The rupee, which recently hit a record low, appreciated by Rs1.74 against the US dollar in the interbank market on Tuesday. The local currency closed at Rs267.89, up 0.65 per cent from yesterday’s close of Rs269.63. Tresmark’s Head of Strategy Komal Mansoor said the rupee’s appreciation could be attributed to exporters offloading some of their proceeds. Alpha Beta Core CEO Khurram Schehza
The Federal Board of Revenue (FBR) on Tuesday announced that its net collection grew 22.6 per cent to Rs537 billion in January on a year-on-year basis, exceeding the Rs533bn target set for the month.However, the collection in the first seven months of 2022-23 fell short by Rs214bn or 5.12pc to Rs3.965 trillion against the target of Rs4.179tr. The tax authorities raised Rs3.965tr in July-January ag
The National Electric Power Regulatory Authority (Nepra) on Tuesday concluded that K-Electric and ex-Wapda distribution companies (Discos) should refund to their consumers about Rs10.80 per unit and Rs2.32 per unit, respectively, under monthly fuel cost adjustment (FCA) mechanism to compensate higher than actual fuel costs overcharged in December 2022. The decisions were made on Tuesday after t
Faced with a demand slump and raw material shortages amid unfavourable economic conditions, Indus Motor Company (IMC) on Tuesday announced a fourth production suspension from Feb 1-14. Also, Agriauto Industries Ltd (AIL), an auto vendor, announced a partial closure this month due to a sharp decline in demand for parts and accessories from major automakers. The assembler of Toyota vehicles
Highlighting ‘immense pressures’ on fiscal account owing to revenue collection challenges, heavy interest payments and rehabilitation spending, the government on Tuesday increased its inflation forecast to 26 per cent — more than double the budgeted 11.5pc target. “The Consumer Price Index (CPI) inflation on a year-on-year basis for January is forecast in the range of 24-26pc,” said the Minist