Forex Market and General Updates 22-06-2010


Inter bank opened at 85.46 & 85.49.Market topped at 85.46 while later on rupee strengthened against green back to 85.40.Rupee gained six basis points at bid and eight at offer to close at 85.40 & 85.41.

  • Pakistan seems to have missed trade deficit target for FY-10 which is $10.70 billion. Country’s over all deficit in ten months stood at $13.884 billion and since monthly deficit is staying easily over $1.50 billion therefore target doesn’t look viable and achievable. Trade deficit for FY- 09 was $15.316 billion and significant improvement has been seen in trade figures but numbers are still well below targeted level.

  • Oil imports reached 1.40 million tons in May, highest ever level, against average imports of 1.0 million tons due to fall in domestic oil production by local refineries. Total oil imports in eleven months stood at 11.20 million tons reflecting an increase of over 26 percent from last year’s 8.90 million tons.

  • Baluchistan presented annual budget worth Rs 152 billion for coming fiscal year having deficit of Rs 7.10 billion.

  • Agricultural Credit by commercial and specialized banks rose to Rs 215 billion in July-May period as compared to last year’s Rs 202 billion last year. Big five commercial banks disbursed Rs 107 billion against last year’s disbursement of Rs 98 billion while ZTBL as usual topped with total disbursement of Rs 67 billion against last year’s Rs 63 billion. Agri credit target is set to be Rs 260 billion which doesn’t look reachable.


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