The dollar climbed close to a 24-year peak against the yen on Wednesday amid a jump in United States yields after hotter-than-expected inflation boosted bets for even more aggressive monetary tightening by the Federal Reserve next week. The dollar rose as high as 144.965 yen in the Asian session, taking it close to the high of 144.99 hit a week ago, a level not seen since August 1998. It last t
The Pakistani rupee continued to lose ground against the dollar for the ninth consecutive session on Wednesday, with the PKR sliding by Rs2.4 in the interbank market. The local currency closed at Rs234.32 per dollar, depreciating 1.02 per cent from yesterday’s close. Saad bin Naseer, director of financial data and analytics portal Mettis Global, said the rupee “tumbled on the back of high in
With a view to facilitating the stakeholders in providing relief and rehabilitation support to the affectees of torrential rains and flash floods across the country, the State Bank of Pakistan has decided to allow foreign remittances on account of donation and charity through home remittance channel with immediate effect. According to an SBP circular, for consumers to business, there is no l
Commerce Minister Naveed Qamar on Wednesday said that the government was committed to providing a level playing field and reducing the cost of doing business for export-oriented sectors to bring down the current account deficit. He expressed these views while addressing a virtual session organised by South Punjab Investment Forum in collaboration with USAID. “I am glad to inform you that te
The government will not opt for any new power project run on expensive imported fuel in the future, Federal Minister for Power Khurram Dastgir declared on Wednesday. Speaking at a press conference here, he said that the foundations for the provision of inexpensive electricity under the leadership of Prime Minister Shehbaz Sharif were being laid by the government, adding that a proposed solar en