Rupee appreciates to 199.06 against dollar as recovery continues on May 31, 2022Pakistani rupee showed strength against the US dollar for the second straight session and appreciated by 70 paisas (+0.35 percent) on Monday. The State Bank of Pakistan said in a statement that the dollar opened at Rs199.76 in the interbank market and closed at Rs199.06. Within the open market, the rupee was traded at 200/201 […]
PSX hails long march deferral with 529-point rally on May 27, 2022Pakistan Stock Exchange (PSX) extended gains for the second straight day on Thursday, with the benchmark KSE-100 Index gaining 529.05 points (+1.26 percent) to close at 42,541.71 points. The market opened on a slight positive note but indices switched between the red and green territories for the first hour trading. The investors remained on the […]
FBR returns Rs1.9b of Naulong Dam to Wapda on May 27, 2022Federal Board of Revenue (FBR) has released Rs1.916 billion of Naulong Dam to Water and Power Development Authority (Wapda) on the direction of the National Assembly’s Standing Committee on Water Resources. The National Assembly Standing Committee on Water Resources some 11 months ago asked the Federal Board of Revenue (FBR) to pay Rs1,916 million deducted […]
Brent nears $115 amid looming Russian oil embargo on May 27, 2022Crude oil prices remained on the front foot on Thursday amid consistent supply concerns amid looming European ban on Russian oil, the world’s second-largest oil exporter. As of 1210 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.69 (+0.61 percent) to reach $114.72 a barrel. The West Texas Intermediate (WTI), […]
Govt committed to IMF programme revival: Miftah on May 27, 2022Finance Minister Miftah Ismail has said that the government is committed to reviving the International Monetary Fund (IMF) programme and putting the country back on a sustainable growth path. In a statement on his return from Doha, Qatar, where talks were held between Islamabad and the fund from May 18th to 25th for the revival […]
Rupee nears 202 vs dollar in interbank as rout continues on May 26, 2022The Pakistani rupee continued its losing spree despite encouraging reports on the financial front from Saudi Arabia and the International Monetary Fund (IMF) and fell to a new all-time low of 201.92 against the US dollar on Wednesday. The local currency has been setting all-time new lows for the last 12 sessions. The State Bank […]
Tight supply keeps Brent above $114 on May 26, 2022Crude oil futures surged on Wednesday amid consistent supply concerns as some buyers avoid oil from Russia, the world’s second-largest oil exporter. As of 1320 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.88 (+0.77 percent) to reach $114.44 a barrel. The West Texas Intermediate (WTI), the main oil benchmark […]
Investors starting to worry as IMF bailout not final yet: Bloomberg on May 26, 2022For months, Pakistan has struggled to keep its economy afloat, raising the prospect that one of the world’s most populous nations could soon follow Sri Lanka in a wave of potential global defaults amid soaring inflation, squabbles over fuel prices and a fractious political environment. Investors are getting nervous. Without a bailout from the International […]
Pakistan Islamic banking assets to grow up to 28pc in 5 years: Moody’s on May 25, 2022Moody’s has said that it expects Pakistan’s Islamic banking assets to increase by 25 percent to 28 percent in the next five years. In a report released on Tuesday, Moody’s said that Pakistan’s Islamic banking industry is growing rapidly with a combination of a predominantly Muslim population, still modest financial inclusion, and the commitment of […]
Global job market recovery going into reverse, warns ILO on May 25, 2022The recovery of the global jobs market is going into reverse, the UN labour agency International Labour Organisation (ILO) said, blaming Covid-19 and “other multiple crises” that have increased inequalities within and between countries. In its latest update on the world of work, ILO Director General Guy Ryder said that although there had been “tentative […]