KARACHI: Pakistani currency dropped Rs0.05 and closed at Rs278.73 against the US dollar in the inter-bank market on Wednesday, maintaining its losing streak for the third consecutive day amid conflicting reports about the resumption of smuggling of foreign currencies from Pakistan to neighbouring countries. According to the State Bank of Pakistan (SBP) data, the rupee … Read more
KARACHI: Pakistan’s largest fertiliser manufacturing plant, Engro’s EnVen, has resumed production after a 55-day turnaround costing $50 million, coinciding with the ongoing wheat sowing season. The plant, with an installed production capacity of 1.3 million tonnes, returns to operation, but this will not offset the expensive import of urea as the government has approved importing … Read more
KARACHI: Economic analysts and industrialists are advocating for a reduction in interest rates and a review of public-private partnerships (PPP) to bolster Pakistan’s economy and industrial growth. They argue that aggressive interest rate cuts could stimulate economic growth, encourage investment, and ease financial pressures on businesses and consumers. Ismail Suttar, President of the Hub … Read more
SINGAPORE: US listed shares of crypto-linked companies slumped as bitcoin fell more than 15% on Monday, after weak economic data last week triggered fears of a recession and set off a frenzied selling of risky assets. The plunge marks a stunning reversal for the sector that until recently was riding a wave of optimism sparked … Read more
The cryptocurrency market experienced its largest three-day sell-off in a year, shedding up to $510 billion since August 2, as weak jobs data and renewed recession fears gripped investors. The sharp decline in the crypto market coincided with a downturn in equities, with the S&P 500 falling by 4.4% over the same period. The sell-off … Read more
After experiencing volatility last week, the Pakistan Stock Exchange (PSX) experience a dip on Monday with the KSE-100 index losing 908.40 points during intra-day trading. The 1.16% percent decline saw the PSX dip below the critical 78,000-point mark reachinbg 77,317.58 points. The market’s movement was largely influenced by mixed investor sentiment over the growing political uncertainty, policy … Read more
In the international bullion market, the price of gold per ounce dropped by $16, bringing it down to $2,417 from the previous price of $2,433. Consequently, in local markets on Monday, the price of 24-carat gold per tola decreased by Rs300, settling at Rs256,500. Similarly, the price of 10 grams of gold saw a decline … Read more
Following widespread protests over skyrocketing electricity bills, Prime Minister Shehbaz Sharif has announced the formation of a task force to implement structural reforms in Pakistan’s power sector, according to media reports. The task force aims to alleviate the financial burden on the government and establish a more efficient, self-sustaining power market. Sources reveal that Power … Read more