Business News
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Rupee crosses 190 vs US dollar | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its record breaking spree, as it surpassed a major barrier of Rs190 against the US dollar for the first time in the inter-bank market mainly owing to political and economic instability in the country. The rupee dropped 0.72% (or Rs1.36) to an all-time low at Rs190.02 against the greenback on…
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Karot project’s first unit starts running | The Express Tribune
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[ad_1] ISLAMABAD: The unit-1 of Karot hydropower project with production capacity of 180 megawatts of electricity started running after the successful commissioning of “Wet Test”. “The energy produced from the unit-1 will provide support to the national grid in alleviating the energy crisis,” remarked Karot Power Company CEO Wang Minsheng. The unit-1 with capacity of…
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The dollar problem | The Express Tribune
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[ad_1] LONDON: Barely recovered from a two-year bout of Covid, emerging markets now face capital flight, inflation, and even debt defaults as the dollar’s run to two-decade highs tightens the screws. Almost all past emerging market crises were linked to dollar strength. As the dollar rises, developing countries must tighten monetary policy to head off…
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Rs16b sought for food subsidy | The Express Tribune
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[ad_1] ISLAMABAD: The Ministry of Industries and Production has sought immediate release of Rs16 billion on account of subsidy under the Prime Minister’s Relief Package 2020 to cover arrears of previous months. The ministry approached the Economic Coordination Committee (ECC) of the cabinet, asking it to direct the Finance Division to release the total outstanding…
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Market watch: Rupee fall, political turbulence pull stocks down | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange witnessed selling pressure on Wednesday, following rupee’s fall to an all-time low amid political turbulence, which dragged the benchmark KSE-100 index below the 43,000-point mark. Moreover, concerns about terms of the resumed IMF loan programme and delay in approval of Saudi Arabian aid package also contributed to the bearish…
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‘No change in trade policy with India’ | The Express Tribune
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[ad_1] ISLAMABAD: The coalition government on Wednesday clarified that there is no change in Pakistan’s policy on trade with India after the federal cabinet approved the appointment of Trade and Investment Minister in the Pakistani High Commission in New Delhi. The development has triggered speculations that the new government had decided to restore bilateral trade…
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US dollar climbs over 190-mark during intraday trade
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[ad_1] A representational image of Rs1,000 note and Rs5 coins. — AFP/File KARACHI: The Pakistani rupee surpassed all records on Wednesday, selling at above Rs190 against the dollar in the interbank market during intraday trading, to continue down a slide in the wake of the deepening economic crisis in the country. The local currency was…
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Dollar touches all-time high of Rs190 | The Express Tribune
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[ad_1] KARACHI: Pakistani currency hit a new all-time low of Rs190 against the US dollar in intra-day trade in the interbank market on Wednesday. Besides, the Pakistan Stock Exchange (PSX) lost over 500 points. The rupee and stocks both nosedived ahead of the resumption of talks with the International Monetary Fund (IMF) in Doha on…
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Gas prices hit new record in US
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[ad_1] Customers pump gasoline into their cars at a gas station in the Bronx, on June 1, 2018, in New York. — AFP WASHINGTON: US gas prices reached a record high Tuesday, as President Joe Biden said fighting inflation is his “top domestic priority.” The price at the pump hit $4.37 per gallon, according to…
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World Bank assures support for reforms | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan is currently facing monetary and fiscal challenges due to rising global commodity prices, said Federal Minister for Finance and Revenue Miftah Ismail. During a meeting with World Bank South Asia Region Vice President Hartwig Schafer on Tuesday, Ismail said that the government was cognisant of these issues and was taking pragmatic steps…
