Pakistan’s annual inflation hits 14-year high in July at 4.9pc on August 2, 2022According to the statistics bureau, Pakistan’s annual consumer price inflation rose to 24.9pc in July from 21.3pc in June, the highest level in 14 years. It said that non-food goods, particularly gasoline and power costs, were the main cause of the increase and noted that rising prices for wheat flour, milk, vegetables, pulses, and cooking […]
Rupee registers worst month in half-century, depreciates by 14.5pc against dollar on August 1, 2022The Pakistani rupee fell 14.5% against the US dollar, perhaps the worst month in half – century, as the country struggles with hefty import costs, diminishing foreign exchange reserves, and political instability. In the interbank market at the beginning of July, the Pakistani rupee was worth 204.85 US dollars. Despite the fact that there were […]
Bitcoin rises 3.4pc to $24,584; up 39.7pc from year low in June on August 1, 2022Bitcoin rose 3.36pc to $24,584.24 at 1707 GMT on Saturday, adding $798.93 to its previous close. Bitcoin, the world’s biggest, best-known cryptocurrency, is up 39.7pc from the year’s low of $17,592.78, hit on June 18. Ether, the coin linked to the ethereum blockchain network, rose 0.61 pc to $1,734.08 on Saturday, adding $10.46 to its […]
US considering sanctions against networks exporting Iranian oil on August 1, 2022The United States is considering sanctions against a businessman in the United Arab Emirates and a network of companies suspected of assisting Iran’s oil exports, as part of a broader effort to increase diplomatic pressure on Tehran as US officials work to reach an agreement on Iran’s nuclear programme. According to corporate documents reviewed by […]
Bitcoin and Ethereum are set to have their best month since 2021 on July 31, 2022Bitcoin and Ether, the world’s two most valuable digital currencies, are on track for their greatest month since 2021, thanks to a resurgence of risk appetite in global markets and anticipation over an Ethereum network update. Bitcoin is up 28pc in July, while Ether is up 70pc, albeit their gains were halted on Friday. Both […]
US benchmark oil contract rises 5pc on July 31, 2022The main US oil contract, WTI, jumped more than 5pc in trading on Friday as supply concerns outweighed recession worries, and as traders began to look ahead to a meeting next week of OPEC+ nations on production. Around 1430 GMT, WTI was up 5.1pc to $101.29, while the main international contract, Brent, climbed 3.1pc to […]
POL product prices might rise by Rs28.44 on July 31, 2022The Finance Division will provide a summary on Saturday (today) requesting up to an 11pc increase in fuel prices beginning August 1. As is customary, the prime minister will make the final judgement in this matter. Similarly, if the government incorporates a Rs7 per litre petroleum dealer’s profit in the pricing system, the price of […]
PSX loses 126 points on July 30, 2022The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Friday, losing 126.28 points, a negative change of 0.31pc, closing at 40,150.36 points against 40,276.64 points on the last working day. A total of 170,272,721 shares were traded during the day compared to the trade of 251,270,268 shares the previous day, whereas […]
Gold price declines by Rs4,200 to Rs158,300 per tola on July 30, 2022The price of 24 karat per tola gold decreased by Rs4,200 per tola and was sold at Rs158,300 on Friday against sale at Rs162,500 the previous day in the local market. The price of 10-gram 24 karat fold also decreased by Rs3,601 and was sold at Rs135,717 against its sale at Rs139,318 whereas the prices […]
Fuel prices may go up again due to IMF’s condition on July 30, 2022The Fuel prices in the country were likely to go up before August owing IMF’s condition to increase levy, the sources said on Friday. They said that dealers ‘margin was another factor to increase fuel prices again. They said that the levy on petrol might go up by Rs5 per litre while the Diesel levy […]