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Exchange rate difference remains high | The Express Tribune
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[ad_1] KARACHI: The difference between rupee-dollar exchange rates in inter-bank and open markets has remained significantly high compared to the International Monetary Fund’s (IMF) recommended level of 1.25%, breaching a lender’s condition and putting question mark over the ongoing $3 billion loan programme. Pakistani rupee closed unchanged on Thursday at the three-month low of Rs294.92…
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PSX hits six-year high, crosses 49,000 points | The Express Tribune
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[ad_1] KARACHI: The Pakistan stock market maintained a powerful rally on Thursday and crossed the threshold of 49,000 points after a gap of six years. Meanwhile, the Pakistani rupee also made a smart recovery of Rs1.55 to Rs287.83 against the US dollar in inter-bank trade before mid-day today (Thursday). At the Pakistan Stock Exchange (PSX), the…
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US investment hits decade high | The Express Tribune
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[ad_1] LAHORE: US President’s Adviser Shahid Ahmed Khan has said that the US has been a leading investor in Pakistan for the past 20 years and in the most recent fiscal year, its direct investment increased 50%, reaching the highest in over a decade. He invited a delegation from China and Pakistan to a trip…
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SBP maintains record high policy rate | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) has announced its decision to keep the benchmark policy rate unchanged at a record high of 22% for the next six weeks, as it projects a moderate economic growth range of 2-3% for the current fiscal year 2024. SBP Governor Jameel Ahmad, speaking at a press conference…
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PSX registers massive gains to hit 24-month high
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[ad_1] Brokers monitor an index board showing latest share prices at the Pakistan Stock Exchange in Karachi on January 26, 2023. — AFP Shares at the Pakistan Stock Exchange (PSX) rallied past the 48,000 mark Thursday to a 24-month high on positive cues, with market experts expecting the momentum to continue. Bulls took over the…
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India’s forex reserves top $600bn, rise to near 15-month high | The Express Tribune
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[ad_1] MUMBAI: India’s foreign exchange reserves rose for a third straight week and stood at $609.02 billion as of July 14, the highest in nearly 15 months, the Reserve Bank of India’s (RBI) data showed on Friday. The reserves rose by $12.74 billion from the week earlier, the biggest gain in four months. Reserves had…
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ECC members air concern over high electricity cost | The Express Tribune
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[ad_1] ISLAMABAD: Economic policymakers have aired serious concerns over the high cost of electricity generation by K-Electric (KE) and sought a detailed plan to slash the production cost. During discussions at a recent meeting of the Economic Coordination Committee (ECC), the Power Division shared comprehensive calculations and justifications for KE’s quarterly tariff revision. The minister…
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Oil prices up by 2% to 10-week high | The Express Tribune
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[ad_1] NEW YORK: Oil prices jumped about 2% to a 10-week high on Tuesday, boosted by a falling US dollar, hopes for higher demand in the developing world and supply cuts by the world’s biggest oil exporters. Brent futures rose $1.51, or 1.9%, to $79.20 a barrel by 1530 GMT. US West Texas Intermediate (WTI)…
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PSX surpasses 45,000-mark, touches 15-month high
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[ad_1] An investor talks on his phone at the Pakistan Stock Exchange. — AFP/File KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index rallied on Tuesday after positive cues as the cash-strapped nation secured much-needed $2 billion in funds from Saudi Arabia. The market rallied as the index closed the day at 570.67 or 1.28%…
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SBP increases interest rate to record high in emergency huddle
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[ad_1] An undated picture of the State Bank of Pakistan’s building. — AFP/File The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) on Monday raised the policy rate by 100bps to a record high of 22% in an emergency meeting as it expects an increase in inflation due to the raising of taxes and…
