Chairman Economic Policy & Business Development (EPBD) Think Tank, Gohar Ejaz, has strongly opposed any further devaluation of the Pakistani Rupee, warning that such a move would trigger a new wave of inflation and damage the country’s economic stability. Ejaz said that certain elements are supporting devaluation for personal gain, but Pakistan does not need a weaker currency it needs stability
The Karachi Port Trust handled 340,070 tonnes of cargo comprising 243,588 tonnes of import cargo and 96,482 tonnes of export cargo during last 48 hours, ending at 0700 Hours. The total import cargo of 243,588 tonnes comprised of 100,275 tonnes of Containerized Cargo, 3,484 tonnes of B. Bulk Cargo, 6,503 tonnes of Lentils, 18,662 tonnes of Soya Bean Seeds, & 114,664 tonnes of Liquid Cargo. Th
A new mechanism adopted by OPEC+ to assess members’ maximum output capacity will ultimately help to stabilise markets and reward those who invest in production, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. The OPEC+ group approved the mechanism to assess members’ maximum production capacity to be used for setting baselines from 2027, against which their output targets are s
Oil prices climbed in early trade on Tuesday for a second consecutive session as market participants assessed risks stemming from Ukrainian drone strikes on Russian energy sites and mounting U.S.-Venezuela tensions. Brent crude futures rose 14 cents, or 0.2%, to $63.31 a barrel by 0102 GMT. U.S. West Texas Intermediate crude gained 18 cents, or 0.3%, to $59.50 a barrel. Both benchmarks advan
The Pakistani rupee strengthened against the US dollar, appreciating 0.09% during the opening minutes of trading in the inter-bank market on Tuesday. At 10am, the local currency was hovering at 280.25, a gain of Re0.26 against the greenback. On Monday, the local unit closed at 280.51. Internationally, the US dollar remained under pressure on Tuesday as weaker-than-expected manufacturing acti