Rs700b PSDP likely in new budget: Ahsan on June 3, 2022Federal Minister for Planning, Development and Special Initiatives, Prof Ahsan Iqbal said on Thursday that the volume of the Public Sector Development Program (PSDP) is likely upto Rs 700 billion in Budget (2022-23), which will increase more development opportunities in the country. At the same time, he said that efforts will be made to raise […]
Miftah for fast edible oil import process, increase in jewelry exports on June 3, 2022Federal Minister for Finance and Revenue Miftah Ismail directed to expedite the process for import of edible oil from Malaysia and Indonesia to ensure smooth supply to the consumers and stabilise the price hike of edible oil. While presiding over a meeting of the committee on edible oil availability on Thursday, the minister was informed […]
Dollar falls to Rs197.59 as rupee strengthens for fifth session on June 3, 2022Maintaining its recovery spree against the US dollar for the fifth consecutive session, Pakistani rupee appreciated by another 28 paisas (+0.14 percent) on Thursday. The State Bank of Pakistan said in a statement that the dollar opened at Rs197.87 in the interbank market and closed at Rs197.59. Within the open market, the rupee was traded […]
UN for reintegration of Russia, Ukraine into global food markets on June 3, 2022There is no other solution to the global food crisis than the prompt reintegration of both Russia and Ukraine into global food markets, despite the military conflict between the two countries, UN Secretary-General Antonio Guterres has said. Speaking at a press conference with Swedish Prime Minister Magdalena Andersson, he stressed that “a quick and decisive […]
Inflation drags down bourse by 322 points to 42,756 on June 2, 2022Pakistan Stock Exchange (PSX) snapped the five-day winning streak on Wednesday amid high inflationary data, with the benchmark KSE-100 Index shedding 322.10 points (-0.75 percent) to close at 42,756.04 points. The market opened on a sharp negative note; however, the indices switched between the red and green territories for the first two-hour trading and then […]
Rupee appreciates to 197.87 against dollar on June 2, 2022Maintaining its recovery spree against the US dollar for the fourth consecutive session, Pakistani rupee appreciated by another 59 paisas (+0.30 percent) on Wednesday. The State Bank of Pakistan said in a statement that the dollar opened at Rs198.46 in the interbank market and closed at Rs197.87. Within the open market, the rupee was traded […]
Brent breaches $117 mark amid EU Russian oil embargo on June 2, 2022Crude oil futures rallied on Wednesday after the European Union (EU) member states agreed to ban 90 percent of Russian oil imports by the end of this year as part of the latest Ukraine-related sanctions against Moscow. As of 1725 hours GMT, the price of Brent, the international benchmark for two-thirds of the world’s oil, […]
Russia cuts gas to five EU states on refusal to pay in rubles on June 2, 2022Denmark has become the fifth country to be cut off from Russian natural gas following the refusal of its biggest power wholesaler, Orsted, to pay for deliveries in rubles. Supplies to Shell Energy Europe Limited in Germany have also been halted for the same reason, Russian energy giant Gazprom announced on Wednesday. “As of the […]
Fiscal imbalances threaten growth outlook in 2022-23: ministry on June 1, 2022Although the national economy has achieved gross domestic product (GDP) growth of 5.97 percent in FY2022, yet the fiscal situation and external sector performance are making it difficult to sustain and are impacting the growth outlook in the coming year 2022-23. The Ministry of Finance said this in its monthly Economic Update and Outlook for […]
Rupee gains 0.3pc against dollar as recovery spree continues on June 1, 2022Pakistani rupee maintained its recovery spree against the US dollar for the third consecutive session and appreciated by 60 paisa (+0.30 percent) on Tuesday. The State Bank of Pakistan said in a statement that the dollar opened at Rs199.06 in the interbank market and closed at Rs198.46. Within the open market, the rupee was traded […]