Business News
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Rupee makes suprising recovery of over Rs13 per dollar
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[ad_1] An undated image of a currency dealer counting $100 notes. — AFP In a surprise move, the volatile Pakistani rupee made a sharp recovery of nearly Rs14, closing at Rs285.08 against the US dollar in the interbank market on Friday. At a point, the rupee had recovered over Rs14, to Rs284 per dollar, however,…
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Rupee makes recovery against USD, appreciates by 5% | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee dramatically recovered 5%, or Rs15, to the pre-political crisis rate of Rs284 against the US dollar in the interbank market on Friday. Yesterday, the currency had nosedived to an all-time low at Rs299 against the greenback. The rupee had slumped by around 4%, or Rs14 in the past two days…
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IMF calls on Pakistan to secure ‘significantly more financing’ for completing programme
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[ad_1] The seal for the International Monetary Fund (IMF) in Washington, DC, US, January 26, 2022. — AFP The International Monetary Fund (IMF) said on Thursday that crises-gripped Pakistan needs significant additional financing for the completion of the long-stalled ninth review of the bailout programme, Reuters reported. The IMF said it is essential for Pakistan…
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Ishaq Dar asserts Pakistan will not default even without IMF deal
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[ad_1] Minister for Finance and Revenue Ishaq Dar chairs a meeting of the Economic Coordination Committee on May 10, 2023. — Twitter Days after Moody’s International Service warned of the possibility that Pakistan could default, Finance Minister Ishaq Dar rubbished what he termed as “rumours” on Thursday. Addressing the Islamabad Security Dialogue, he asserted that…
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SBP-held reserves continue downward trend
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[ad_1] US dollar banknotes are seen in this undated file photo. — AFP As the country continues to struggle with its worsening balance of payments crisis, the foreign exchange reserves held by the State Bank of Pakistan (SBP) continued to decrease, data shared by the central bank showed Thursday. The SBP, in its weekly bulletin,…
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Forex reserves fall by $74m to $4.4b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank fell by 1.7% on a week-on-week basis to $4.4 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday. On May 5, 2023, the SBP’s foreign currency reserves stood at $4,383.4 million, down by $74 million as compared to $4,457.2…
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Dar puts on brave face despite lurking default | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Ishaq Dar on Thursday put on brave face, expressing optimism that Pakistan would not default on its external repayments as the government struggled to resolve an acute balance of payments crisis in the absence of a deal with the International Monetary Fund. The statement came as the IMF said in a scheduled press…
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Gold price drops in Pakistan by more than Rs2,000 per tola
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[ad_1] Gold rate Thursday dropped by more than Rs2,000 in Pakistan a day after reaching an all-time high, with market experts terming the fluctuations in the international market as the reason behind today’s fall. The rate of gold (24 carats) decreased by Rs2,700 per tola and Rs2,314 per 10 grams to reach Rs237,300 and Rs203,447,…
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Rupee races to 300, trades at new low of 299 per dollar in interbank market
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[ad_1] An undated image of a currency dealer counting Rs500 notes. — AFP The rupee tumbled to a record low as the cash-strapped nation continues to grapple with the political turmoil which threatens to spiral into a fullblown crisis. In the interbank market, the local unit plunged Rs8.78, or 3.02%, against the US dollar on…
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IMF to ‘continue engagement’ despite political unrest: report | The Express Tribune
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[ad_1] The International Monetary Fund (IMF) said that it will “continue engagement with the government on the loan despite the ramp-up in political tensions”, Bloomberg reported on Thursday. The remarks by the IMF come days after former prime minister Imran Khan was arrested from the Islamabad High Court (IHC) on May 9 in the Al-Qadir Trust…
