Business News
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Rupee falls for second straight session
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[ad_1] A money trader counts US dollars for a customer at a currency exchange office in Karachi on July 19, 2022. — Online The Pakistani rupee fell sharply against the dollar on Wednesday due to import pressure, analysts said. The local currency fell Rs3.26 or 1.16% against the dollar in the interbank market to close…
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Plan for G2G oil deal with Russia shelved | The Express Tribune
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[ad_1] ISLAMABAD: The government has decided to shelve plans for a long-term oil import deal with Russia under a government-to-government (G2G) arrangement and has allowed refineries to strike direct commercial agreements with companies of the European nation. Earlier, Pakistan and Russia agreed to set up a Special Purpose Vehicle (SPV) with the objective of crude…
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Rupee falls first time in four weeks | The Express Tribune
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[ad_1] KARACHI: After recovering 11% in the past 28 consecutive working days, Pakistani currency on Tuesday depreciated 0.07% and closed at Rs277.03 to a dollar in inter-bank market on the back of uptick in demand for the greenback. Market talk suggests the rupee has reached its “fair value” at Rs277/$ and the slight correction did…
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Turkiye eyes $5b trade in next two years | The Express Tribune
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[ad_1] KARACHI: Ambassador of Turkiye to Pakistan Dr Mehmet Pacaci has said that Pakistan and Turkiye can easily push bilateral trade to $5 billion in the next one to two years. However, in the long term, the bilateral trade could reach $20-25 billion, he anticipated. “We should make full use of mutually shared multilateral platforms…
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After gains in 28 consecutive sessions, rupee depreciates
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[ad_1] A vendor at an exchange company counts dollars in this undated photograph. — AFP/File Following 28 days of straight gains against the US dollar, the Pakistani rupee Tuesday fell due to a correction, analysts said. The local currency fell Re0.2 or 0.07% against the dollar in the interbank market to close at 277.03, according…
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Development spending halts | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s federal development spending has come to a grinding halt as a mere Rs57 billion, or equal to 6% of annual budget, was spent during the first quarter of this fiscal year, which delayed the execution of some crucial projects but compensated for fiscal slippages in other areas. Half of the total amount,…
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Pace of rupee rise slows down | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its uptrend in inter-bank market for the 28th successive working day on Monday but it gained less than Rs1 against the US dollar for third day in a row, indicating the currency is gradually entering the stabilisation phase. Earlier, on most of the days in the past four weeks, the…
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Roosevelt Hotel may be declared cultural heritage | The Express Tribune
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[ad_1] ISLAMABAD: As efforts are accelerated to sell Roosevelt Hotel, Pakistan has expressed hope that New York authorities will declare the hotel as a cultural heritage after completion of 100 years since its construction. The matter was highlighted in a recent meeting of the Cabinet Committee on Privatisation (CCOP). The caretaker government has directed the…
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Oil dips on report of US-Venezuela deal | The Express Tribune
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[ad_1] HOUSTON: Oil futures fell on Monday on a report the US and Venezuela could soon reach a deal to ease sanctions on Venezuela if a presidential election date is set, while traders see the Israel-Hamas conflict not affecting crude supplies in the short term. Brent futures were down 59 cents, or 0.67%, at $90.27…
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KE says Karachi to face additional loadshedding due to technical fault
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[ad_1] A KE technician fixes a metre at a residential building. — AFP/File Karachi’s electricity supplier, K-Electric, on Monday announced that a few areas of the port city will be undergoing loadshedding for an hour because of a “temporary fault” in the 500 kV NKI-Jamshoro circuit of the national grid. KE Spokesperson Imran Rana notified about…
