Extending overnight losses for almost the same reasons, the rupee hit an all-time low of Rs298.93 against the US dollar in the interbank market on Thursday. In the open market, the local currency lost Rs2 to settle at 299. Meanwhile, the foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $74m to $4.38bn for the week ending on May 5, the central bank reported on Thursday.
Point-of-sale (POS) transactions routed through main digital payment systems fell by around 50 per cent the day after former prime minister Imran Khan’s arrest ignited countrywide protests and prompted authorities to shut down mobile internet services, data showed on Thursday. The reason for the slump was primarily the mobile broadband suspension, in addition to lower footfall at the limited nu
Finance Minister Ishaq Dar on Thursday announced that the federal budget for fiscal 2024 would be presented on June 9 and insisted that Pakistan would not default on any foreign liability, with or without an IMF programme. Speaking to journalists after a seminar organised by the National Security Division, the minister said there should be no concern over the repayment of $3.7 billion foreign
THE government has told the International Monetary Fund (IMF) it would not implement a fuel subsidy programme as the two sides negotiate a long-delayed $1.1 billion bailout for the country, Bloomberg News reported on Thursday. The IMF has also said that it would “continue engagement with the government on the loan despite the ramp-up in political tensions”. The remarks came after the arrest of
The stock market extended its losses on Wednesday after the benchmark of representative shares opened on the lower side. Arif Habib Ltd said stock prices dropped mainly because of the country’s political and economic instability. Investor activity declined significantly, with third-tier companies leading the volume board, it added. Topline Securities noted that the arrest of opposition leade