FOREX MARKET ANALYSIS

We allocated a portion of our total funds, which amounts to 500 million Rupees, for investment
purposes. This investment is distributed across two currencies within the FOREX market. Within this
allocation, 150 million Rupees has been invested, with 90 million in USD and 60 million in GBP.The
decision to invest such a substantial amount over the course of several weeks in the FOREX market,
particularly in these two specific currencies, was driven by several factors. Chief among these is the
heightened uncertainty within the country's economic landscape. This strategy also serves the purpose
of mitigating the risks associated with the prevailing volatility in the business market, attributed to both
political and economic instability. In addition to enabling banks to leverage arbitrage opportunities and
achieve profitability, this approach also provides advantages for our export-oriented clients. Over time,
financial institutions have generated substantial returns by exploiting the potential of this market
volatility. Enclosed herewith is a comprehensive examination of both currency positions.

USD:
Week 1: In the first week, we invested approximately 10,000,000 PKR in USD at a rate of 285.118 PKR
per dollar on June 13, 2023. Based on our assessment, we anticipated an upward movement in the USD
value. Consequently, we purchased 35,073.19 US Dollars from that amount. Subsequently, as per our
expectations, the USD value indeed increased to 287.42 PKR. Given the circumstances, we projected a
decline in the US Dollar value, leading us to sell the entire 35,073.19 US Dollars at a rate of 287.42 PKR
per dollar. This transaction yielded 10,080,736.27 PKR on June 14, 2023.

Week 2: In the second week, we patiently waited a decrease in the price to secure the opportunity of
acquiring more US dollars. On June 24, 2023, the price once again reached 285.08 PKR per Dollar,
prompting us to invest 10,000,000 PKR for the purchase of 35,077.87 Dollars. Subsequently, we engaged
in a short sale on the following day, June 25, 2023, at a rate of 286.38 PKR. This move resulted in a
cumulative gain of 45,600.41 PKR.

Week 3-4: On June 22, the Prime Minister of Pakistan met with the IMF Managing Director, aiming to
facilitate a $6 billion bailout and secure the disbursement of a crucial tranche amounting to $1.1 billion
in loans. This scenario distinctly suggests an anticipated influx of foreign currency and a potential
decrease in the USD to PKR exchange rate. Consequently, we refrained from engaging in the purchase
and sale of USD during both the third and fourth weeks.

Week 5: On July 12, 2023, the International Monetary Fund transferred $1.2 billion to the nation's
central bank, marking the initial installment of a $3 billion bailout program aimed at alleviating the
financial strains on the country. This event suggests a potential upcoming decline in the Dollar rate,
emphasizing the importance of accurately timing our actions during the impending growth phase. Thus,
on July 14, 2023, when the exchange rate stood at 273.31, we made the decision to invest 60,000,000
PKR to acquire USD.

Week 6: The currency's price began to rise gradually, and we chose not to sell our 219,530.93 USD. We
allowed the week to unfold while patiently waiting for the price to reach its peak.
Week 7-8: As week 7 commenced, the price reached an all-time high of 286.33 on July 24, 2023. At this
point, we made the decision to sell our reserved USD holdings in the market and secure a considerable
profit. Through our calculations, we determined that the maximum profit from our foreign currency
investment amounted to 2,858,291.19 PKR.

Here's how we calculated it:

Initial Investment: 273.31 × 219,530.93 USD = 60,000,000 PKR

Selling Price: 286.33 × 219,530.93 USD = 62,858,291.19 PKR

Profit: 62,858,291.19 PKR - 60,000,000 PKR = 2,858,291.19 PKR

Week 8-9:

On July 29, 2023, the price experienced a decline to 285.30. At that juncture, we made the strategic
decision to extend our position by purchasing 35,050.82 USD for 10,000,000 PKR. Our intention was to
hold this position until the price reached its historical peak. Consequently, we exercised patience,
waiting for the opportune moment. This moment arrived on August 11, 2023, when the price touched
289.16. On this day, we divested all our USD holdings in the market, yielding a profit of approximately
135,295.11 PKR.

In summary:

Total Initial Investment: 90,000,000 PKR

Total Returns: 93,119,922.98 PKR

Overall Profit: 3,119,922.98 PKR

GBP:

Week 1: We initiated our investment in GBP on June 12, 2023, when it was valued at 362.44 PKR. Our
objective was to achieve short-term gains. After retaining this position for two days, we opted to sell it
on June 15, 2023, at a rate of 368.59 PKR. During this transaction, we acquired a total of 55,181.54 GBP
and realized a profit amounting to 339,366.51 PKR upon conversion.

Week 2-3: During the second week, the price began to decrease, prompting caution in our investment
decisions. To sidestep potential volatility, we refrained from investing in the second week.

However, we chose to take a calculated risk by purchasing 10,000,000 PKR worth of GBP at a rate of
361.2 on June 28, 2023. Subsequently, we executed a sale on June 30 when the price had risen to 364
PKR. This strategic move resulted in an overall gain of 77,519.37 PKR.

Week 4-5: Opting to take on risk once more, we embarked on a purchase of 30,000,000 worth of GBP on
July 1 at a rate of 361.4 PKR. However, the situation altered due to the loan granted by the IMF, leading
to a decline in GBP's value and an appreciation of the Rupee in comparison. Consequently, we found
ourselves in a position requiring us to exercise patience until a favorable price emerged. Ultimately, the
decision was made to carry out a sale on July 10, 2023, at a rate of 357.9. Unfortunately, this move
resulted in a loss amounting to 290,536.8 PKR.

Week 6-8: Observing the volatile and uncertain nature of the GBP market, we made the decision to
withhold further investments. Given that we had already suffered a loss due to a previous risk taken and
a misinterpretation of the prevailing conditions, we opted to step back during these two weeks. Instead,
our approach was centered around precise analysis and diligent observation of the market's patterns.

Week 9: To round out the portfolio investment, we allocated the remaining 10,000,000 GBP investment
fund at an opportune juncture when the market was stabilizing and readjusting itself. We procured this
at a rate of 361.6 PKR on August 3, 2023. Subsequently, after meticulous examination of the
circumstances, we executed a sale on August 12, 2023, at a rate of 367.5 PKR. This strategic maneuver
culminated in a total profit of 163,163.71 PKR.

In summary:

Total Initial Investment: 60,000,000 PKR

Total Returns: 60,289,512.7 PKR

Overall Profit: 289,512.7 PKR

COMMODITIES ANALYSIS

The primary motive behind investing in commodities was akin to the FOREX market – the prevalence of
uncertain economic circumstances and the exacerbating conditions driven by escalating inflation, the
appreciating dollar, the depreciation of our currency, and the upward trajectory of other commodity
prices. This was the impetus for our decision to venture into this sector.

Out of the overall available funds, we have allocated 20% toward Gold, amounting to 100,000,000 PKR.
Presented below is a comprehensive analysis of the investment in Gold.

GOLD:

Week 1: We initiated our strategic investment with an initial capital of 100,000,000 PKR. Observing the
gold market dynamics and the prevailing price of 210,942.4 PKR per tola on June 10, 2023, we set our
course for the upcoming weeks.

Week 2: Amidst fluctuating market conditions and in consideration of the gold price rates, we continued
to observe and analyze. The gold price remained relatively stable.

Week 3: Recognizing an opportune moment, we commenced our investment in week 3. On June 28,
2023, we entered the market, purchasing gold at 206,262.8 PKR per tola. With a careful allocation of
funds, we made calculated investments.

Gold Price on June 28: 206,262.8 PKR per tola

Sold 100,000,000 / 210,942.4 = 474.43 tolas

Earnings: 474.43 × 206,262.8 = 97,998,024.604 PKR

Week 4: Our investment continued to evolve as we navigated the market. On July 3, 2023, we noted a
gold price of 206,413.2 PKR per tola. Our actions were guided by careful analysis and market trends.

Gold Price on July 3: 206,413.2 PKR per tola

Bought 97,998,024.604 / 206,413.2 = 474.18 tolas

Week 5: The market dynamics prompted us to evaluate and adapt our strategy. On July 10, 2023, with
gold priced at 201,819.6 PKR per tola, we remained vigilant and made informed decisions.

Gold Price on July 10: 201,819.6 PKR per tola

Sold 474.18 tolas * 201,819.6 = 95,729,279.9288 PKR

Earnings: 95,729,279.9288 - 97,998,024.604 = -2,268,744.6752 PKR (Loss)

Week 6: As market conditions persisted, we continued to monitor the gold price trends. On July 17,
2023, the gold price stood at 202,273.3 PKR per tola, shaping our calculated approach for the weeks
ahead. No transaction this week

Week 7: Staying attuned to the evolving situation, we made strategic choices. On July 24, 2023, with the
gold price at 210,045.2 PKR per tola, we maintained our investment direction.

No transaction this week

Week 8: Our investment journey advanced, guided by our analysis of market patterns. On August 1,
2023, the gold price reached 209,310 PKR per tola, influencing our measured decisions.

No transaction this week

Week 9: As our investment horizon neared its culmination, we remained steadfast in our approach. The
gold price on August 10, 2023, was 206,350.9 PKR per tola, providing insights for our concluding actions.

Gold Price on August 10: 206,350.9 PKR per tola

Bought 95,729,279.9288 / 206,350.9 = 464.25 tolas

Total Earnings: 97,998,024.604 - 95,729,279.9288 = 2,268,744.6752 PKR (Profit)

In summary, after 9 weeks of buying and selling gold, the portfolio resulted in a total profit of
2,268,744.6752 PKR.
https://www.forbes.com/advisor/money-transfer/currency-converter/usd-pkr/

https://www.forbes.com/advisor/money-transfer/currency-converter/gbp-pkr/?amount=1

https://goldpricez.com/gold/history/pkr/months-3