The US dollar ascended to a record high against the Pakistani rupee on Thursday, crossing the barrier of Rs300 to the greenback in the interbank market. The greenback was changing hands in the interbank market at a record Rs300.2 at closing, according to the Forex Association of Pakistan. In the open market, the dollar was trading at Rs314. Yesterday, the dollar closed at Rs299.64, according
Auto industry continued witnessing plant shutdowns in the caretaker setup as Indus Motor Company (IMC) has also announced to suspend production activities for two weeks (Aug 25-Sept 6) due to unfavourable economic conditions. In a stock filing on Thursday, the company said the demand for automobiles has continuously declined due to the challenging economic environment, low consumer purchasing p
Turkiye’s central bank on Thursday delivered a huge surprise by raising the interest rate to 25 per cent as part of a transition from President Recep Tayyip Erdogan’s era of unorthodox economics. The hike of 750 basis points follows a raise to 17.5pc from 15pc last month. Most economists had expected the bank to increase it policy rate Thursday to 20pc. “Recent indicators point to a continue
In a move to avoid export restrictions, the commerce ministry has decided to implement a Track and Trace System (TTS) at ginning factories across the country to document the origin of cotton and ensure compliance with United States legislation aimed at preventing forced labour and human rights violations. The decision was reached during a meeting between Caretaker Commerce Minister Gohar Ijaz a
The foreign exchange reserves of the State Bank during the week ended on Aug 18 fell by $125 million to $7.93 billion, the central bank said on Thursday. It’s the first time in five weeks that the SBP’s reserves have fallen below $8bn. During the week ended on July 14, its foregn exchange holdings jumped to $8.73bn on the back of inflows from the International Monetary Fund, Saudi Arabia and th