The rupee dipped by 1.2 per cent to 243 against the dollar on Wednesday after foreign exchange companies lifted a price cap, which they said caused “artificial” distortions and created a black market, where the US currency was selling at higher rates. However, the rupee’s closing value was far higher compared to Rs252.5 in the early open-market trade on Wednesday after central bank’s interventi
Pak Suzuki Motor Company Ltd (PSMCL) has increased motorcycle prices by Rs20,000-25,000 effective from Feb 1. The new rate for GD110 S, GS150, GSX125 and GR150 is Rs264,000, Rs286,000, Rs384,000 and Rs410,000. The company, however, did not disclose any reason for the price hike in its letter issued to authorised dealers. PSMCL had stopped the new booking of bikes from Jan 20 for the time bei
The United States has reiterated that Pakistan can purchase oil from Russia at a discounted price even though it has not signed a Washington-backed price-cap on Russian petroleum products. US State Department’s spokesperson Ned Price told reporters at a Tuesday afternoon news briefing that Pakistan can also take advantage of the concessions Washington has given to other countries for buying oil
Pakistan on Wednesday sought the US support in reviving the IMF programme to facilitate soft landing of its economy marred by exogenous challenges like floods and adverse global economic conditions. During a meeting on Wednesday, Finance Minister Ishaq Dar asked a visiting US delegation to help convince the Washington-based multilateral lender to be lenient towards Pakistan in restoring the pro
Amid fiscal challenges, the government has increased development funds for parliamentarians by almost 30 per cent from budgetary allocations to Rs90 billion and is set to distribute about Rs8.4bn to farmers through database of the Sindh government. This was the crux of a meeting of the Economic Coordination Committee (ECC) of the Cabinet on Wednesday that also approved almost Rs1bn in additiona