The rupee regained 24 paise against the US dollar on Tuesday but the currency experts were unable to explain this reasonless appreciation. The State Bank of Pakistan (SBP) reported the dollar closing price at Rs223.42 compared to Rs223.66 on Monday. Currency dealers in the banking market believe that the rupee’s appreciation after seven days of losses looked artificial as the expected inflow
As the stuck-up refunds and tax credit of export-oriented industries swelled to over Rs200 billion in the current fiscal year, the exporters on Tuesday warned of closing down their textile units as a severe liquidity crunch made it impossible to continue their operations. The stuck-up payments range from sales tax refunds to duty drawback of local taxes and levies, a support government offered
Oil prices rose in early trade on Wednesday after industry data showed United States crude stockpiles fell more sharply than expected last week, highlighting supply tightness ahead of a looming European Union ban and G7 price cap on Russian oil. Brent crude futures gained 25 cents, or 0.3 per cent, to $88.61 a barrel at 0101 GMT, while US West Texas Intermediate (WTI) crude futures rose 35 cent
Nomura has warned that seven countries — Egypt, Romania, Sri Lanka, Turkiye, Czech Republic, Pakistan and Hungary —are now at a high risk of currency crises. The Japanese bank said that 22 of the 32 countries covered by its in-house “Damocles” warning system have seen their risk rise since its last update since May, with the largest increases in the Czech Republic and Brazil. It meant the su
The benchmark of Pakistani shares stayed range-bound on Monday as investors looked for clarity on the appointment of a new army chief, upcoming repayment of $1 billion Eurobond and a review of the International Monetary Fund loan programme. Topline Securities said equities closed slightly up with major positive contributions coming in from technology shares. Trading opened in the positive te