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Pakistan Stock Exchange sets up fund for attack victims

Web Desk 10:26 PM | 2 Jul, 2020
Pakistan Stock Exchange sets up fund for attack victims

KARACHI – The Board of Directors of Pakistan Stock Exchange (PSX) on Thursday announced setting up a fund to financially assist families of the martyred security personnel and those who were injured defending the financial center on June 29th.

The board condemned the cowardly attack in the strongest possible terms, said a news release.

The board deeply appreciated the bravery of the security personnel, who risked their lives, and indeed some of them paid with their lives, to defend the PSX and the country.

The attack targeted not only innocent people but also the economic stability and the investment environment of the country, it added.

The board also commended the PSX management for the calm and effective manner in which the security protocols were implemented. They noted, that despite such an extreme event, the market did not stop working for even a minute and all disaster recovery and business continuity measures worked seamlessly.

The PSX, as the premier capital market of the country, is fully cognizant of its responsibilities and recognizes the suffering caused to the families of those who have been martyred and injured.

The PSX will set up a fund and endowed it with an upfront donation of Rs 10 million. The management is in discussion with brokers, other capital market organizations and institutions who have reached out and expressed a desire to support this effort.

In addition, PSX staff and directors in their individual capacity have also committed their support. Hence, the size of the fund is expected to increase substantially.

PSX attack

Four terrorists attacked the PSX on Monday morning and tried to force their way through a gun and bomb assault. However, in the acts of heroism, the policemen and private security guards put up a fight and killed all the assailants before they could enter the building.

One policeman and three guards were martyred and seven others, including three policemen, were injured in the attack. The deceased were identified as Sub-Inspector Muhammad Shahid and security guards Muhammad Hassan, Khuda-e-Yar and Iftikhar Wahid.

Web Desk
Web Desk

Daily Pakistan Global Web Desk

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Rupee gains massive recovery against US dollar after SBP relaxes rules for banks

KARACHI – The Pakistani rupee experienced a significant surge in its value in the open market against the dollar.

This surge came after a recent directive from the State Bank of Pakistan (SBP), allowing banks to purchase dollars at the interbank market rate for international card payments. The objective of this move was to narrow the exchange rate gap between the official and informal markets.

According to the Exchange Companies Association of Pakistan, the currency market witnessed the dollar being traded at Rs298, compared to its previous day’s closing rate of 311.

The SBP’s decision was influenced by the International Monetary Fund’s demand for Pakistan to stabilize its currency market before resuming a $6.5 billion bailout program.

In a circular, the central bank stated, “In response to the feedback received from various stakeholders, Authorized Dealers are now permitted to buy USD from the Interbank market to settle card-based cross border transactions with international payment schemes (IPS).”

Market analysts had predicted a decline in the value of the rupee following the implementation of these new guidelines.

Zafar Paracha, the General Secretary of the ECAP, expressed that the SBP’s decision was timely and appropriate. He anticipated that it would lead to a decrease of 20 to 25 rupees in the open market currency rate. Paracha also noted that aligning the rates in the official and informal markets would bolster remittance inflows.

Pracha further emphasized that significant disparities in rates between the official and informal markets encourage transactions outside of the official banking system.

https://en.dailypakistan.com.pk/01-Jun-2023/today-s-currency-exchange-rates-in-pakistan-dollar-euro-pound-riyal-rates-on-june-1-2023

Today's gold rates in Pakistan – June 1, 2023

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 229,000 on Thursday. The price of 10 grams of 24k gold was recorded at Rs197,620.   

Likewise, 10 grams of 22k gold were being traded for Rs181,150 while a single tola of 22-karat gold was being sold at Rs 211,290.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 229,000 PKR 2125
Karachi PKR 229,000 PKR 2125
Islamabad PKR 229,000 PKR 2125
Peshawar PKR 229,000 PKR 2125
Quetta PKR 229,000 PKR 2125
Sialkot PKR 229,000 PKR 2125
Attock PKR 229,000 PKR 2125
Gujranwala PKR 229,000 PKR 2125
Jehlum PKR 229,000 PKR 2125
Multan PKR 229,000 PKR 2125
Bahawalpur PKR 229,000 PKR 2125
Gujrat PKR 229,000 PKR 2125
Nawabshah PKR 229,000 PKR 2125
Chakwal PKR 229,000 PKR 2125
Hyderabad PKR 229,000 PKR 2125
Nowshehra PKR 229,000 PKR 2125
Sargodha PKR 229,000 PKR 2125
Faisalabad PKR 229,000 PKR 2125
Mirpur PKR 229,000 PKR 2125

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