Money Market, Forex and General Upadtes - 26-04-2011

Money Market Updates:
  • Money market interbank opened at 11.25 percent offer rate with a high of 11.25 and a low of 11.00. State Bank also conducted an open market operation in which it mopped up Rs11.3 billion at the rate of 12.10 percent for three days to control the market liquidity. Market closed at 11.00 percent which shows that the open market operation wa not successful.
Forex Market Updates:
  • Interbank dollar market opened at 84.50/55 with a high of 84.70and low of 84.46. Dollar has been showing a deprecating trend sich a month and is now gradually showing an appreciating trend due to few oil payments in the market. Interbank closed at 84.64/68.
General Market Updates:
  • During Jul-Feb FY11, Pakistan's current account deficit was only $98.0 million against $3,027 million in the corresponding period in FY10. The improvement in the current account has pushed Pakistan's FX reserves to record highs, while the PKR remains stable.
  • The Sensitive Price Indicator (SPI), for the week ended on April 21 for the lowest income group up to Rs.3,000 has registered a nominal increase of 0.11 percent over the previous week.
  • Pakistan's liquid foreign reserves increased by $ 58.8 million to $ 17.3761 billion on April 16, at the back of rising home remittances and exports receipts. The foreign reserves with SBP stood at $ 13.9096 billion while the net foreign reserves held by banks went up to $ 3.4665 billion.
  • The government on Wednesday raised a staggering sum of Rs232 billion from the banking system reflecting its increased dependence on borrowed money while the eagerness of the banks to invest in the security papers was also visible. However, the government has now been making extensive borrowing from the scheduled banks offering risk-free return of up to 13.8 per cent.


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