Business News
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Dollar soars to Rs208.39 in interbank market
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[ad_1] A representative image. KARACHI: The dollar continued its upward trend to trade at Rs208.39 to a dollar in the interbank market amid increasing uncertainty over the revival of the International Monetary Fund’s loan programme stalled over policy breaches by the previous government. The local unit lost 0.72 during the intraday trade, according to the…
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Rupee free fall continues as dollar hits 209 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee plunged beyond Rs209 against the US dollar for the first time in the inter-bank market in the early hours on Friday. The greenback was available at a record low level of Rs209.19 against the USD, a currency dealer reported at 10:16 am. It had closed at Rs207.67 on Thursday. Cumulatively,…
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Rupee free fall continues as dollar hits Rs209 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee plunged beyond Rs209 against the US dollar for the first time in the inter-bank market in the early hours on Friday. The greenback was available at a record low level of Rs209.19 against the USD, a currency dealer reported at 10:16 am. It had closed at Rs207.67 on Thursday. Cumulatively,…
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SBP’s forex reserves fall $241m to $8.99b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank decreased 2.6% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On June 10, the foreign currency reserves held by the SBP were recorded at $8,985.3 million, down $241 million compared with $9,226.2 million on June…
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IT export tax to hamper youth’s potential | The Express Tribune
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[ad_1] KARACHI: Professionals and experts from the information technology sector have voiced fear that the proposed tax on IT exports in the budget for FY23 will largely hamper the earning potential of the youth. Of the Rs9.5 trillion federal budget, Rs6,331 million has been allocated for the IT and Telecom Division while Rs5,716 million has…
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Rupee hits all-time low at 207.67 | The Express Tribune
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[ad_1] KARACHI: Pakistani currency has maintained record-making downward streak on the fifth consecutive working day, as it freshly slumped 0.58% (or Rs1.21) on day-to-day basis to an all-time low at Rs207.67 against the US dollar on Thursday. It hit an intra-day record low of Rs208.25 before partially recovering to close at Rs207.67. It had closed…
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NEPRA approves tariff hike of Rs1.55 | The Express Tribune
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[ad_1] ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved an increase of Rs1.55 per unit in power tariff on account of quarterly adjustment. Power distribution companies (DISCOs) will recover Rs39 billion from the consumers following the tariff revision. The regulatory authority, in a decision on Thursday, allowed an increase in power tariff on…
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Large industries grow 10.7% | The Express Tribune
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[ad_1] ISLAMABAD: The large-scale manufacturing sector grew 10.7% in the first 10 months of current fiscal year – a momentum that may be lost in the next fiscal year due to the increasing cost of production and the policy to slow down the economy. The Pakistan Bureau of Statistics (PBS) on Thursday released the data…
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Oil rebounds on new Iran sanctions | The Express Tribune
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[ad_1] NEW YORK: Oil prices rebounded from earlier losses after the United States announced new sanctions on Iran, and as supply concerns remain at the forefront for energy markets that have seen prices soar throughout the year. The market had been lower earlier as interest rate hikes in the United States, Britain and Switzerland fed…
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Govt urged to control ‘dollarisation’ | The Express Tribune
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[ad_1] LAHORE: Pakistan cannot afford a “dollarised” economy, therefore, the government should control dollar flight without any further delay, said Lahore Chamber of Commerce and Industry (LCCI) President Mian Nauman Kabir. “Dollarisation is a situation when the local currency loses its stability as a medium of exchange due to hyperinflation or instability and the same…
