Business News
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Rupee climbs over 200-mark against US dollar in open market
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[ad_1] A representational image of a currency dealer counting currency notes. — AFP/File KARACHI: The Pakistani rupee surpassed the important threshold of 200 during intraday trading in the open market against the US dollar with a loss of nearly Rs2 on Wednesday, Geo News reported. Meanwhile, in the interbank market, the local currency continues to…
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Pakistani rupee devalues close to much anticipated Rs200 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee devalued close to the much anticipated Rs200 against the US dollar in inter-bank market. At around 3pm, it was trading at Rs199.61, dropped by Rs3.87 in a single day. The latest depreciation comes amid the resumption of talks between the government and the International Monetary Fund (IMF) for the revival of…
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Govt imposes ‘complete’ ban on import of luxury items | The Express Tribune
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[ad_1] ISLAMABAD: The federal government on Wednesday decided to impose a complete ban on the import of unnecessary and luxury items to deal with the country’s unsettling economic woes, according to Express News. The decision was taken during a high-level meeting held under the chairmanship of Prime Minister Shehbaz Sharif in which the economic situation…
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With coal stocks dipping, power outages to get worse | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan is facing a threat of low levels of coal inventory that might take 3,900 MW out of the national grid, making the situation of power outages worse. The overall shortfall of electricity in the country has reached 5,000 MW.Power Division sources said the total power generation in the country was 21,500 MW…
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ADB reaffirms support to Pakistan | The Express Tribune
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[ad_1] ISLAMABAD: The Asian Development Bank (ADB) has always been a great supporter of Pakistan in pursuing reforms and implementing various development projects in the country, remarked Federal Minister for Finance and Revenue Miftah Ismail. In a meeting with ADB Executive Directors Wan Farissan Bin Wan Suleiman and Noor Ahmed on Tuesday, the minister acknowledged…
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Foreigners on selling spree in bond market | The Express Tribune
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[ad_1] KARACHI: Taking cue apparently from a sharp rise in Pakistan’s default risk in global bond markets, foreign investors have returned to the selling counters in the domestic market, as they pulled out $12 million (Rs2.34 billion) by offloading Pakistan Investment Bonds (PIBs) in a single day. Cumulatively, in the first 10 and a half…
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Rupee dives to 197 vs dollar, recovers partially | The Express Tribune
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[ad_1] KARACHI: Pakistani currency endured a steep decline of 1.5% and plunged to the historic low of approximately Rs197 against the US dollar in intra-day trade in the inter-bank market on Tuesday, but recovered partially towards the close of market following “the central bank’s intervention”. The rupee closed at a new all-time low at Rs195.74…
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No fuel price hike before relief plan | The Express Tribune
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[ad_1] ISLAMABAD: Minister of State for Petroleum Dr Musaddiq Malik has said that Prime Minister Shehbaz Sharif has refused to increase prices of petroleum products until the presentation of a relief plan for the poor and deserving people earning between Rs18,000 and Rs20,000 per month. The Ministry of Petroleum has prepared three alternative plans for…
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Revised import control plan devised | The Express Tribune
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[ad_1] ISLAMABAD: The government has prepared a revised plan to reduce imports by nearly one billion dollars a month through a combination of tariffs and non-tariff measures, as it considers increasing regulatory duties up to 100% to slow down the imports. Finance Minister Miftah Ismail on Tuesday chaired another meeting to review the set of…
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S&P downgrades Credit Suisse Group rating | The Express Tribune
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[ad_1] ZURICH: Credit Suisse Group AG’s credit rating has been downgraded to BBB from BBB+ by Standard & Poor’s, a blow for the Swiss bank which reported a first-quarter loss and is facing increasing shareholder unrest following a string of scandals. Its outlook was changed to stable from negative, the rating agency said. Credit Suisse…
