Express
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Rupee depreciates to 5-week low | The Express Tribune
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[ad_1] KARACHI: Pakistani currency on Thursday hit a five-week low at Rs278.48 against the US dollar in the inter-bank market, maintaining its downward trend over the past one month amid speculation about lower supply of the foreign currency and an uptick in its demand in the market. According to the State Bank of Pakistan’s (SBP)…
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RDA inflows at 19-month high | The Express Tribune
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[ad_1] KARACHI: The foreign currency investment made by overseas Pakistanis through the Roshan Digital Account (RDA) reached a 19-month high at $182 million in March 2024, which indicated an increase in confidence of expatriate Pakistanis in the national economy. According to the State Bank of Pakistan’s (SBP) data, the inflows increased by 29% to $182…
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Stocks soar to new high above 72k | The Express Tribune
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[ad_1] KARACHI: Bulls made a comeback at the Pakistan Stock Exchange (PSX) on Wednesday as the KSE-100 index touched a new peak above the 72,000-point mark over improved economic prospects. Earlier, trading began on an optimistic note and the KSE-100 index hit the intra-day high of 72,414.32 points in the initial hours as investor confidence…
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Oil prices fall as ME tensions ease | The Express Tribune
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[ad_1] LONDON: Oil prices were moderately lower on Wednesday as worries over conflict in the Middle East eased and business activity in the world’s largest oil consumer slowed, however, a fall in US crude oil inventories put a floor on those losses. Brent crude futures were down 27 cents, or 0.31%, to $88.15 a barrel…
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Industrialists urge action on Pak-Iran trade targeting $10b | The Express Tribune
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[ad_1] KARACHI: Welcoming the Pak-Iran bilateral trade target of up to $10 billion, industrialists, exporters, and importers have called for exploring avenues for local currency or barter trade, tapping into Iran’s potential in the energy sector, and resolving the Pakistan-Iran gas pipeline issues, among others, immediately in the larger interest of the country. Industrialists advocate…
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IMF board to finalise $1.1b disbursement on Monday | The Express Tribune
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[ad_1] KARACHI: The executive board of the International Monetary Fund (IMF) will meet on April 29 to discuss the approval of $1.1 billion funding for Pakistan, the fund said on Wednesday. The funding is the second and last tranche of a $3 billion standby arrangement with the IMF, which was secured last summer to avert…
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Power sector needs new roadmaps | The Express Tribune
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[ad_1] ISLAMABAD: The chief executive officer of K-Electric (KE) has stressed that privatisation is the way forward to address the circular debt and formulation of clear long-term roadmaps can expedite the energy sector’s progress. He stated this while speaking at a panel discussion on the way forward for Pakistan’s power sector at the 7th Leaders…
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C/A surplus hits 9-year high | The Express Tribune
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[ad_1] KARACHI: Pakistan’s current account balance made history by hitting a nine-year high surplus of $619 million in March 2024. This reduced the cumulative current account deficit to $508 million in the first nine months of the fiscal year 2023-24. The country has maintained a surplus in the current account for the second consecutive month…
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March 2024 records highest-ever IT exports | The Express Tribune
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[ad_1] ISLAMABAD: ICT export remittances surged by $339 million (17.44%) to $2.283 billion during July 2023 to March 2024 of FY2023-24 compared to $1.944 billion reported for the same period last year. In March 2024, ICT services export remittances surged to $306 million, a remarkable increase of 36% compared to $225 million in March 2023.…
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Notable oil and gas reserves discovered in Sindh’s Daharki | The Express Tribune
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[ad_1] DAHARKI: In a significant development that brings relief to the people of Pakistan grappling with a persistent gas shortage, Mari Petroleum Company Limited (MPCL) on Monday announced the discovery of notable oil and gas deposits in Daharki district of Sindh. The company stated that the Shawal-1 well, drilled in January 2024, reached a total…
