The Pakistani currency depreciated by Rs0.05 to Rs277.85 against the US dollar in the inter-bank market, as uncertainty over the International Monetary Fund (IMF) Executive Board's final approval for a $7 billion loan programme later in the day impacted the currency market on Wednesday. In the open market, however, the rupee gained Rs0.12 day-on-day to close at Rs280.33 per dollar, increasing b
Bulls regained control at the Pakistan Stock Exchange (PSX) on Wednesday as shares climbed more than 700 points, hours ahead of the International Monetary Fund (IMF) Executive Board meeting. The benchmark KSE-100 index climbed 764.27 points, 0.94 per cent, to close at 82,247.91 points from the previous close of 81,483.64 points. Yousuf M Farooq, director research at Chase Securities, attribu
The Asian Development Bank (ADB) on Wednesday said that the economic reform agenda supported by the three-year International Monetary Fund (IMF) Extended Fund Facility (EFF) was projected to accelerate growth and ease inflation in Pakistan. In its Asian Development Outlook report for September, the Manila-based lending agency noted that growth in Pakistan had rebounded to 2.4 per cent in the fi
The International Monetary Fund’s board (IMF) on Wednesday approved a $7 billion Extended Fund Facility (EFF) for Pakistan, providing a critical boost to the country’s struggling economy. The development was announced by the Prime Minister’s Office (PMO) while a statement is expected from the IMF. The PMO said the premier expressed his satisfaction with the programme’s approval. “The impleme
Despite frequent sharp decreases in the cut-off yields across all tenors, foreign investors poured a record $55 million into short-term treasury bills during the first week of September. The inflows were disappointing in August, but the scenario changed at the outset of the current month. “Some of the good reasons are the macroeconomic stability which compels foreign investors to look toward