Dollar shows a significant increase against the rupee

Karachi, July 08, 2013 (PPI-OT): Dollar shows a significant increase against the rupee. Open market rates were as high as Rs.102. This sudden increase may be a result of a concoction of causes, ranging from US economic recovery, to Pakistan’s IMF package and economic outlook.

Gold prices in the international market did take a dip to lower $1200s but seemed to gain stability over $1240. Investors in gold funds, whose value slumped a record $44.7 billion in the second quarter, may do better in the second half of the year if history is any guide. Gains averaged 1.3 percent in the second half from 1981 to 2000, when gold endured a two-decade bear market, data compiled by Bloomberg show.

First-half losses averaged 3.9 percent in the period. Investors sold 404.4 metric tons from exchange-traded products backed by the metal in the second quarter as prices tumbled into a bear market in April. Gold swung between gains and losses after better-than-expected U.S. jobs data lifted the dollar to the highest level since July 2010 and increased speculation that the U.S. Federal Reserve will scale back stimulus. Gold for immediate delivery traded little changed at $1,223.53 an ounce at 2:10 p.m. in Singapore after advancing and declining 0.6 percent.

Rice stockpiles in the US market are expanding to the highest level in 12 years as production increases to a record, adding to a worldwide surge in agricultural output that is poised to diminish the $1.1 trillion global food-import bill.

Settlement Prices at PMEX were as follows with volumes at Rs 4.04 billion with 17,864 lots traded:

GOLD: USD 1,230.7 /t oz
SILVER: USD 19.038 /t oz
CRUDE OIL: USD 103.1 / barrel
IRRI-6: Rs. 3,682 /100 kg
Palmolein: Rs. 4,393 / Mound
Sugar: Rs. 47.00/kg
Wheat: Rs. 3,408/100 kg
ICotton: US cents/pound 86.70

For more information, contact:
Sarang Abbasi
Asst. Manager, Risk and Analytics
Pakistan Mercantile Exchange
9th Floor, PRC Towers, 32-A,
Lalazar Drive M.T.Khan Road,
Karachi, Pakistan.
Cell: +92-03215148905
Fax: +92-35611263
UAN: +92-21-111-623-623, 99210650-61

Leave a Reply