| Updated on: Sat, December 5, 2009, 13:30 (PST) Arrows of currency trend in the chart show forex exchange rates compared with the latest forex exchange rates Following are indicative forex exchange currencies rates Courtesy : ECAP | |||
| Remittance | Buying | Selling | Trend |
| US Dollar DD | 0.0 | 0.0 |  |
| US Dollar TT | 0.0 | 0.0 | |
| Currency Notes | |||
| US Dollar | 83.45 | 83.75 | |
| Kuwaiti Dinar | 285.94 | 292.46 | |
| Malaysian Ringgit | 0.0 | 0.0 | |
| Norwegians Krone | 14.68 | 14.89 | |
| UK Pound Sterling | 137 | 138 |  |
| Saudi Riyal | 22.02 | 22.27 | |
| Singapore Dollar | 0.0 | 0.0 | |
| Swedish Korona | 11.99 | 12.17 | |
| Swiss Franc | 82.49 | 83.61 | |
| U.A.E Dirham | 22.51 | 22.77 | |
| Bahrain Dinar | 218.35 | 221.50 | |
| NewZealand $ | 43.5 | 43.8 | |
| Omani Riyal | 213.84 | 216.99 | |
| Australian Dollar | 76.16 | 77.31 | |
| Danish Krone | 16.68 | 16.91 | |
| Euro | 124.50 | 125.50 |  |
| Thai Bhat | 0.0 | 0.0 | |
| Canadian Dollar | 78.10 | 79.00 | |
| Hong Kong Dollar | 10.51 | 10.78 | |
| Qatari Riyal | 22.54 | 23.02 | |
| Indian Rupee | 1.58 | 1.68 | |
| China Yuan | 0.0 | 0.0 | |
| Japanese Yen | 0.9350 | 0.9450 | |
| Forex Open Market Analysis | |||
Showing posts with label forex. Show all posts
Showing posts with label forex. Show all posts
Open Market Currency Exchange Rates (Forex Rates) in Pakistan
Posted by imdurrani Labels: business finance, forex, forex rates pakistanRice, sugar prices start falling
Posted by imdurrani Labels: business finance, forex, Pakistani Rupee, Rice, sugarKARACHI: Prices of various varieties of rice have declined by Rs2 to Rs10 per kg, while supply of sugar from the mills has resulted in some stability in its wholesale rates. A wholesale rice trader said that the price of a normal variety fell to Rs48 from Rs50 per kg, while Basmati (ponia) rice is now available at Rs45 as against Rs50 earlier.
He said the new 386 Punjab variety now sells at Rs35 as compared to Rs40 per kg, Kernal Basmati price fell to Rs75 from Rs80 per kg, while Kernal special Basmati rate has declined to Rs90 from Rs100 per kg. A retailer said that Kernal Basmati super rate is now tagged at Rs120 as compared to Rs125 per kg. Irri-6 price
Friday July 10, 2009
KARACHI: The total liquid foreign exchange reserves held by the country stood at $12,269.8 million on the week ended July 4, 2009. According to the State Bank of Pakistan, foreign exchange reserves held by the State Bank were $8,963.8 million while net foreign exchange reserves held by banks other than SBP were $3,306.0 million.
(BRecorder)
Pak Rupee: Dollar inches up
Posted by imdurrani Labels: forex, forex market, forex trading, pakistan, Pakistani Rupee, World CurrenciesSaturday July 04, 2009
KARACHI: Bearish sentiment was witnessed on the interbank market on Friday as the rupee shed two paisa against dollar for buying and selling at 81.52 and 81.57, dealers said. Persisting demand for dollars did not allow the rupee come out the weak spells in terms of the US currency, they said.
In the Asian final session euro struggled back from its lowest levels in a week, after a wave of sell orders compounded losses made on bleak US jobs numbers, and it found support as some investors judged it may have slipped too far. Dealers said euro hit stop-loss sell orders around $1.3980, and possible hedge fund selling, in the crossover between late US trade and the start of the Asian day, sending it down to $1.3927 on electronic trading platform EBS.
Open Market Rates: The rupee fell versus dollar dropping 15 paisa for buying at 81.40 and 20 paisa for selling at 81.60, dealers said. The rupee, however, gained 64 paisa versus euro for buying and selling at Rs 112.98 and Rs 113.98, they said.
Buying Rs 81.52
Selling Rs 81.57
Interbank Closing Rates: Interbank Closing Rates For Dollar On Friday.
Open Buying Rs 81.40
Open Selling Rs 81.60
(BRecorder)
Euro off lows
Posted by imdurrani Labels: Europe, forex, forex market, forex trading, World CurrenciesSaturday July 04, 2009
TOKYO: The euro struggled back from its lowest levels in a week on Friday, after a wave of sell orders compounded losses made on bleak US jobs numbers, and it found support as some investors judged it may have slipped too far. Dealers said the euro hit stop-loss sell orders around $1.3980, and possible hedge fund selling, in the crossover between late US trade and the start of the Asian day, sending it down to $1.3927 on electronic trading platform EBS.
The euro and currencies such as the Australian dollar, which have benefited from investor hopes for economic turnaround, had already weakened on Thursday after data showed US employers cut 467,000 jobs in June, far more than expected.
But analysts said market players then bought the euro back on Friday, helping it off the lows, although it was still weaker than before the employment data and investors were still dismayed the jobs numbers spelled a slower recovery than hoped.
The euro stood at $1.4002 on EBS, after shedding more than 1 percent on Thursday. It had hit a one-month high above $1.4200 earlier in the week. The euro dropped as far as 133.58 yen on Friday, extending a fall of nearly 2 percent on Thursday, but had edged back to 134.44 yen later in Asian trade.
It had also faced selling pressure after comments from European Central Bank President Jean-Claude Trichet the previous day that euro-zone activity would likely remain weak for the rest of the year. The ECB left its benchmark refinancing interest rate at a record low of 1 percent, as expected.
The dollar was steady against the yen at 96.00 yen, holding well within a range of 93.50-100 that has limited it since mid-April. With the jobs data out of the way, traders said focus was shifting to the Group of Eight meeting on July 8-10 and the US corporate earnings season that kicks off next week.
"Market players will watch China's comment on an alternative global currency. This is something that could take about 50 to 100 years, but the country's comment could still affect the market, even very briefly," said Tsutomu Soma, a senior manager in the foreign securities department at Okasan Securities.
(Reuters)
TOKYO: The euro struggled back from its lowest levels in a week on Friday, after a wave of sell orders compounded losses made on bleak US jobs numbers, and it found support as some investors judged it may have slipped too far. Dealers said the euro hit stop-loss sell orders around $1.3980, and possible hedge fund selling, in the crossover between late US trade and the start of the Asian day, sending it down to $1.3927 on electronic trading platform EBS.
The euro and currencies such as the Australian dollar, which have benefited from investor hopes for economic turnaround, had already weakened on Thursday after data showed US employers cut 467,000 jobs in June, far more than expected.
But analysts said market players then bought the euro back on Friday, helping it off the lows, although it was still weaker than before the employment data and investors were still dismayed the jobs numbers spelled a slower recovery than hoped.
The euro stood at $1.4002 on EBS, after shedding more than 1 percent on Thursday. It had hit a one-month high above $1.4200 earlier in the week. The euro dropped as far as 133.58 yen on Friday, extending a fall of nearly 2 percent on Thursday, but had edged back to 134.44 yen later in Asian trade.
It had also faced selling pressure after comments from European Central Bank President Jean-Claude Trichet the previous day that euro-zone activity would likely remain weak for the rest of the year. The ECB left its benchmark refinancing interest rate at a record low of 1 percent, as expected.
The dollar was steady against the yen at 96.00 yen, holding well within a range of 93.50-100 that has limited it since mid-April. With the jobs data out of the way, traders said focus was shifting to the Group of Eight meeting on July 8-10 and the US corporate earnings season that kicks off next week.
"Market players will watch China's comment on an alternative global currency. This is something that could take about 50 to 100 years, but the country's comment could still affect the market, even very briefly," said Tsutomu Soma, a senior manager in the foreign securities department at Okasan Securities.
(Reuters)
Friday July 03, 2009
NEW YORK: The US dollar dropped to its lowest in more than three weeks against the euro on Wednesday, pressured by news China has asked to debate proposals for a new global reserve currency at next week's Group of Eight summit. Gains in global stocks as well as improved manufacturing activity data in Europe and China have also hurt demand for the dollar as a safe haven.
But it was the report on China, citing sources that fuelled a steep round of dollar selling, adding to the currency's earlier losses in Asia and London. "This remains an Achilles' heel for the dollar and will be a problem going into the G8 meeting," said Richard Franulovich, senior currency strategist at Westpac in New York.
"I think this is making a mountain out of a molehill and I think China is playing games. The fear mow is that there could be a sharper G8 statement next week on this issue." In late afternoon trading, the euro was up 0.8 percent on the day at $1.4147. It earlier traded as high as $1.4201 in the wake of the China news, its highest since June 5, according to Reuters data.
The ICE Futures' dollar index, a measure of the greenback's value against a basket of six major currencies, fell 0.6 percent to 79.649. Other analysts were also skeptical about the China news. "We are struck by the gap between China's declaratory policy - what they say - and their operational policy - what they do," said Marc Chandler, head of global currency strategy at Brown Brothers Harriman in New York.
What China says sounds like they want to end the dollar's role as the top reserve currency, Chandler said, but the world's third-largest economy has not backed its rhetoric as it continues to accumulate dollars and Treasuries. China remains the biggest holder of US Treasuries with about $763.5 billion in holdings as of April, the latest data available from the US Treasury Department. It has roughly $2 trillion in currency reserves and some estimates from analysts suggested China holds about 65 percent to 75 percent of these in dollars.
Earlier in the session, positive data on manufacturing in Europe and China boosted economic optimism around the world. That helped US stocks and commodity currencies, such as the Canadian and Australian dollars.
That said, a round of mixed US data including readings on the labour, manufacturing and housing sectors, contributed to a bias toward dollar weakness as safe-haven support wanes, analysts said. But they warned that trading would remain volatile ahead of a key US employment report on Thursday. Economists expect the US economy to have shed another 363,000 jobs in June after losing 345,000 in May. The dollar rose 0.3 percent to 96.61 yen while the euro gained 1.1 percent to 136.71 yen.
(Reuters)
NEW YORK: The US dollar dropped to its lowest in more than three weeks against the euro on Wednesday, pressured by news China has asked to debate proposals for a new global reserve currency at next week's Group of Eight summit. Gains in global stocks as well as improved manufacturing activity data in Europe and China have also hurt demand for the dollar as a safe haven.
But it was the report on China, citing sources that fuelled a steep round of dollar selling, adding to the currency's earlier losses in Asia and London. "This remains an Achilles' heel for the dollar and will be a problem going into the G8 meeting," said Richard Franulovich, senior currency strategist at Westpac in New York.
"I think this is making a mountain out of a molehill and I think China is playing games. The fear mow is that there could be a sharper G8 statement next week on this issue." In late afternoon trading, the euro was up 0.8 percent on the day at $1.4147. It earlier traded as high as $1.4201 in the wake of the China news, its highest since June 5, according to Reuters data.
The ICE Futures' dollar index, a measure of the greenback's value against a basket of six major currencies, fell 0.6 percent to 79.649. Other analysts were also skeptical about the China news. "We are struck by the gap between China's declaratory policy - what they say - and their operational policy - what they do," said Marc Chandler, head of global currency strategy at Brown Brothers Harriman in New York.
What China says sounds like they want to end the dollar's role as the top reserve currency, Chandler said, but the world's third-largest economy has not backed its rhetoric as it continues to accumulate dollars and Treasuries. China remains the biggest holder of US Treasuries with about $763.5 billion in holdings as of April, the latest data available from the US Treasury Department. It has roughly $2 trillion in currency reserves and some estimates from analysts suggested China holds about 65 percent to 75 percent of these in dollars.
Earlier in the session, positive data on manufacturing in Europe and China boosted economic optimism around the world. That helped US stocks and commodity currencies, such as the Canadian and Australian dollars.
That said, a round of mixed US data including readings on the labour, manufacturing and housing sectors, contributed to a bias toward dollar weakness as safe-haven support wanes, analysts said. But they warned that trading would remain volatile ahead of a key US employment report on Thursday. Economists expect the US economy to have shed another 363,000 jobs in June after losing 345,000 in May. The dollar rose 0.3 percent to 96.61 yen while the euro gained 1.1 percent to 136.71 yen.
(Reuters)
Pak's forex reserves rise to $11.84 billion
Posted by imdurrani Labels: Asia, business finance, forex, Pak Economy, pakistanFriday July 03, 2009
KARACHI: Pakistan's foreign exchange reserves rose by 70 million dollars to 11.84 billion dollars in the week that ended on June 27, compared with 11.77 billion dollars the previous week, a central bank spokesman said on Thursday. The State Bank of Pakistan's reserves edged up to 8.55 billion dollars from 8.45 billion dollars a week earlier.
Reserves held by commercial banks fell to 3.29 billion dollars from the previous week's 3.32 billion dollars, the spokesman said. Foreign reserves hit a record high of 16.5 billion dollars in October 2007, but fell steadily to 6.6 billion dollars by November last year, largely because of a soaring import bill. Pakistan agreed in November to an International Monetary Fund (IMF) emergency loan package of 7.6 billion dollars to avert a balance of payments crisis and shore up reserves.
(Reuters)
KARACHI: Pakistan's foreign exchange reserves rose by 70 million dollars to 11.84 billion dollars in the week that ended on June 27, compared with 11.77 billion dollars the previous week, a central bank spokesman said on Thursday. The State Bank of Pakistan's reserves edged up to 8.55 billion dollars from 8.45 billion dollars a week earlier.
Reserves held by commercial banks fell to 3.29 billion dollars from the previous week's 3.32 billion dollars, the spokesman said. Foreign reserves hit a record high of 16.5 billion dollars in October 2007, but fell steadily to 6.6 billion dollars by November last year, largely because of a soaring import bill. Pakistan agreed in November to an International Monetary Fund (IMF) emergency loan package of 7.6 billion dollars to avert a balance of payments crisis and shore up reserves.
(Reuters)
US dollar gains
Posted by imdurrani Labels: forex, forex market, forex trading, US, World Currencies, world forexThursday July 02, 2009
NEW YORK: The dollar advanced against a basket of major currencies on Tuesday after a report showing an unexpected drop in US consumer confidence for June prompted investors to seek shelter in the greenback. The weak consumer confidence report drove Wall Street stocks lower, revived the dollar after an early sell-off and dampened hopes of an imminent global economic recovery.
"The market is getting comfortable with the 'green shoots' theory so investors need a high hurdle for them to buy currencies other than the dollar," said David Watt, senior currency strategist at RBC Capital Markets in Toronto. "We're still seeing stress and strains in the market. We're going into the earnings season now that the second quarter has ended and people are cautious."
The ICE Futures' dollar index, however, ended the second quarter on a weak note, down 6.2 percent - its first quarterly drop since the first three months of 2008. On the month, the dollar index rose 1.2 percent. Analysts also said the simultaneous end to the month, quarter and first half of the year led to increased volatility in foreign exchange trading, exacerbating intraday moves in currencies.
But these month-end and quarter-end flows have supported the dollar, analysts said, as investors sought to rebalance portfolios. In late afternoon trading in New York, the euro last changed hands down 0.4 percent at $1.4024 after trading as high as $1.4152 earlier, according to Reuters data. Still, the euro was up 5.9 percent in the second quarter, its best quarterly performance since March 2008.
The dollar index, which measures the value of the greenback against a basket of currencies, traded up 0.5 percent on the day at 80.202. The dollar also rose 0.24 percent against the yen 96.36 yen. It fell 2.7 percent in the second quarter, but was up 1.2 percent in June.
Dollar buying ensued after a report showed the Conference Board's US consumer confidence index fell in June to 49.3 from a downwardly revised 54.8 in May. Economists polled by Reuters had forecast a reading of 55.0. The confidence index followed a report showing a smaller-than-expected decline in US home prices in April and a Chicago purchasing managers' report on business activity in the US Midwest.
Investors have sold US dollars recently as stock markets and oil prices rose on an upbeat view for prospects of a global economic rebound, hurting demand for the greenback as a safe haven. The MSCI global stocks index, which fell 0.7 percent on Tuesday, posted its best quarterly gain since its launch in 1988 at 21.2 percent.
Oil, meanwhile, hit an eight-month high of $73.38 a barrel earlier, but dropped more than 2 percent as the dollar strengthened. The expectation of global economic improvement gained support from the CBOE Volatility Index, Wall Street's fear gauge, which on Tuesday fell to its lowest level since September 12, just before Lehman Brothers collapsed.
That pushed currency volumes lower, too, with the one-month implied vols in euro/dollar falling to 12.6 on Tuesday from about 23.2 at the start of the year. Some analysts say the drop in currency volatility could trigger a downturn in the dollar. Others, on the other hand, are not buying the decline in vols and current market uncertainty should ensure that volatility remains elevated.
"If there is any certainty ahead on the policy front, it is elevated uncertainty and it will make for higher volatility ... in asset prices and FX," said David Gilmore, a partner at Foreign Exchange Analytics in Essex, Connecticut. "The longer-term direction is another story - though the consensus view of weak US Treasuries and dollar is compelling - the only difference for me from mainstream is that I would throw lower stocks in as well.
(Reuters)
THE RUPEE: dollar cheaper
Posted by imdurrani Labels: forex, forex market, forex trading, pakistan, Pakistani Rupee, World CurrenciesThursday July 02, 2009
KARACHI: The rupee managed to gain against dollar on the open market on Wednesday, gaining 10 paisa for buying at 81.25 and 30 paisa for selling at 81.35, dealers said. The interbank market rates were not available due to bank closure, they added. Versus the euro, the rupee posted fresh gain of 24 paisa for buying and selling at Rs 113.32 and Rs 114.32, they said.
In the third Asian trade dollar steadied holding gains made the previous day after an unexpected fall in US consumer morale cooled optimism about an economic recovery, prompting investors to seek the safety of the greenback. The Bank of Japan's June tankan corporate survey showed on Wednesday that big manufacturers' sentiment pulled back from a record low hit three months ago, although the improvement was smaller than forecast.
Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday.
Open Buying Rs 81.25
Open Selling Rs 81.35
(BRecorder)
Yen drops on business confidence survey
Posted by imdurrani Labels: Asia, forex, forex trading, World CurrenciesWednesday July 01, 2009
TOKYO: The yen fell in Asian trade on Wednesday as a smaller-than-expected improvement in Japanese business confidence disappointed the market, dealers said.
The dollar rose to 96.75 yen in Tokyo morning trade from 96.30 in New York late Tuesday. The euro edged down to 1.4015 dollars from 1.4032 but firmed to 135.59 yen from 135.17.
The Bank of Japan said in its quarterly Tankan survey that business confidence among major Japanese manufacturers had improved for the first time in two-and-a-half years.
But many investors were disappointed because they had hoped for a better reading, dealers said. "The market had thought the confidence index would go up a bit higher," said Masaki Fukui, senior market economist at Mizuho Corporate Bank.
"The survey showed the business sentiment still remained cautious." The sentiment index rose to minus 48 in June from a record low of minus 58 in March. Market forecasts had been for a figure of about minus 43.
Overnight in US trade, investors had bought the dollar -- seen as a relatively safe investment -- amid jitters over the health of the economy.
The Conference Board, a business research group, said US consumer confidence fell in June as households worried about the recession and job losses.
Investors were awaiting new leads from a European Central Bank monetary policy meeting on Thursday and the release of US monthly employment data the same day.
The ECB is expected to keep interest rates at a record low of 1.0 percent despite an appeal from the Organisation for Economic Cooperation and Development to lower the main rate even further to nearly zero.
(AFP)
Pak Rupee: Dollar five paisa down
Posted by imdurrani Labels: Asia, forex, forex trading, pakistan, Pakistani Rupee, US, World CurrenciesTuesday June 30, 2009
KARACHI: Slight improvement was seen on the interbank market on Monday as the rupee gained five paisa against dollar for buying and selling at 81.40 and 81.45, experts said. In the first Asian trading day dollar regained some ground after falling broadly late last week on a renewed call by China for a super-sovereign reserve currency, placing higher-risk currencies such as the Australian dollar under pressure.
But activity was subdued ahead of significant data this week, including US employment numbers on Thursday, which investors are awaiting to see if a months-long rally in riskier assets such as commodity-linked currencies and shares is sustainable.
Open Market Rates: The rupee showed no change against dollar for buying at 81.50 and selling at 81.60, they said. The rupee, however, gained 80 paisa versus euro for buying at Rs 112.70 and rose by 30 paisa for selling at Rs 113.70, they said.
Buying Rs 81.40
Selling Rs.81.45
Interbank Closing Rates: Interbank Closing Rates For Dollar On Monday.
Open Buying Rs.81.50
Open Selling Rs.81.60
(BRecorder)
Yen falls in Asia on higher risk appetite
Posted by imdurrani Labels: Asia, forex, forex market, forex trading, World Currencies, world financeTuesday June 30, 2009
TOKYO: The yen was under pressure in Asian trade on Tuesday as investors bought higher yielding assets amid hopes of an improvement in the global economy, dealers said.
The dollar firmed to 96.11 yen in Tokyo morning trade from 96.04 in New York late Monday. The euro climbed to 1.4114 dollars from 1.4088 and to 135.58 yen from 135.28.
The "safe-haven" yen was sold on expectations that Japanese investors would send more money overseas as risk aversion eases, NAB Capital analyst John Kyriakopoulos wrote in a note.
Japanese investors continue to buy foreign bonds to take advantage of higher yields overseas and as "growth prospects at home remain poor," he added.
The VIX volatility index, known by many market players as the "investor fear gauge", fell Monday to its lowest point since just before Wall Street giant Lehman Brothers collapsed last September.
The Australian and New Zealand dollars -- whose fortunes are closely linked to commodities prices -- were also higher against the yen.
Currency traders waited for fresh cues from a string of economic figures in the United States, including housing and consumer data out later in the day, followed by employment and manufacturing figures later this week.
US markets will be closed Friday for the Independence Day holiday.
In Japan, a key survey of business confidence, due to be released on Wednesday, is expected to show an improvement in sentiment among the country's major manufacturers from a record low the previous quarter.
Investors will also scrutinise China's purchasing managers' index due out on Wednesday for clues on growth prospects for the Asian giant, dealers said.
The European Central Bank is scheduled to meet Thursday with its policymakers focused on how to support bank lending. The ECB is widely expected to hold its key lending rate steady at an all-time low of 1.0 percent.
(AFP)
TOKYO: The yen was under pressure in Asian trade on Tuesday as investors bought higher yielding assets amid hopes of an improvement in the global economy, dealers said.
The dollar firmed to 96.11 yen in Tokyo morning trade from 96.04 in New York late Monday. The euro climbed to 1.4114 dollars from 1.4088 and to 135.58 yen from 135.28.
The "safe-haven" yen was sold on expectations that Japanese investors would send more money overseas as risk aversion eases, NAB Capital analyst John Kyriakopoulos wrote in a note.
Japanese investors continue to buy foreign bonds to take advantage of higher yields overseas and as "growth prospects at home remain poor," he added.
The VIX volatility index, known by many market players as the "investor fear gauge", fell Monday to its lowest point since just before Wall Street giant Lehman Brothers collapsed last September.
The Australian and New Zealand dollars -- whose fortunes are closely linked to commodities prices -- were also higher against the yen.
Currency traders waited for fresh cues from a string of economic figures in the United States, including housing and consumer data out later in the day, followed by employment and manufacturing figures later this week.
US markets will be closed Friday for the Independence Day holiday.
In Japan, a key survey of business confidence, due to be released on Wednesday, is expected to show an improvement in sentiment among the country's major manufacturers from a record low the previous quarter.
Investors will also scrutinise China's purchasing managers' index due out on Wednesday for clues on growth prospects for the Asian giant, dealers said.
The European Central Bank is scheduled to meet Thursday with its policymakers focused on how to support bank lending. The ECB is widely expected to hold its key lending rate steady at an all-time low of 1.0 percent.
(AFP)
Money supply up by Rs 24 billion
Posted by imdurrani Labels: finance trading, forex, forex market, pakistan
Monday June 29, 2009
KARACHI: Increased budgetary borrowing (by Rs 19 billion) and improved net foreign assets of the banking system (up Rs 16 billion) along with a marginal increase in borrowing for commodity operations (Rs 3 billion) pushed up money supply during the week by Rs 24 billion after netting out the moderating effect of OINs reflecting an increase in other liabilities amounting to some Rs 14 billion.
Overall incremental money supply during FY09 to June 13 thus stood higher at Rs 338 billion, or 7.21 percent, represented by currency in circulation amounting to Rs 220 billion and deposit money amounting to Rs 118 billion. The increase during the week occurred entirely in deposit money, represented by an increase in demand and time deposits. No significant changes were observed in credit utilisation by the corporate sector including both the private sector and the PSEs.
All in all, net domestic assets (NDA) of the banking system, represented by public and private sectors indebtedness to the system's constituents, increased during the week by over Rs 8.5 billion to Rs 536.5 billion. Net foreign assets (NFA) of the banking system, in the meanwhile, improved by Rs 15.7 billion, reflecting lower depletion of foreign assets, which now stood reduced to Rs 198 billion.
The improvement in NFA was in line with the improvement in liquid foreign reserves of the country which surged from $11.515 billion on June 6 to over $11.643 billion on June 13. The surge over the week was shared by an increase of about $101 million in liquid reserves held by the central bank and an increase of about $27 million in liquid reserves held by the scheduled banks.
Among important developments during the week, government borrowing increased by Rs 22 billion to over Rs 600 billion as on June 13, 2009.
Within it, budgetary borrowing increased by Rs 19 billion to Rs 402 billion while borrowing for commodity operations by various government agencies and departments, which is principally for wheat procurement at present, increased by Rs 3 billion to over Rs 200 billion. Break-up of budgetary borrowing showed that almost entire borrowing during the week was made from the State Bank of Pakistan while borrowing from scheduled (mainly commercial) banks rose only by a negligible amount. Government's rising indebtedness to the central bank may pose serious problem for the government when it will come to meet the IMF targets of overall budgetary borrowing and, within it, the downward looking target of borrowing from the central bank. Maybe, the government has to go farther into the already aggressive borrowing made from non-bank elements or seek a benevolent review of the conditionals in view of the on-going operation against the militants in whose success IMF may be as interested as any other stakeholder.
NFA's details for component analytical accounts are available for the month of April 2009. According to this, NFA of the banking system depleted by about Rs 24.6 billion during April.
The entire depletion occurred on account of the State Bank of Pakistan as depletion at scheduled banks was only of a negligible amount. Further analysis of analytical accounts at the central bank showed that net depletion was a result of SBP's incremental claims on the non-residents, which showed an increase of about Rs 44.4 billion, adjusted for SBP's liabilities to the non-residents, which showed a much higher increase, of about Rs 69 billion, during the month.
The claims were in the form of monetary gold, etc, holdings of SDRs, foreign currency, deposits and securities other than shares, whereas liabilities were in the form of deposits, securities other than shares, and loans.
(BRecorder)
Overall incremental money supply during FY09 to June 13 thus stood higher at Rs 338 billion, or 7.21 percent, represented by currency in circulation amounting to Rs 220 billion and deposit money amounting to Rs 118 billion. The increase during the week occurred entirely in deposit money, represented by an increase in demand and time deposits. No significant changes were observed in credit utilisation by the corporate sector including both the private sector and the PSEs.
All in all, net domestic assets (NDA) of the banking system, represented by public and private sectors indebtedness to the system's constituents, increased during the week by over Rs 8.5 billion to Rs 536.5 billion. Net foreign assets (NFA) of the banking system, in the meanwhile, improved by Rs 15.7 billion, reflecting lower depletion of foreign assets, which now stood reduced to Rs 198 billion.
The improvement in NFA was in line with the improvement in liquid foreign reserves of the country which surged from $11.515 billion on June 6 to over $11.643 billion on June 13. The surge over the week was shared by an increase of about $101 million in liquid reserves held by the central bank and an increase of about $27 million in liquid reserves held by the scheduled banks.
Among important developments during the week, government borrowing increased by Rs 22 billion to over Rs 600 billion as on June 13, 2009.
Within it, budgetary borrowing increased by Rs 19 billion to Rs 402 billion while borrowing for commodity operations by various government agencies and departments, which is principally for wheat procurement at present, increased by Rs 3 billion to over Rs 200 billion. Break-up of budgetary borrowing showed that almost entire borrowing during the week was made from the State Bank of Pakistan while borrowing from scheduled (mainly commercial) banks rose only by a negligible amount. Government's rising indebtedness to the central bank may pose serious problem for the government when it will come to meet the IMF targets of overall budgetary borrowing and, within it, the downward looking target of borrowing from the central bank. Maybe, the government has to go farther into the already aggressive borrowing made from non-bank elements or seek a benevolent review of the conditionals in view of the on-going operation against the militants in whose success IMF may be as interested as any other stakeholder.
NFA's details for component analytical accounts are available for the month of April 2009. According to this, NFA of the banking system depleted by about Rs 24.6 billion during April.
The entire depletion occurred on account of the State Bank of Pakistan as depletion at scheduled banks was only of a negligible amount. Further analysis of analytical accounts at the central bank showed that net depletion was a result of SBP's incremental claims on the non-residents, which showed an increase of about Rs 44.4 billion, adjusted for SBP's liabilities to the non-residents, which showed a much higher increase, of about Rs 69 billion, during the month.
The claims were in the form of monetary gold, etc, holdings of SDRs, foreign currency, deposits and securities other than shares, whereas liabilities were in the form of deposits, securities other than shares, and loans.
(BRecorder)
Pak Rupee: All-round slide
Posted by imdurrani Labels: Asia, forex, forex trading, pakistan, Pakistani Rupee, World Currencies
KARACHI: Downward trend was seen on the currency market during the week ended on June 27, 2009 on the brink of fiscal year 2008-09. On the interbank market, the rupee shed 10 paisa against dollar for buying at 81.45 and 20 paisa for selling at 81.50.On the open market also the rupee followed the same pattern, losing 20 paisa for buying at 81.50 and 10 paisa for selling at 81.60. Versus the euro, also the rupee lost Re one for buying and selling at Rs 113.50 and Rs 114.00.
Inflows of dollars helped the rupee to resist sharp decline against the US currency and it is likely that the rupee may tackle the position when the greenback starts surging as a result of strong demand by importers. In the meantime, it looks that the rupee may touch the low at 82.00 in the short-run. According to the State Bank of Pakistan (SBP), the country's foreign exchange reserves rose by 130 million dollars to 11.77 billion dollars in the week that ended on June 20, compared with 11.64 billion dollars the previous week.
Inter bank Market Rates: On Monday, the rupee maintained its week-end levels against dollar for buying and selling at 81.35 and 81.40. On Tuesday, the rupee gained 3 paisa against dollar for buying at 81.32 and 5 paisa for selling at 81.35.
On Wednesday, the rupee lost 23 paisa in relation to dollar for buying at 81.55 and 25 paisa for selling at 81.60. On Thursday, the rupee recovered 13 paisa against dollar for buying at 81.42 and 14 paisa for selling at 81.46.
On Friday, the rupee gained 2 paisa for buying at 81.40 and one paisa for selling at 81.45.
On Saturday, the rupee shed 5 paisa versus dollar for buying and selling at 81.45 and 81.50.
Open Market Rates: On June 22, the rupee lost 20 paisa against dollar for buying at 81.30 and 35 paisa for selling at 81.50. The rupee, however, gained 20 paisa versus euro for buying at Rs 112.50 and 80 paisa for selling at Rs 113.00.
On June 23, the rupee shed 10 paisa against dollar for buying at 81.40 and 40 paisa for selling at 81.90. The rupee, however, maintained its firmness against euro, rising 90 paisa for buying at Rs 111.60 and 80 paisa for selling at Rs 112.10.
On June 24, the rupee gained 10 paisa versus dollar for buying at 81.30 and 30 paisa for selling at 81.60. The rupee followed the same pattern, soaring versus euro, rising Rs 1.65 for buying at Rs 113.25 and Rs 2.15 for selling at Rs 114.25.
On June 25, the rupee lost 10 paisa versus dollar for buying at 81.40 and selling at 81.70. The rupee gained 70 paisa against euro for buying at Rs 112.55 and for selling at Rs 113.55. On June 26, the rupee rose by 10 paisa against dollar for buying and selling t 81.30 and 81.60. The rupee, however, dropped 90 paisa versus euro for buying and selling at Rs 113.35 and Rs 114.35.
On June 27, the rupee shed 20 paisa gainst dollar for buying at 81.50 while it did not move to any side for selling at 81.60. The rupee, however, inched down by 15 paisa versus euro for buying at Rs 113.50 while it gained 35 paisa for selling at Rs 114.00.
(BRecorder)
Dollar edges up in Asia
Posted by imdurrani Labels: Asia, forex, forex trading, US, World Currencies, world financeMonday June 29, 2009
TOKYO: The dollar edged up against the euro and the yen in Asian trade Monday as investors waited on the sidelines ahead of a series of key economic reports and a central bank meeting in Europe.
The dollar rose to 95.29 yen in Tokyo morning trade from 95.22 in New York late Friday. The euro fell to 1.4035 dollars from 1.4064 and to 133.71 yen from 133.95.
Investors were waiting for data due this week, with the focus on a US jobs report that will give a clearer picture of recovery prospects for the world's largest economy, said Hachijuni Bank forex strategist Yoshifumi Suzuki.
While the pace of job losses in the United States appears to have slowed recently, the unemployment rate hit a 26-year high of 9.4 percent in May.
The European Central Bank is expected to keep its lending rate unchanged at one percent when it meets Thursday, despite calls by the the Organisation for Economic Cooperation and Development to lower its main rate to close to zero.
Market players were also looking ahead to a closely watched survey of Japanese business confidence due out on Wednesday.
The Bank of Japan's quarterly "Tankan" survey is expected to show an improvement in sentiment among Japan's major manufacturers from a record low the previous quarter, helping to underpin improving investor confidence.
Government numbers released Monday showed that Japanese industrial output rose by 5.9 percent in May from the previous month, matching the previous month's growth, which was the fastest in half a century.
The data "underscores the view that the Japanese economy hit bottom in the April-June quarter," said Suzuki.
"But with consumption and wages still sluggish, it will be difficult to go so far as to say that a recovery will take place in the following quarter," he added.
(AFP)
TOKYO: The dollar edged up against the euro and the yen in Asian trade Monday as investors waited on the sidelines ahead of a series of key economic reports and a central bank meeting in Europe.The dollar rose to 95.29 yen in Tokyo morning trade from 95.22 in New York late Friday. The euro fell to 1.4035 dollars from 1.4064 and to 133.71 yen from 133.95.
Investors were waiting for data due this week, with the focus on a US jobs report that will give a clearer picture of recovery prospects for the world's largest economy, said Hachijuni Bank forex strategist Yoshifumi Suzuki.
While the pace of job losses in the United States appears to have slowed recently, the unemployment rate hit a 26-year high of 9.4 percent in May.
The European Central Bank is expected to keep its lending rate unchanged at one percent when it meets Thursday, despite calls by the the Organisation for Economic Cooperation and Development to lower its main rate to close to zero.
Market players were also looking ahead to a closely watched survey of Japanese business confidence due out on Wednesday.
The Bank of Japan's quarterly "Tankan" survey is expected to show an improvement in sentiment among Japan's major manufacturers from a record low the previous quarter, helping to underpin improving investor confidence.
Government numbers released Monday showed that Japanese industrial output rose by 5.9 percent in May from the previous month, matching the previous month's growth, which was the fastest in half a century.
The data "underscores the view that the Japanese economy hit bottom in the April-June quarter," said Suzuki.
"But with consumption and wages still sluggish, it will be difficult to go so far as to say that a recovery will take place in the following quarter," he added.
(AFP)
Dollar slides on positive US data
Posted by imdurrani Labels: forex, forex trading, US, World CurrenciesSaturday June 27, 2009
LONDON: The dollar wilted against the euro on Friday in the face of positive US economic data that encouraged investors to seek out currencies considered riskier that the greenback.
The euro in late-day trade was at 1.4054 dollars against 1.3986 late Thursday.
The dollar was meanwhile trading at 95.09 yen, down from 95.95 on Thursday.
Investor appetite for the euro increased after the Commerce Department said US consumer spending posted a 0.3 percent gain in May compared to April.
The May uptick in personal spending -- which accounts for two-thirds of US economic activity -- followed a revised flat reading for April and a 0.3 percent decline in March.
Personal incomes jumped 1.4 percent in May, the strongest gain in a year, mostly on the back of the 787-billion-dollar stimulus package launched by President Barack Obama in February, the Commerce Department said.
The hefty increase in incomes widely topped the 0.3 percent gain expected by analysts.
On Thursday the US central bank, the Federal Reserve, trimmed the size and changed the terms of some of its lending facilities, citing improvement in financial conditions and reduced usage of such programs.
"The Fed's decision... is in line with the improvement in financial markets," said analysts at BNP Paribas bank.
"This will add support to the current risk-seeking environment," the bank said, adding that the euro was set to move up to the 1.4360-dollar level, a peak last reached in early June.
Further support for currencies other than the dollar came from this week's US GDP data, which was better than expected.
The US economy shrank at a 5.5 percent pace in the first quarter, the government said Thursday in a report offering a glimmer of hope for recovery from prolonged recession.
The Commerce Department's final estimate of gross domestic product (GDP) was not as bad as last month's estimate of a 5.7 percent annualized decline in output.
"The data raises hopes that the (US) economy has reached a bottom and that second-quarter data will show further improvement in GDP," said CurrenciesDirect analyst Phil McHugh.
Rising global equity and oil markets also encouraged investors to take more risk, dampening demand for the dollar.
"Gains in stock markets and crude oil prices caused risk appetite to revive among investors, which lifted higher-yielding currencies" such as the euro, Yuzo Sakai, a forex manager at Tokyo Forex and Ueda Harlow, told Dow Jones Newswires.
In London trade on Friday, the euro was changing hands at 1.4054 dollars against 1.3986 dollars late on Thursday, 133.88 yen (134.22), 0.8523 pounds (0.8546) and 1.5237 Swiss francs (1.5301).
The dollar stood at 95.09 yen (95.95) and 1.0824 Swiss francs (1.0937).
The pound was at 1.6481 dollars (1.6368).
On the London Bullion Market, the price of gold climbed to 942 dollars an ounce at the fixing from 937.25 dollars an ounce late on Thursday.
(Reuters)
Indian rupee erases gains
Posted by imdurrani Labels: Asia, finance trading, forex, India, World CurrenciesFriday June 26, 2009
MUMBAI: The Indian rupee ended slightly weaker on Thursday, surrendering early gains as the stock market turned negative and as importers bought dollars to meet month-end commitments. The partially convertible rupee ended a choppy session at 48.595/605 per dollar, just below Wednesday's close of 48.56/57. From an early high of 48.46, the rupee fell as far as 48.73.
On Tuesday, it had hit 48.90, its lowest since mid-May. "The month-end demand is also picking up. But stocks remain the main trigger," a senior dealer with a foreign bank, said. The rupee has rebounded from a record low of 52.2 in early March as foreigners bought around $7.5 billion of stocks in three months as the main index rose more the 90 percent.
(Reuters)
Euro Libor's biggest fall in six months
Posted by imdurrani Labels: Europe, forex, forex trading, World Currencies, world financeFriday June 26, 2009
LONDON: The bank-to-bank cost of borrowing euros fell by the most in six months on Thursday and analysts expect further falls in months ahead as the European Central Bank's latest liquidity boost takes effect. London interbank offered rates (Libor) for three-month dollars also marked a lifetime low after the Federal Reserve kept interest rates steady.
But the heftiest moves were in euro rates as funds from the ECB's first-ever one-year tender started to flow. The eurozone's central bank lent banks 442.24 billion euros, stepping up efforts to revive interbank lending that has been crippled by the financial crisis and is one major barrier to a return to economic growth.
The ECB hopes its biggest money market operation ever will give enough financial security to spur banks to make more long-term loans to companies and consumers. The three-month London interbank offered rate for euros fell 4.2 basis points to 1.14250 percent while overnight euro Libor rates slumped by almost a full percentage point to a record low.
However, the overnight rate had been pushed higher in the previous session as banks sought stop-gap funds until they got the one-year money. This followed a drop in the three-month Euribor - traditionally the main gauge of interbank euro lending and a mix of interest rate expectations and bank's appetite for lending - to a lifetime low of 1.145 percent, close to the ECB's refi rate of 1 percent. "We've seen three-month Euribor fixings fall to a new record low today and we think that will continue," Christoph Rieger, an analyst with Commerzbank/Dresdner Kleinwort.
Sounding a cautious note, ECB Governing Council member Christian Noyer said on Thursday money markets are generally improving though they are not quite back to normal. Commercial banks overnight borrowing from the ECB jumped to an eight-year high as banks awaited funds from the one-year auction.
Meanwhile, three-month dollar Libor continued falling after the Fed signalled it will keep its policy rate in a zero to 0.25 percentage range for "an extended period". The rate gap between three-month T-bills and three-month dollar Libor was at 43 basis points from 41 basis points in late trading on Wednesday.
(Reuters)
Dollar pressured by lower yields
Posted by imdurrani Labels: forex, forex trading, US, World Currencies, world finance, world forexFriday June 26, 2009
TOKYO: The dollar lost ground against the yen and the euro in Asian trade on Friday on expectations that US interest rates will remain low for some time, dealers said.
The dollar was changing hands at 95.68 yen in Tokyo morning trade, down from 95.95 yen in New York late Thursday. The euro rose to 1.4033 dollars from 1.3986 and to 134.32 yen from 134.26.
Lower US bond yields reduced demand for the greenback, dealers said. Investors tend to favour currencies offering higher returns. "The dollar faced
selling, reflecting drops in long-term interest rates," said Yuji Saito, forex head at Societe Generale.
The market was still digesting Wednesday's decision by the US Federal Reserve to leave its stimulative monetary policy unchanged; giving no sign that it was preparing to scale back its pump-priming measures.
Gains on global stock markets also encouraged investors to take more risk, dampening demand for the safe-haven dollar, dealers said.
The market is now waiting for the release next week of key US jobs data, dealers said. "We want to watch if funds will be flowing from the safe-haven dollar and yen into riskier currencies next week" on the back of improving investor confidence, Saito said.
Meanwhile data showed the US economy contracted at a 5.5 percent pace in the first quarter, not as bad as the previous estimate of a 5.7 percent drop.
Analysts said this was consistent with other signals that the worst slump in decades may soon be over.
(AFP)
TOKYO: The dollar lost ground against the yen and the euro in Asian trade on Friday on expectations that US interest rates will remain low for some time, dealers said.The dollar was changing hands at 95.68 yen in Tokyo morning trade, down from 95.95 yen in New York late Thursday. The euro rose to 1.4033 dollars from 1.3986 and to 134.32 yen from 134.26.
Lower US bond yields reduced demand for the greenback, dealers said. Investors tend to favour currencies offering higher returns. "The dollar faced
selling, reflecting drops in long-term interest rates," said Yuji Saito, forex head at Societe Generale.The market was still digesting Wednesday's decision by the US Federal Reserve to leave its stimulative monetary policy unchanged; giving no sign that it was preparing to scale back its pump-priming measures.
Gains on global stock markets also encouraged investors to take more risk, dampening demand for the safe-haven dollar, dealers said.
The market is now waiting for the release next week of key US jobs data, dealers said. "We want to watch if funds will be flowing from the safe-haven dollar and yen into riskier currencies next week" on the back of improving investor confidence, Saito said.
Meanwhile data showed the US economy contracted at a 5.5 percent pace in the first quarter, not as bad as the previous estimate of a 5.7 percent drop.
Analysts said this was consistent with other signals that the worst slump in decades may soon be over.
(AFP)
Oil prices dip as dollar strengthens
Posted by imdurrani Labels: forex, forex trading, Oil prices, US, World Currencies, world financeThursday June 25, 2009
NEW YORK: Oil prices fell on Wednesday in choppy trading as the dollar strengthened and the United States reported mixed energy inventory data.
New York's main futures contract, light sweet crude for delivery in August, shed 57 cents from Tuesday's close to end at 68.67 dollars a barrel.
The price of London's Brent North Sea crude for August delivery fell 47 cents to 68.33 dollars per barrel.
Traders said prices were dictated by the dollar, which rose after the US Federal Reserve's policy-making body concluded a two day meeting with a consensus to maintain virtually zero interest rates to stimulate the world's largest economy from prolonged recession.
Around 1830 GMT, the euro fell 1.3938 dollars from 1.4078 dollars in late New York trading on Tuesday.
A strong US currency makes oil priced in dollars more expensive for holders of other currencies. The Federal Open Market Committee also said that "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period."
Analysts said the Fed was holding to its aggressive course to stimulate the recession-bound economy despite the growing notion of "green shoots."
The market also digested data from the US Department of Energy on Wednesday showing crude stockpiles dropping 3.8 million barrels in the week ending June 19, steeper than the 1.3 million barrels expected by most analysts.
Inventories of gasoline, or petrol, jumped by 3.9 million barrels compared to expectations of a climb totalling one million barrels.
"The numbers virtually cancel each other out," said Sucden analyst Robert Montefusco, pointing to the fact that in nominal terms the fall in crude inventories virtually matched the increase in gasoline stockpiles.
John Kiduff of MF Global said the market remain concerned about demand. "The outsize increase in gasoline inventories ahead of what used to be the high of the driving season is obviously weighing on the market," he said.
The market also remain gripped by post-election violence in key crude producer Iran.
Riot police blocked protesters from gathering in Tehran on Wednesday, witnesses said, as Iran's supreme leader warned he will not back down in the face of unrest following the disputed presidential vote.
"In the recent incidents concerning the election, I have been insisting on the implementation of the law and I will be (insisting). Neither the system, nor the people will back down under force," Ayatollah Ali Khamenei said.
It was the latest indication that the clerical regime will not brook dissent over the re-election of President Mahmoud Ahmadinejad despite a wave of public demonstrations and complaints that the June 12 election was rigged.
And in a sign security forces are wasting no time to put down protests, a large presence of riot police and Islamist Basij militiamen stopped a crowd of several hundred people trying to assemble outside the Iranian parliament building, according to a witness.
Analysts are concerned that a worsening of the crisis could cause the Iranian government to cut off oil supplies or block the Strait of Hormuz -- a vital passageway for oil tankers.
Crude oil futures plunged from record high points of more than 147 dollars in July 2008 to about 32 dollars in December as the economic downturn ravaged energy demand but the market has since clawed back ground on recovery hopes.
(AFP)
NEW YORK: Oil prices fell on Wednesday in choppy trading as the dollar strengthened and the United States reported mixed energy inventory data.
New York's main futures contract, light sweet crude for delivery in August, shed 57 cents from Tuesday's close to end at 68.67 dollars a barrel.
The price of London's Brent North Sea crude for August delivery fell 47 cents to 68.33 dollars per barrel.
Traders said prices were dictated by the dollar, which rose after the US Federal Reserve's policy-making body concluded a two day meeting with a consensus to maintain virtually zero interest rates to stimulate the world's largest economy from prolonged recession.
Around 1830 GMT, the euro fell 1.3938 dollars from 1.4078 dollars in late New York trading on Tuesday.
A strong US currency makes oil priced in dollars more expensive for holders of other currencies. The Federal Open Market Committee also said that "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period."
Analysts said the Fed was holding to its aggressive course to stimulate the recession-bound economy despite the growing notion of "green shoots."
The market also digested data from the US Department of Energy on Wednesday showing crude stockpiles dropping 3.8 million barrels in the week ending June 19, steeper than the 1.3 million barrels expected by most analysts.
Inventories of gasoline, or petrol, jumped by 3.9 million barrels compared to expectations of a climb totalling one million barrels.
"The numbers virtually cancel each other out," said Sucden analyst Robert Montefusco, pointing to the fact that in nominal terms the fall in crude inventories virtually matched the increase in gasoline stockpiles.
John Kiduff of MF Global said the market remain concerned about demand. "The outsize increase in gasoline inventories ahead of what used to be the high of the driving season is obviously weighing on the market," he said.
The market also remain gripped by post-election violence in key crude producer Iran.
Riot police blocked protesters from gathering in Tehran on Wednesday, witnesses said, as Iran's supreme leader warned he will not back down in the face of unrest following the disputed presidential vote.
"In the recent incidents concerning the election, I have been insisting on the implementation of the law and I will be (insisting). Neither the system, nor the people will back down under force," Ayatollah Ali Khamenei said.
It was the latest indication that the clerical regime will not brook dissent over the re-election of President Mahmoud Ahmadinejad despite a wave of public demonstrations and complaints that the June 12 election was rigged.
And in a sign security forces are wasting no time to put down protests, a large presence of riot police and Islamist Basij militiamen stopped a crowd of several hundred people trying to assemble outside the Iranian parliament building, according to a witness.
Analysts are concerned that a worsening of the crisis could cause the Iranian government to cut off oil supplies or block the Strait of Hormuz -- a vital passageway for oil tankers.
Crude oil futures plunged from record high points of more than 147 dollars in July 2008 to about 32 dollars in December as the economic downturn ravaged energy demand but the market has since clawed back ground on recovery hopes.
(AFP)
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