The rupee turned in a mixed performance on Tuesday as it recovered to Rs303 in the open market, but suffered slight losses in the interbank market due to persisting confusion about the country’s economic direction. However, the dollar’s quoted price was lower than the available price. Currency dealers said the price was not lower than Rs306 per dollar while availability of the dollar was not co
Ministry of Commerce has announced a list of 57 products for barter trade with Afghanistan, Iran and Russia to save the country’s foreign exchange at a time when its foreign exchange reserves are running low. The commerce ministry through SRO642 on Tuesday notified a list of goods eligible for import and export under barter trade with Afghanistan. However, only imports are allowed under the sc
The government has, once again, decided to shut markets and commercial centres by 8pm daily to conserve energy, a decision quickly rejected by traders who say 8pm is when peak time starts. The government has also decided to include energy reforms in the budget for the next fiscal year to cut the country’s reliance on imported fuel. The decisions were taken in two meetings chaired by Prime Mi
The World Bank has projected Pakistan’s economy to grow by two per cent in the next fiscal year, compared to the 3.5pc target set by the National Economic Council on Tuesday. “In Pakistan, the lasting effects of the August 2022 floods, along with policy uncertainty and limited foreign exchange resources to pay for imports of food, energy, and intermediate inputs, have depressed activity, with
The rupee fell 2.6 per cent against the US dollar in the open market on Monday, changing course after appreciating sharply towards the end of last week. According to the Exchange Companies Association of Pakistan, the greenback closed at Rs308 in the open market, an increase of Rs8 from Friday’s close. Analysts said today’s price movement came on the back of a shortage of dollars in the open