On Wednesday, the exchange rate of dollar vs rupee increased to Rs186 in the inter bank market. In the open market the rupee has devalued to Rs187 against the US dollar.
Economy
The application process registered an overwhelming response whereby SBP received twenty (20) applications from a diverse range of applicants, including domestic commercial banks, microfinance banks, electronic money institutions and FinTech players.
As per the announcement of the Prime Minister to keep the prices at the existing level till 30 June 2022, the government will bear the burden of additional subsidy estimated at around Rs 33 billion for fifteen days -Rs 24.07 per litre on petrol, Rs 41.43 per litre on HSD, Rs 32.82 per litre on SKO and Rs 30.74 per litre on LDO for the fortnight (April 1-15)
The import bill increased by 26 percent to $56 billion in the fiscal year 2020-21 from $44.6 billion in fiscal year 2019-20.
Till 10:40am today, 100-index of Pakistan Stock Exchange has gained 261 points, mounting to 44,163 points. If the Supreme Court gave any reasonable decision today, it will revive a bullish sentiment in the stock market.
The PSX benchmark 100-index eroded 1097 points around 10.22 am on Monday and slightly gained as net decline in 100-index stood at 895 till 11.15 am. The stock market has turned volatile today because of a deepening political uncertainty in the wake of dissolution of National Assembly.
Every day, Europeans consume Russian gas, amounting to 200 million to 800 million euros ($880 million) and this factor greatly weakens the effect of the sanctions, regardless of how the payments are made.
In a recent report IMF said “the share of reserves held in US dollars by central banks has dropped by 12 percentage points since the turn of the century, from 71 percent in 1999 to 59 percent in 2021.”