Rupee to gradually gain in 2009, reserves to reach $15.5 billion

KARACHI: Pakistani rupee is likely to gain gradually against the US dollar during the rest of the year, says a foreign exchange analyst of a leading foreign bank.

Priyanka Chakravarty, an India based FX strategist at Standard Chartered Bank, says the IMF’s decision to allocate an additional $3.2bn to Pakistan, and the ensuing sovereign credit rating upgrade by Standard and Poor’s, bode well for the currency. She says the rupee is not likely to lose value despite pressure from a deteriorating trade deficit due to rising commodity prices...link

Rupee to gradually gain in 2009, reserves to reach $15.5 billion

KARACHI: Pakistani rupee is likely to gain gradually against the US dollar during the rest of the year, says a foreign exchange analyst of a leading foreign bank.

Priyanka Chakravarty, an India based FX strategist at Standard Chartered Bank, says the IMF’s decision to allocate an additional $3.2bn to Pakistan, and the ensuing sovereign credit rating upgrade by Standard and Poor’s, bode well for the currency. She says the rupee is not likely to lose value despite pressure from a deteriorating trade deficit due to rising commodity prices...link

FBR takes measures to increase tax-GDP ratio

LAHORE: The Federal Board of Revenue is taking all possible measures to increase Tax-GDP ratio by bringing into the tax net untapped sectors of the economy.

This was stated by Director General Income Tax, Khawaja Shaukat Ali while speaking at inauguration of FBR Facilitation Center at the Lahore Chamber of Commerce and Industry on Thursday. LCCI President, Mian Muzaffar Ali, President-elect, Zafar Iqbal Chaudhry, Vice President-elect, Faisal Iqbal Sheikh and former President, Mian Misbahur Rehman were also present on the occasion...link

‘Investment led boom in local stock market’

KARACHI: The stock market has attracted about $225 million during one and a half month and more foreign investment will flow in to further push up KSE 100-Index in times to come, market sources said Thursday. They said that there is hardly any leverage buying in the market and trading was carried out purely on investment basis. Foreign and local investors have returned to Pakistani capital market as they see good return on their investment. “The rising foreign exchange reserves, and expected cut in interest rates and cash reserve ration (CRR) and positive expectations from Friends of Democratic Pakistan (FoDP) meeting are other attraction for them,” said the elected director, Karachi Stock Exchange Haji Ghani. app...link

FOREX-Yen, euro gain vs dollar; BoE's King hits pound

MARKETS-FOREX (UPDATE 6):FOREX-Yen, euro gain vs dollar; BoE's King hits pound

* Dollar falls against yen, focus on 90 yen level

* Euro retreats from 1-year high vs dlr after German data

* Sterling takes hit after BoE King's weak pound comments

* G20 meeting in Pittsburgh in focus

(Updates throughout, adds comment, changes byline, dateline, previous LONDON)...link

Forex: Senate Approves Kerry-Lugar Pakistan Aid Bill

(RTTNews) - U.S. President Barrack Obama announced Thursday that the Senate has approved a newly-negotiated version of the Kerry-Lugar Pakistan aid bill that would triple the non-military aid to Pakistan, reports say. He made the announcement while addressing the Friends of Democratic Pakistan (FODP) summit.

The Senate approved the measure through a process known as "Unanimous Consent"--where the Senate doesn't actually vote on the bill, but nobody raises any objections, so it goes through--to pass the measure that approves $1.5 billion a year over the next five years for democratic, economic and social development assistance to the Islamic nation...link

Pakistan's forex reserves rise to $14.48 bln

KARACHI, Sept 24 (Reuters) - Pakistan's foreign exchange reserves rose to $14.48 billion in the week that ended on Sept. 19 compared with $14.36 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan rose to $10.94 billion from $10.84 billion a week earlier, while those held by commercial banks also edged up to $3.54 billion from $3.52 billion a week earlier, the central bank said in a statement..link

International Forex Rates in US Dollar (USD)

Currency	Symbol	Units per USD	USD per Unit
Australian Dollar	AUD	1.1552	0.8656
Canadian Dollar	CAD	1.0916	0.9161
Japanese Yen	JPY	90.3666	0.0111
Saudi Riyal	SAR	3.7501	0.2667
Singapore Dollar	SGD	1.4167	0.7059
U.A.E Dirham	AED	3.673	0.2723

CRENCY GRAPH (US DOLLAR)

US Dollar

Buying 82.70
Selling 83.00

BULLION RATES

Closing rates as On Thu, September 17, 2009 Bullion rates in Rupees per 10 grams
Karachi
Gold Tezabi	26828.00
Silver Tezabi(24-ct)	394.28
Lahore
Gold Tezabi(24-ct)	N/A
Gold Tezabi(22-ct)	N/A
Gold Tezabi(21-ct)	N/A
Silver Tezabi(24-ct)	N/A

SHORT TERM INTEREST RATE

	US	0.25%
	Japan	0.10%
	EURO	1.00%
	UK	0.50%
	AUS	3.00%
	CAN	0.25%

ECONOMIC INDICATION

ANNUAL	2008/09
Foreign Debt	$50.1bn
Per Capita Income	$1046
GDP Growth	2.0%
Average CPI	20.77%
Monthly	July
Trade Balance	$-1.15 bln
Exports	$1.49 bln
Imports	$2.64 bln
Weekly	September 10, 2009
Reserves	$14.243.bln

forex rate pakistan

Updated on: Sat, September 19, 2009, 11:42 (PST) Courtesy : ECAP
Remittance	Buying	Selling	Trends
USD	82.70	83.00
GBP	134.30	137.50
SR	21.75	22.11
UAE	22.23	22.62
NEWZ	43.5	43.8
AUS	70.49	71.99
EUR	119.59	122.10
CAD	75.79	77.42
HONG	10.37	10.71
IND	1.58	1.68
JPY	0.8895	0.9065

FOREX Open market analysis

FOREX rate pakistan