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Rupee continues to rise against dollar for 13th straight session
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[ad_1] A currency dealer counts US dollars at a shop. — AFP/File KARACHI: The Pakistani rupee continued to recover against the US dollar for the 13th consecutive session in the interbank market Tuesday. The rupee closed at Rs217.79, appreciating by 0.18 or 0.08% from yesterday’s close of Rs217.97, according to the State Bank of Pakistan.…
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SBP’s forex reserves rise $2.1b to $10.3b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank increased 14.7% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On June 24, the foreign currency reserves held by the SBP were recorded at $10,309 million, up $2,071 million compared with $8,237.7 on June 17.…
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Nearly Rs18 per litre rise in diesel price likely | The Express Tribune
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[ad_1] ISLAMABAD: The PML-N led coalition government is facing another challenge of making a hefty increase of up to Rs17.78 per litre in the price of high-speed diesel following wide fluctuations in the global crude oil prices. In the case of petrol, the price is expected to go up by Rs3.29 per litre. Similarly, the…
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Refineries await IMF deal as margins rise | The Express Tribune
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[ad_1] ISLAMABAD: As profit margins of refineries rise, they are looking at the signing of a loan revival deal between the government and the International Monetary Fund (IMF), which will push global banks to endorse the Letters of Credit (LCs) for oil import. At present, the international banks are reluctant to confirm the LCs as…
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India rupee hits record low amid sustained rise in global crude | The Express Tribune
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[ad_1] MUMBAI: The Indian rupee hit a record low against the US dollar on Thursday as the relentless surge in global crude oil prices raised concerns about a sustained rise in imported inflation, while choppy domestic shares also hurt. The partially convertible rupee was trading at 77.79/80 per dollar after touching a record low of 77.81.…
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Builders demand higher payments as costs rise | The Express Tribune
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[ad_1] LAHORE: Constructors Association of Pakistan (CAP) Chairman Kamal Nasir Khan has urged the government to negotiate with the representatives of builders for evaluating the loss being inflicted on them due to an unprecedented rise in prices of construction material. It posed a threat to all ongoing projects, which may shut down if suitable escalation…
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Palm oil imports to rise as Indonesia lifts ban | The Express Tribune
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[ad_1] ISLAMABAD: Indonesian Ambassador to Pakistan Adam Mulawarman Tugio has said that Indonesia has lifted the global ban on palm oil export last week and now palm oil supply to Pakistan will improve. “Indonesia is the largest supplier of palm oil to Pakistan and it will now be available in local markets,” said Tugio while…
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Market watch: Stocks rise on hopes of IMF loan resumption | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange managed to post decent gains on Monday, as investors opted to assume fresh positions amid fresh hopes for the resumption of the much-awaited International Monetary Fund’s (IMF) loan programme. The benchmark KSE-100 index, after staying in the positive territory throughout the day, added around 179 points to finally settle…
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Bond yields rise further | The Express Tribune
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[ad_1] KARACHI: Commercial banks have further increased the interest rate on fresh financing for the cash-strapped government, as the demand for funds to meet budgetary expenditures stood high whereas political uncertainty restrained the rulers from making tough decisions. The cut-off yields on three and five-year Pakistan Investment Bonds (PIBs) rose by 70 basis points (bps)…
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Oil prices rise on tight global supply | The Express Tribune
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[ad_1] NEW YORK: Oil prices edged higher on Tuesday, recovering earlier losses, as tight global supply and an expected pick-up in demand during the US summer driving season balanced concerns over a possible recession and China’s Covid-19 curbs. The European Union is moving closer to agreeing a ban on Russian oil imports. Such an embargo…
