and had same approach to the various issues. He hoped that stock exchange would boom and country would progress in all fields of life.
Federal “B” Area Association of Trade and Industry (FBAATI) Chairman Idrees Gigi congratulated Zardari and said that now the period of uncertainty had ended, the country would progress under his leadership. He prayed to Almighty God to give courage and strength to Zardari and the PPP government to take appropriate measures to take country to progress and prosperity. Senator Amin Dadabhoy facilitated Asif Zardari on becoming 14th president of the country.
He hoped that under his prudent leadership, the elected government would not only complete its five-year term, but Pakistan would also march towards economic progress.
Site Association of Industry (Sai) Chairman Muhammad Nisar Sheikhani congratulated Zardari, and said that he was a seasoned politician and champion of democracy, and expressed the hope that under his leadership, Pakistan’s image in the eyes of world would improve. He said that Pakistan was facing very serious crises, and hoped that in his leadership Pakistan would make progress and come out of economic turmoil.
Pattern-in-Chief of North Karachi Association of Trade and Industry (NKATI) Captain Moiz Khan, felicitating Zardari, said that in his leadership political stability would lure the much needed foreign investment in the country and all political parties would join hands to make Pakistan stand out strong economic power in the country of nations.
He said that in Pakistan, cost of doing business in highest in the region, law and order situation was critical, economic indicators, showing negative progress, purchasing power of general public fast declining and prices of foods items registering tremendous and continues increase and all these condition needed bold and immigrate action to bring Pakistan out of crises.
In a statement, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Tanvir Ahmed Shaikh congratulated Zardari on his election overwhelming majority as the President of Pakistan. He expressed full confidence in the abilities of Zardari, who had been amply exhibiting since he took over the reigns of the PPP.
He hoped that the new president would propose and effectively implement a strategic socio-economic plan for the country, which should aim at rapid development and growth of industry, export, trade and commerce, creating new jobs and alleviation of poverty.
FPCCI Greets Zardari, Hopes For Stable National Economy
Saturday, September 6, 2008 at 7:25 pm
LAHORE:Federation of Pakistan Chamber of Commerce and Industry (FPCCI), an apex body of traders in the country Saturday greeted Co-Chairman Pakistan People’s Party, Asif Ali Zardari on his election as President of Pakistan.
Talking to APP, federation president Tanvir Ahmad Sheikh said that as President of Pakistan Asif Zardari would strengthen the democratic institutions besides restoring the confidence of foreign and local investors. He said that it is high time for Pakistan People’s Party to live upto the aspiration of the voters and deliver the goods as promised during the electioneering.
He said that political stability is pre-requisite for sound and sustainable economy. He hoped that Asif Ali Zardari will take private sector leadership into confidence while formulating fiscal policies.
Tanvir urged all the political parties to extend full co-operation to the newly elected President and Prime Minister in the larger national interest as the country is confronted and faced with serious challenges including terrorism.
Vice President SAARC Chamber of Commerce and Industry, Pakistan chapter and veteran trade leader Iftikhar Ali Malik said that after the landmark success of Zardari as President, the country will be steered out of political uncertainty and the deep looming economic crisis.
He hoped that Zardari as symbol of federation will promote true democracy in the country besides taking immediate corrective measures to save the country from economic crunch. He said that private sector is an engine of economic growth which, he added, should be given due representation in all the policy making bodies at local, provincial and federal level.
He said that in the prevailing scenario worldwide, only the survival of country or nation exclusively rest with sound economy. He said now it is high time for all the political parties especially in the coalition government to demonstrate highest degree of tolerance and responsibility towards political stability in the country which, he observed is key factor for sustainable economic growth.
Iftikhar Ali Malik underlined the vital importance for immediate peaceful settlement of all national issues in the larger national interest for prompt return to political stability as most of the foreign and local investors including domestic traders are facing tough time these days .He said that entire nation has pinned high hopes on Asif Ali Zardari and Syed Yousuf Raza Gilani to steer the country out of problems.
He said that prudent policies were necessary to keep the foreign investors glued to pak economy. He said that FPCCI, had already reposed full confidence in coalition partners.
Regarding load and gas shedding, he said that energy crisis must be addressed on war footing as it is playing havoc with national economy which, he observed, is in deep crisis in memory.
Rupee Gains 60 Paisa Against Dollar
Saturday, September 6, 2008 at 3:44 pm
KARACHI:Rupee gained 60 paisa against dollar to close at 76.40 in the open market on Saturday on presidential election day, market sources said.
Rupee closed at 75.80/76.40 a dollar, 134 against British pound and 108.15 against euro.
THE RUPEE: Dollar 35 Paisa Cheaper On Interbank Market
Saturday, September 6, 2008 at 10:48 am
KARACHI:The rupee maintained its overnight firmness against dollar in the interbank market on Friday, rising by 35 paisa for buying and selling at 76.55 and 76.60 in process of trading, dealers said. Expectations for inflows in huge amount of foreign exchange sent by the overseas Pakistanis helped the rupee halt its erosion, money experts said.
It is likely the rupee might be able to retain its stable trend versus dollar and euro, they added. In the final Asian trading euro fell to its lowest level in a year against dollar while yen shot up as the market digested a downgrade in the eurozone’s growth forecasts, dealers said.
The European Central Bank (ECB) on Thursday cut its growth forecast for the year to 1.4 percent from 1.8 percent. The 15-member eurozone in the second quarter suffered its first contraction since the bloc’s creation in 1999. The revision also had effects on yen as panicked dealers sold off dollar for the Japanese currency, which is low-yielding and often used to stock up for investment later elsewhere.
OPEN MARKET RATES: The rupee moved both ways against dollar as it gained 10 paisa for buying at 76.50 while it shed the same amount for selling at 77.00, dealers said. Sharp gain was seen in the value of the rupee against euro, picking Rs 2.10 for buying and selling at 108.25 and Rs 108.95, they said.
================================ Open Buiyng Rs 76.50 Open Selling Rs 77.00 ================================
Interbank Closing Rates: Interbank Closing Rates For Dollar On Friday.
============================== Buying Rs 76.55 Selling Rs 76.60 ============================== ================================================================= Repo Rates (Yield p a) ----------------------------------------------------------------- Tenor Low Bid High Bid Low Offer High Offer Average ================================================================= Overnight 12.75 12.90 12.80 12.90 12.84 1-Week 12.40 12.60 12.65 12.75 12.60 2-Week 12.25 12.50 12.40 12.60 12.44 1-Month 12.15 12.40 12.35 12.50 12.35 2-Months 12.10 12.25 12.15 12.35 12.21 3-Months 12.10 12.30 12.20 12.35 12.24 4-Months 12.15 12.35 12.25 12.40 12.29 5-Months 12.20 12.35 12.30 12.40 12.31 6-Months 12.25 12.40 12.35 12.45 12.36 9-Months 12.25 12.40 12.35 12.45 12.36 1-Year 12.25 12.45 12.40 12.50 12.40 ================================================================= Call Rates (Yield p a) ----------------------------------------------------------------- Tenor Low Bid High Bid Low Offer High Offer Average ================================================================= Overnight 14.00 18.00 14.50 19.00 16.38 1-Week 13.50 15.00 14.00 16.00 14.63 2-Week 13.00 14.50 13.50 15.00 14.00 1-Month 13.00 14.50 13.50 15.00 14.00 2-Months 13.00 14.50 13.50 15.00 14.00 3-Months 13.00 14.50 13.50 15.00 14.00 4-Months 13.25 14.50 13.75 15.00 14.13 5-Months 13.25 14.75 14.00 15.25 14.31 6-Months 13.50 15.00 14.00 15.50 14.50 9-Months 13.75 15.00 14.50 15.50 14.69 1-Year 14.00 15.50 14.75 15.75 15.00 =================================================================
RUPEE IN LAHORE: The Pak rupee maintained upward trend and further improved by 10 paisa against the US dollar in the open currency market on Friday. The dollar’s demand could not remain intact, that helped rupee appreciation amid dull trading activity. The dollar, at the end of trading, closed lower at Rs 76.20 and Rs 76.60 on buying and selling sides against Thursday closing of Rs 76.30 and Rs 76.70, respectively.
Similarly, the rupee continued upward move and further strengthened against pound sterling. The pound’s buying rate slide down from overnight closing of Rs 135.50 to Rs 134.50 while its selling rate slipped from Rs 137.00 to Rs 136.00. The moneychangers said the local currency is expected to regain its loss against the other major currencies.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 10 paisa against the dollar on the open currency markets of Islamabad and Rawalpindi on Friday. The dollar opened at Rs 76.40 (buying) and Rs 76.50 (selling) against the overnight rate of Rs 76.50 (buying) and Rs 76.60 (selling). It did not under go further change in the evening session and closed at Rs 76.40 (buying) and Rs 76.50 (selling). Pound Sterling opened at Rs 135 (buying) and Rs 135.75 (selling) against Thursday’s rate of Rs 136 (buying) and Rs 136.75 (selling). It did no further change was seen in the evening session and closed at Rs 135 (buying) and Rs 135.75 (selling).
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