The equities market witnessed another slow session on Thursday as the rupee continued its devaluation against the dollar. Arif Habib Ltd said the stock market traded sideways after opening in the positive zone. The rupee closed at 225.42 per dollar after shedding 0.89 per cent of its value against the US currency. The dollar has become expensive by Rs4 in the last two days alone. Economic a
“LORD, we know what we are, but know not what we may be.” Shakespeare alludes to human potential which is always higher than its present condition. Allama Iqbal elaborated on this idea in his famous couplet that translates to ‘elevate yourself so high that even God, before issuing every decree of destiny, should ask you: Tell me, what is your intent?’ Iqbal wanted every person to develop their
Oil prices fell on Thursday, extending sharp losses from the previous session, as China’s extension of lockdown measures to curb the Covid-19 spread exacerbated concerns that a slowdown in economic activity globally would hit fuel demand. Brent crude futures lost 40 cents, or 0.4 per cent, to $87.60 per barrel by 1002 GMT, near a late-January low. US crude futures were down 41 cents, or 0.5pc,
The rupee lost Rs2 in the interbank market on Thursday, data shared by the State Bank of Pakistan (SBP) showed. The rupee closed at Rs225.42 per dollar, a depreciation of 0.89 per cent. The previous session also saw the dollar gain against the rupee by Rs2. FAP Chairman Malik Bostan said the dollar had been strengthening globally, having gained against 40 currencies for weeks, and its impact
The European Central Bank announced the largest rate hike in its history on Thursday and said there were more to come as it scrambles to pull inflation down from record heights. Policymakers lifted the ECB’s key rates by 75 basis points, a leap matched only by a technical move made in 1999 shortly after the central bank’s founding. Eurozone inflation hit a record 9.1 per cent in August, as