The Rupee on Tuesday depreciated by 11 paisa against the US Dollar in the interbank trading and closed at Rs 281.67 against the previous day’s closing of Rs 281.56. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 282.20 and […]
dollar
SBP lifts restrictions on exchange operators’ ability to import dollars
SBP allows import of US dollars against export consignments. Exchange companies must ensure compliance with all laws. ECAP General Secretary Zafar Paracha welcomes the move. KARACHI: The State Bank of Pakistan (SBP) has lifted import limits on US dollars, enabling exchange businesses to bring in more cash to cover the value of their export shipments […]
Pakistan expects dollar inflow from next week
Governor State Bank of Pakistan (SBP) Jameel Ahmad on Wednesday expressed optimism that Pakistan’s foreign exchange reserves position will improve as the country is expected to witness inflows of funds in the coming days. “We are expecting to witness inflows from next week onwards, which would reduce pressure on our foreign exchange reserves,” the SBP […]
Will purchase Russian oil at same rate India is purchasing: Ishaq Dar
WASHINGTON: Pakistan’s Finance Minister Ishaq Dar has hinted at the probability to buy Russian oil but on the condition that it provides the significant commodity at the same rate that it is giving it to India. While answering a question in Washington, Dar hoped that the West would have no objection to the import of […]
White House announces multi-billion dollar plan to attack obesity, hunger
The White House announced Wednesday billions of dollars in pledges from major corporations including the likes of fast food behemoth Burger King to craft a national strategy on ending the twin US challenges of hunger and obesity. The private sector pledges were unveiled as President Joe Biden was hosting what the administration touted as the […]
Rupee continues gaining ground against dollar
After Ishaq Dar took charge of the finance ministry on Wednesday, the dollar’s decline continued, and the Pakistani rupee gained more ground for the fourth session in a row. In the interbank market during intraday trade, the rupee gained 1.95 and is currently trading at 231.96 per dollar after it increased its value by 7.65 in […]
Dollar pauses for breath as fragile pound edges up
Dollar pauses for breath as fragile pound edges up. The dollar took a pause on Tuesday in what has been a relentless climb higher as under-fire sterling as well as the euro and Japanese yen recovered some ground from multi-year lows, but medium-term fundamentals were still in the greenback’s favor. Sterling climbed over 1% to […]
Pound slumps to all-time low against dollar
TOKYO: Sterling tumbled to a record trough on Monday as traders scampered for the exits on speculation the new government’s economic plan will stretch Britain’s finances to the limit. The British pound’s searing drop helped the safe-haven US dollar to a new two-decade peak against a basket of major peers. Sterling slumped as much as […]
Oil plunges to eight-month low on recession fears
Oil prices plunged about 5% to an eight-month low on Friday as the U.S. dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession. Brent futures were down $4.35, or 4.8%, to $86.11 a barrel by 10:09 a.m. EDT (1409 GMT), while U.S. […]
Rupee plunges further against dollar
KARACHI: Rupee plunges further against dollar. The Pakistani rupee continued to fall for the 14th continuous session on Wednesday and hit a new low against the US dollar amid a shortage of the greenback in the country. The rupee has been one of the worst performing currencies in the emerging markets and has fallen by […]