Pakistani currency depreciated Rs0.13 and closed at Rs278.70 against the US dollar in the inter-bank market on Monday, partly reversing earlier gains owing to the uptick in demand for the greenback for oil imports. According to the State Bank of Pakistan (SBP) data, the rupee had closed up at Rs278.57 against the dollar on Friday. A leading analyst said the latest decrease in the currency ca
Oil futures edged up on Monday as the risk of production disruptions from a potential hurricane approaching the US Gulf Coast helped prices steady after last week's heavy losses. Brent crude was up 16 cents, or 0.23%, to $71.22 a barrel at 1315 GMT while West Texas Intermediate crude futures were 19 cents, or 0.28%, higher at $67.86. Brent prices had fallen in each of the past six trading se
The government of Pakistan is facing significant challenges in widening its tax base while simultaneously combating the rise of smuggling and illicit trade, both of which could generate crucial revenue for the national economy. Efforts to bring more traders into the tax net have shown limited success, highlighting the complexity of the issue. Earlier this year, the Federal Board of Revenue (FBR
Workers' remittances sent home by overseas Pakistanis remained strong at nearly $3 billion in August 2024, marking a significant 40.5% increase compared to the same month last year. T his robust growth is attributed to the prolonged stability of the rupee against the dollar and a surge in overseas employment, particularly in the Middle East, which allowed more expatriates to support their famil
Finance Minister Muhammad Aurangzeb on Monday stressed the importance of restoring public trust in the government’s economic policies, saying that the private sector must take the lead in driving the country forward. His remarks came during the Senate session where he addressed economic challenges. "We cannot move forward until public confidence is restored. The private sector must step up a