Prime Minister Shehbaz Sharif’s China visit did not work well in the currency market as the dollar appreciated against the rupee for the second day on Thursday. The State Bank of Pakistan reported that the greenback closed at Rs221.95 after gaining 52 paise against the local currency. The dollar appreciated by 78 paise on Wednesday reflecting no impact of high hopes being attached to the PM’s v
The Pakistan Stock Exchange observed a range-bound activity on Wednesday with the benchmark making an intraday high and low of 196 points and 81 points, respectively. Topline Securities Ltd said investors remained uncertain because of the ongoing political and economic conditions. Higher inflation was one key factor for the bearish sentiment, according to JS Global. Headline inflation for O
Apart from the bluster we saw in the first few days after he took control, we have heard little from Ishaq Dar even though the economy remains trapped in the throes of a storm of near Homeric proportions. Last month, prices continued to rise at a breakneck pace, draining household budgets at rates not seen in decades. It is becoming a real challenge for many just to put food on the table, not t
The World Bank has signed two agreements with the government to extend $500 million worth of two separate loans to Punjab and Khyber Pakhtunkhwa. The Economic Affairs Division in a statement said on Wednesday that World Bank’s Country Director Najy Benhassine and Dr Kazim Niaz, Secretary EAD signed the financing agreements on behalf of the respective sides. The loans pertained to Punjab Resi
The Federal Reserve delivered another steep interest rate increase on Wednesday, as expected, with its move to cool red-hot inflation taking on more weight amid the political maelstrom ahead of key US midterm elections. With high inflation squeezing American families of all political stripes, President Joe Biden faces a battle to avoid losing control of both chambers of Congress. The Fed’s a