KARACHI: At the beginning of March, the US dollar started moving upward against the rupee, creating space for speculative forces to take advantage, said market sources. According to the State Bank of Pakistan (SBP), the dollar appreciated by five paise to Rs279.31 in the interbank market on Tuesday. However, banks claimed the dollar price was higher than quoted by the SBP. For the last three
ISLAMABAD: The chief executive officer of Habib Bank Ltd (HBL), Pakistan’s largest bank, is likely to be tapped for a top position in the finance team of newly elected Prime Minister Shehbaz Sharif, two sources told Reuters, ahead of talks with the IMF for a fresh bailout deal. Pakistan urgently needs a fresh IMF agreement to shore up its struggling $350 billion economy which is suffering from
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday directed the authorities concerned to formulate proposals for reducing government expenditures and overhauling the country’s economic structure. He also directed the authorities to immediately initiate the process of complete digitisation and automation of the Federal Board of Revenue (FBR), which he himself would oversee. Presiding over a
KARACHI: Bullish sentiments prevailed in the stock market for the fourth consecutive session on Monday, briefly propelling the KSE 100-share index above the 66,000-point level. The emerging political stability after the smooth election of Shehbaz Sharif as the 24th prime minister of Pakistan helped the market sustain its overnight bullish momentum. Topline Securities Ltd said the market exte
KARACHI: Pakistan Stock Exchange (PSX) on Monday extended its upward trajectory from the previous week as investors took cue from the election of a new prime minister and upbeat economic data. In the morning, trading began on a robust note, supported by the shrinking of trade deficit by 30.2% year-on-year (YoY) to $14.87 billion for July-February 2023-24 and the fall in the Consumer Price Index