Cryptocurrencies fell to fresh lows on Monday on regulatory concerns and as investors globally turned shy on risky assets with interest rate rises looming around the world. Bitcoin, the biggest cryptocurrency by market value, fell about five per cent to a three-month low of $18,387. Ether, the second largest cryptocurrency, dropped 3pc to a two-month low of $1,285 and is down more than 10pc
The dollar held firm near two-decade highs against other major currencies on Monday, biding its time ahead of a slew of central bank meetings that will include one by the United States Federal Reserve that is likely to deliver another hefty rate hike. Trade was generally subdued, with markets in London and Tokyo closed for public holidays. Still, the dollar maintained its firm tone, given ex
The rupee, which has been falling against the dollar since Sept 2, lost another Rs1.07 in the interbank market on Monday. The PKR closed at Rs237.91 per dollar — a depreciation of 0.45 per cent, according to the State Bank of Pakistan. Saad bin Naseer, director of financial data and analytics portal Mettis Global, said the decline was reflective of the overall demand and supply situation in
Oil and Gas Development Company Ltd announced on the Pakistan Stock Exchange on Monday that the TAL joint venture — in which the energy explorer has a 30 per cent working interest — has discovered gas condensate from Lockhart formation in Tolanj West-2 development well in the Kohat district of Khyber Pakhtunkhwa. Other partners in the joint venture are MOL Pakistan Oil and Gas Company (operator
The State Bank of Pakistan (SBP) has amended the Prudential Regulations to facilitate the banks to enhance the flow of credits to the farm and non-farm sectors. The central bank on Monday increased the maximum limit of unsecured or clean financing for agriculture from Rs1 million to Rs5m. “It has been decided to make the amendments in Prudential Regulations for Agriculture Financing to enabl