The State Bank of Pakistan (SBP) injected a cumulative Rs3.21 trillion into the banking system on Friday through conventional and Shariah-compliant open market operations (OMOs) to support the government's fiscal needs.
According to SBP data, Rs3.03 trillion was accepted under the conventional reverse repo (injection) facility. This included Rs63.95 billion for a 7-days tenor at 11.01% and Rs2.97 trillion for a 14-day tenor at the same rate.
Separately, under the Shariah-compliant Mudarabah-based OMO, the SBP accepted Rs176 billion, including Rs106 billion for a 7-day tenor at 11.13% and Rs70 billion for a 14-day tenor at 11.11%.
The rupee gained 0.01% against the US dollar, closing at 281.37 in the interbank market. According to Ismail Iqbal Securities, the rupee has depreciated 1% since the start of 2025 but remains up 0.85% in the current fiscal year.
Meanwhile, gold prices fell in Pakistan on Friday, moving against the international trend where the yellow metal rose after US inflation data boosted bets on Federal Reserve rate cuts later this year.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped Rs1,000 to Rs395,800, while 10 grams slid Rs858 to Rs339,334. On Thursday, the local market had also seen a Rs2,000 decline, pushing per tola to Rs396,800.
Silver prices edged higher, with per tola up Rs64 to Rs4,499.
Spot gold rose 0.8% to $3,777.79 per ounce as of 1504 GMT, after hitting a record $3,790.82 earlier in the week. The metal has gained 2.5% this week.
Meanwhile, the Federal Board of Revenue (FBR) has launched a crackdown on jewellers evading taxes after data revealed massive underreporting and non-filing in the sector.
According to the FBR chairman, over 35,000 jewellers are on record, but compliance is low. More than 14,000 have not filed tax returns, 6,000 declared zero income, and 15,000 misreported earnings.
In a meeting with a 15-member delegation of the APGJSA, led by President Qasim Shakarpuri, it was agreed a four-member committee would be formed to address industry concerns.
The FBR chief assured that raids on jewellery markets will remain suspended until September 30 to allow jewellers to correct declarations. He warned strict action will follow against those failing to file accurate returns and pay due taxes.
To improve monitoring, FBR has categorised jewellers into four groups — A, B, C, and D. Category A shops will display a green plate, while Category B will show a yellow plate, marking compliance status.
Shakarpuri urged members to file accurate returns before the deadline to avoid punitive measures.
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