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Last update: Mon, 23 Jan 2017 05pm

Money and Banking: Pakistan

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The rupee managed to gain sharply against the dollar on the currency market during the week, ended on January 21, 2017. In the open market, the rupee managed to recover 80 paisas in terms of the dollar for buying and selling at Rs 107.60 and Rs 107.80.
The futures spread decreased by 200bps to 6.98 percent during the outgoing week ended on January 20, 2017. Trading activities on the futures counter also reduced as average daily trading volumes decreased by 1.2 percent to 52.91 million shares.
Japan's GPIF, the world's largest pension fund managing $1.16 trillion in assets, plans to increase investment in private equity and infrastructure projects in 2017 after first hiring outside managers to handle such deals.
KARACHI: Rupee's appreciation versus the dollar continued on the money market on Saturday in the process of trading, dealers said. The rupee recovered more 10 paisas in terms of the dollar for buying at Rs 107.60 and it also gained 20 paisas for selling and Rs 107.80, they said. The rupee, however, lost 30 paisas in terms of the euro for buying and selling at Rs 114.10 and Rs 115.60 respectively, they said.
Punjab University Hailey College of Commerce in collaboration with State Bank of Pakistan organized an awareness session on Islamic Banking & Finance at its seminar hall. On this occasion, PU Vice Chancellor Professor Dr Zafar Mueen Nasir, Dean Faculty of Commerce and Principal College Dr Hassan Mobeen Alam, Chief Manager SPB BSC Javaid Ahmad Bhatti, Deputy Chief Manager Huma Mahmood Bukhari, Divisional Head Product Development MCB Arshad Hussain Zubari, Head of Sharia Compliant MCB Islamic Mufiti Syed Sabri Hussain, faculty members, students and a large number of people from diverse fields were present.
Prime Minister AJK, Raja Farooq Haider Khan, called on the Finance Minister, Senator Muhammad Ishaq Dar, here Saturday. Matters relating to development projects and overall financial situation in AJK were discussed during the meeting. Raja Farooq Haider Khan apprised the Finance Minister of the development priorities and plans of the AJK Government. He also stressed on the need for inclusion of AJK in foreign funded projects implemented across the four provinces.
The rupee moved slightly in relation to the dollar on Friday in the process of trading, dealers said. The rupee gave up overnight gains in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively, they said.