After Peshawar and Lahore traders unilaterally issued higher rates in violation of the mutual understanding, the All Pakistan Gem and Jewellers Association (APGJA) has announced to stop the issuance of daily rates for one week. The association on Wednesday increased the 10-gram and one-tola rates by Rs5,487 and Rs6,400 to Rs177,049 and Rs206,500, respectively, following a hike of $35 per ounce
The interbank exchange rate closed at Rs280.29 per dollar on Wednesday as the local currency lost 1.16 per cent value from a day ago. The increase of Rs3.26 in the dollar rate marked the second consecutive day of the rupee’s depreciation, which follows an unusually long period of the local currency gaining strength against the greenback for 28 straight sessions. The overall gain in the rupee
Oil prices climbed about 2 per cent to a two-week high on Wednesday on a bigger-than-expected US storage draw and hitting session highs after Iran called for an oil embargo on Israel. Brent futures rose $1.92, or 2.1pc, to $91.82 a barrel by 1:24 p.m. EDT (1724 GMT). US West Texas Intermediate (WTI) crude rose $2.09, or 2.4pc, to $88.75. At their session highs, both benchmarks were up more than
Textile and clothing exports fell for third month in a row due to growing production costs and liquidity crunch, according to statistics issued by the Pakistan Bureau of Statistics on Wednesday. The export value of textile and clothing exports shrank 9.95 per cent in the first quarter (July-September) FY24 to $4.12 billion from $4.58bn in the corresponding period last year. In September, the
After depreciating against the greenback on Wednesday, the rupee returned to extending gains against the dollar on the interbank market by Rs2.09. For most of September, the rupee saw gains upwards of 6pc, which followed an administrative crackdown on the informal currency market, eventually becoming the best-performing currency for that month. The gains saw a reversal by October 17. Analyst