Dollar hits a 13-month peak on anxiety over Turkey

Dollar hits a 13-month peak on anxiety over Turkey

NEW YORK: The dollar advanced to a 13-month peak on Tuesday against a basket of major currencies as traders increased their safe-haven holdings of the U.S. currency on worries about the fallout from the Turkish lira’s recent fall. While the lira rebounded from an all-time low, concerns about European banks’...

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India likely to tighten monetary policy to combat rising inflation

India likely to tighten monetary policy to combat rising inflation

NEW DELHI: India’s central bank will need to gradually tighten monetary policy further due to rising inflation, driven mainly driven by higher oil prices and a falling rupee, the International Monetary Fund (IMF) said on Wednesday. The Reserve Bank of India raised the repo rate INREPO=ECI for the second straight...

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Pakistani rupee surges by 4.3%, while dollar hits Rs.122.5

Pakistani rupee surges by 4.3%, while dollar hits Rs.122.5

KARACHI: Pakistani rupee surged by 4.3% to 122.5 per dollar on Monday, following domestic media reports over the weekend that China had agreed to provide $2 billion in loans. Monday brought the first significant strengthening in years for the rupee, which has weakened more than 20 percent since December after...

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Dollar slumps by Rs.5.36, falls to Rs.122.5

Dollar slumps by Rs.5.36, falls to Rs.122.5

KARACHI: The dollar is showing diminishing trend continuously in comparison to Pakistani rupee since past few days; on Saturday US dollar traded at the rate of as low as Rs 123.5 in the open market. It is pertinent to mention here that the currency market on Saturday opened with US...

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Pakistani rupee opens firm as election results roll out

Pakistani rupee opens firm as election results roll out

KARACHI: Shares in Pakistan leveled to their highest in over three weeks in early trade on Thursday, while the Pakistani rupee traded firmer at the open as the nation awaits general election results. With cricket hero-turned-politician Imran Khan leading in a partial count, the benchmark index was up 1.6 percent...

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Pakistan stock market witnesses a bullish trend as election results roll out

Pakistan stock market witnesses a bullish trend as election results roll out

KARACHI: Thursday morning the stock market witnessed a bullish trend as early election results rolled the Pakistan Tehreek-e-Insaf (PTI) for victory. The Pakistan Stock Exchange saw a drastic increase in activity during early trading, a day after the country voted for its second consecutive democratic transfer of power, as the...

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SBP: Reserves slump as deficit hits high

SBP: Reserves slump as deficit hits high

KARACHI: Current account deficit (CAD) hit $18 billion in FY18, up 42.5% over the previous fiscal year, the State Bank of Pakistan (SBP) reported on Thursday. Only two years ago, the CAD was at $4.876bn, spiking to $12.621bn the following year, before hitting its record high in 2017-18. The reserves...

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Diamer-Bhasha and Mohmand Dam Funds ever-increasing, Federal Ministers likely to make hefty donations

Diamer-Bhasha and Mohmand Dam Funds ever-increasing, Federal Ministers likely to make hefty donations

ISLAMABAD: The caretaker federal ministers have announced to contribute their entire salaries as donation for Diamer-Bhasha and Mohmand Dam Fund. The resolution was taken during a cabinet held on Wednesday and the gesture was appreciated by Prime Minister retired Justice Nasir-ul-Mulk. The cabinet also recommended that federal government servants may...

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Pakistani rupee weakens against US dollar – The dilemma begins

Pakistani rupee weakens against US dollar – The dilemma begins

KARACHI: Uncertainty and speculation continued to dominate the trade of US dollars in the open market as the rate hovered around Rs130.5 on Tuesday. The Pakistani rupee has experienced a worst fall ever against US dollar. Reaching at the historic level of Rupees 128.75 per dollar this week, Pakistani rupee...

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Tariq Bajwa’s appointment as SBP governor declared legal by IHC

Tariq Bajwa’s appointment as SBP governor declared legal by IHC

ISLAMABAD: The Islamabad High Court (IHC) on Tuesday declared the appointment of Tariq Bajwa as Governor of the State Bank of Pakistan (SBP) legal. Justice Miangul Hassan Aurangzeb of the IHC dismissed a petition filed by as many as 22 senators challenging the appointment of the SBP Governor. Mr. Bajwa...

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