The government on Wednesday borrowed Rs2.073 trillion through the auction of market treasury bills mostly for three-month tenor. The State Bank of Pakistan reported that the banks placed bids of Rs3.2tr but the government remained within the auction target of Rs2.25tr. It raised Rs1.996tr through three-month papers at the cut-off yield of 22.88 per cent while it raised Rs3.486bn through 12-m
Qatar Investment Authority (QIA) will invest $1 billion for a one per cent stake in India’s Reliance Retail Ventures, the retail arm of billionaire Mukesh Ambani’s Reliance Industries, nearly doubling its valuation to $100bn from its last funding round in 2020. Reliance Retail, India’s largest retailer, has been partnering with a slew of global brands like Burberry, Pret A Manger and Tiffany
The bottom line of Pakistan State Oil (PSO) turned negative in the last quarter of 2022-23 as its unconsolidated loss amounted to Rs4.6 billion versus a three-month profit of Rs21.4bn a year ago. In the preceding quarter of January-March, the state-owned oil marketing company recorded a net profit of Rs13.6bn. As a result, PSO’s earnings totaled Rs5.6bn in 2022-23, down 93.4pc from the precedin
The exports of non-textile products saw a decline of 8.99 per cent in the first month of the current fiscal year from a year ago, data compiled by the Pakistan Bureau of Statistics (PBS) showed on Wednesday. The start of the new fiscal year witnessed a continued downward trend in the export of value-added products, contributing significantly to the decline in the exports of non-textile products
While the inter-bank market managed to keep the dollar below the Rs300 mark, the greenback soared to a record high price of Rs315 in the open market on Wednesday. While there may be a psychological barrier for the banking market since it is still under some kind of official influence, the open market seems to be taking advantage of the free market mechanism. The dollar was traded up to a pri