Key Takeaways
- The Pakistani rupee gained marginally against the US dollar in inter-bank market.
- Finance Minister Muhammad Aurangzeb launched the InvestPak Portal to broaden access to government securities.
- International currencies showed mixed performance, with the dollar steadying near a two-week low.
The Pakistani rupee registered a marginal gain against the US dollar in the inter-bank market on Monday. At close, the local currency settled at 278.11, marking an increase of Re0.01 from Friday's closing rate of 278.12.
In his remarks during the launch of the State Bank of Pakistan’s (SBP) InvestPak Portal, Finance Minister Muhammad Aurangzeb highlighted that the government intends to gradually reduce its reliance on commercial banks for financing by broadening access to government securities through digital investment platforms.
The central bank launched the InvestPak Portal as a digital investment platform aimed at streamlining and digitizing the process of investing in government securities. This initiative is part of broader efforts to diversify the government’s investor base, alongside accelerating Pakistan's digital transformation.
Internationally, the US dollar showed signs of stabilization near a two-week low on Monday, with investors scaling back bets on a Federal Reserve rate hike this year. The euro was trading at $1.1435, close to its strongest level in two weeks, while sterling stood at $1.3351.
The Japanese yen remained near a 40-year low, with traders remaining cautious about potential intervention after a sudden surge in buying briefly lifted the currency on Thursday. The South Korean won firmed slightly during its first day of historic 24-hour onshore spot dollar-won trading, fetching 1,534 per dollar.
Oil prices remained largely unchanged on Monday, trading around pre-Iran war levels as Saudi Arabia slashed its official selling prices and OPEC+ approved another production target increase starting in August. Brent crude futures were at $72.19 a barrel, up 7 cents or 0.1%, while U.S. West Texas Intermediate crude was at $68.81 a barrel, up 12 cents or 0.2%.
In the open market, the Pakistani rupee lost 3 paise for buying and 2 paise for selling against USD, closing at 278.75 and 279.38 respectively. Against Euro, it gained 17 paise for buying and 24 paise for selling, closing at 318.68 and 321.88 respectively. Against UAE Dirham, the PKR lost 4 paise for buying and remained unchanged for selling, closing at 75.99 and 76.57 respectively. Against Saudi Riyal, it lost 6 paise for buying.
The Finance Minister's comments underscored the government’s commitment to digital financial inclusion and diversification of investment options. The launch of InvestPak Portal is expected to attract a broader investor base, contributing to the overall stability and growth of Pakistan’s economy.
