The State Bank of Pakistan (SBP) on Friday injected a total of Rs1.004 trillion into the banking system through dual open market operations (OMOs), using both conventional and Shariah-compliant instruments to manage liquidity.
In the conventional reverse repo OMO, the SBP accepted Rs898 billion against bids of Rs1.098 trillion. This included Rs198 billion for the seven-day tenor at 11.04% and Rs700 billion for the 14-day tenor at 11.01% (partially allotted on a pro rata basis).
Under the Shariah-compliant Mudarabah OMO, the central bank injected Rs106 billion, comprising Rs103 billion for the seven-day tenor and Rs3 billion for the 14-day tenor, both at a higher uniform rate of 11.13%.
Furthermore, the Pakistani rupee continued its upward momentum against the US dollar, appreciating 0.03% in the inter-bank market. By the close of day's trading, the local currency settled at 282.47, up nine paisa from Thursday's close at 282.56.
According to AKD Securities, the rupee strengthened for the third consecutive week against the greenback.
Gold prices in Pakistan rose, mirroring gains in the international market, where US gold futures hit a record high amid uncertainty about whether country-specific US import tariffs would extend to the most commonly traded sizes of gold bars.
Spot prices were little changed but remained on course for a weekly advance. In the domestic market, the price of gold per tola increased by Rs500 to settle at Rs362,700, according to the All Pakistan Sarafa Gems and Jewellers Association. The price of 10-gram gold rose by Rs428 to Rs310,956.
The modest gain came a day after a sharp jump, when gold per tola surged by Rs2,900 on Thursday to close at Rs362,200, driven by strong safe-haven demand and a rally in global bullion prices.
December US gold futures rose 1.1% to $3,491.30 per ounce as of 12:32 pm ET (1632 GMT) after hitting a record $3,534.10 earlier in the session, when the Financial Times first reported the news, according to Reuters.
The spread between US gold futures and spot prices widened and stood at $91. Spot gold steadied at $3,399.91 per ounce, but was up 1% for the week.
Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, according to a ruling on the US Customs and Border Protection service's website, which would be a major blow to global supply chains for the metal.
Some gold refineries, including a large Swiss entity, have paused deliveries of bullion to the US due to uncertainty over whether country-specific US import tariffs will apply to their metal, two sources familiar with the matter told Reuters.
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