The rupee, facing the brunt of dollar shortages, plunged 2.6 per cent against the greenback in the open market on Monday as speculators are holding back their foreign currencies anticipating further appreciation. The currency dealers said that despite very thin business volume, the open market was dry, which allowed the dollar to resume its upward trend and closed at Rs308, an increase of Rs8 f
The total debt of the central government increased 34.1 per cent year-on-year to Rs58.6 trillion at the end of April, latest statistics released by the State Bank of Pakistan (SBP) showed on Monday. The increase was 2.6pc on a month-on-month basis. The domestic debt amounted to Rs36.5tr (62.3pc) while the external debt accounted for a 37.6pc share with Rs22tr at the end of April. On an an
Trading on the stock market opened on a positive note in the outgoing week amid expectation of certain budgetary measures. Arif Habib Ltd said sentiments improved as investors expected a likely tax on corporates that didn’t announce pay-outs in recent years. They resorted to buying while anticipating that the rumoured tax would encourage companies to revive pay-outs. Moreover, a statement b
It is about time for the government to announce the timeframe for the dissolution of assemblies and notify the date for the next general elections. It’s vital not just for democracy but also for much awaited economic turnaround in Pakistan. The situation is dire currently. Growth, if at all, has reduced to a crawl. The stubborn galloping inflation will not be easy to tame. The fiscal deficit an
Saudi Arabia will make deep production cuts in July as part of a broader output-limiting Opec+ deal as the group faces flagging oil prices and a looming supply glut. Saudi Energy Minister Prince Abdulaziz said the cut of one million barrels per day (bpd) by Riyadh could be extended beyond July if needed. “This is a Saudi lollipop,” he said. Opec+, which groups the Organisation of the Petrole