Business News
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Gold sees highest single-day plunge in Pakistan
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[ad_1] An undated photograph of gold bullions. — AFP/File As the rupee slightly recovered against the US dollar, gold price in Pakistan on Tuesday registered its highest single-day drop. Investors also kept a close watch on the US Federal Reserve’s interest rate hike decision and policy outlook. The price of gold (24 carats) plunged by…
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Rupee gains ground, eases slightly from historic low
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[ad_1] Foreign currency dealer selling US dollar bills at a money exchange company in Karachi on January 10, 2023. — INP After falling against the US dollar for three consecutive sessions, the Pakistani rupee reversed the trend on Tuesday. The local unit gained nearly Rs2 against the US dollar to reach Rs267.89 after the developments…
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BD secures $4.7b from IMF as Pakistan, Sri Lanka see delays | The Express Tribune
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[ad_1] The International Monetary Fund (IMF) has approved loans of $4.7 billion to Bangladesh for disbursal starting immediately, making it the first to secure such funds out of three South Asian countries that applied last year amid economic trouble. The loans are a win for Prime Minister Sheikh Hasina ahead of a general election early…
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IMF approves $4.7bn Bangladesh support package
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[ad_1] An undated image of the general view of the International Monetary Fund headquarters in Washington. — AFP DHAKA: The International Monetary Fund (IMF) has signed off on a $4.7 billion support loan package for Bangladesh to help it cope with soaring energy and food costs that have sparked huge protests. Bangladesh and other South Asian…
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Pakistan braces for fuel shortages amid liquidity crisis | The Express Tribune
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[ad_1] KARACHI: Pakistan could face a crunch in fuel supplies in February as banks have stopped financing and facilitating payments for imports due to depleting foreign exchange reserves, traders and industry sources said. The country is facing a balance of payments crisis and the plummeting value of the rupee is pushing up the price of…
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Rupee’s weakness ‘still has further to run’: Fitch Solutions
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[ad_1] People enter a money changer shop in the blue area in Islamabad on January 26, 2023. — Online, Fitch Solutions on Tuesday predicted that the rupee’s weakness still has “further to run”, which will have broader economic implications for the country — already gripped by a major economic crisis, with the rupee plummeting, inflation…
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IMF instructs Pakistan to ‘strictly’ adhere to financial discipline
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[ad_1] Minister for Finance and Revenue Senator Ishaq Dar holds a meeting with the International Monetary Fund review mission led by Nathan Porter at Finance Division on January 31, 2023. — Twitter/@FinMinistryPak ISLAMABAD: The International Monetary Fund (IMF) Tuesday stressed on “strict adherence” to financial discipline in its talks with Pakistan as the two sides…
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Gold soars to new life high of Rs210,500 per tola
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[ad_1] People buy jewellery at a jewellery store in Amritsar on October 22, 2022. — AFP/File Pakistan’s gold market opened the week on a whopping note to hit a new high Monday as the rupee bled more value on the altar of the International Monetary Fund (IMF) so that Pakistan could finally win a long-denied…
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Power consumers brace for tariff rise | The Express Tribune
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[ad_1] ISLAMABAD: Electricity consumers are bracing for another shock as power tariff is likely to be increased following the free fall of Pakistani rupee against the US dollar in the past one week. However, the Pakistan Muslim League-Nawaz (PML-N) led coalition government will be in trouble and face a political backlash if it goes for…
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Rupee down in the dumps as dollar continues to flex muscles
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[ad_1] A dealer counts US dollars at a money exchange market in Karachi on January 26, 2023. — AFP/File The rupee continued its downward slide for the third consecutive day on Monday, losing Rs7.03 to a dollar or 2.61% to close at a new all-time low of Rs269.63 against the greenback in the interbank market.…
