LAHORE : High taxes and unstable exchange rate are the key challenges and the government is focusing only on large-scale manufacturing and that too the textile sector, said Muhammad Ali Afzal, chief executive officer of Afzal Sons. Afzal Sons is a multi-million-dollar enterprise, dealing in imports and supply of industrial equipment, hardware and tools. Afzal … Read more
KARACHI: The exchange rate ended unchanged on Thursday, as the dollar was being traded at Rs176.98, which was the previous day’s closing at the interbank foreign exchange market, dealers said. The market witnessed high dollar demand for import and corporate payments; however, the banks provided sufficient dollars against the demand to keep the rupee value … Read more
KARACHI: The Pakistani rupee continued its fall for the third straight day against the dollar as the global crude oil prices rose. The rupee declined 26 paisas to end at Rs176.98 against the dollar on Wednesday, against the closing of Rs176.72 on Tuesday in the interbank foreign exchange market. The dealers said that the dollar … Read more
KARACHI: The Pakistani rupee declined 25 paisas against the dollar on Monday, amid high demand for the foreign currency for external payments, dealers said. The rupee ended at Rs176.49 against the dollar from last Friday’s closing of Rs176.24 in the interbank foreign exchange market. The dealers said the dollar demand remained high during the day … Read more
KARACHI: The rupee fell for the third straight day against the dollar on Thursday, owing to a surge in the international oil prices. The exchange rate ended at Rs176.49 to the dollar from the previous day’s closing of Rs176.22 in the interbank foreign exchange market. The local unit recorded a decline of 57 paisas or … Read more
KARACHI: The rupee fell by 26 paisas against the dollar on Tuesday owing to a surge in the international oil prices. The rupee ended at Rs176.18 to the dollar, as compared with the previous day’s closing of Rs175.92 in the interbank foreign exchange market. The dealers said that the market witnessed panic buying for dollars … Read more
KARACHI: The rupee gained 15 paisas against the dollar on Monday, as holiday in the US markets lowered the foreign currency demand in the domestic market, dealers said. The interbank foreign exchange market ended at Rs175.92 against the dollar from last Friday’s closing of Rs176.07. The dealers said the US markets were observing the holiday … Read more
KARACHI: The rupee recovered 31 paisas against the dollar on Friday, as the parliament approved the Finance (Supplementary) Bill, 2021, which contained measures to restrict imports, dealers said. The rupee ended at Rs176.06 against the dollar from the previous day’s closing of Rs176.38 in the interbank foreign exchange market. The dealers said the import restrictions … Read more
KARACHI: The dollar rebounded against the rupee on Thursday as oil prices recorded a surge in the global market, dealers said. The local currency fell 15 paisas to end at Rs176.38 to the dollar from previous day’s closing of Rs176.23 in the interbank foreign exchange market. The dealers said that the local currency made gains … Read more
TOKYO: Uniqlo operator Fast Retailing posted a record first-quarter profit on Thursday and kept its yearly forecast unchanged, even as business in the key market of mainland China was hit by virus restrictions. The Japanese casualwear behemoth said better-than-expected sales and profit in the three months to December could largely be explained by the “growing … Read more
KARACHI: The Pakistan rupee recorded a slight gain on Tuesday on improved dollar supply in the market, dealers said. The local currency gained 5 paisas to end at Rs176.63 against the last day’s closing of Rs176.68 in the interbank foreign exchange market. The dealers said the local rupee maintained its level, as the banks received … Read more
BEIJING: One of China’s biggest tutoring firms has said it shed tens of thousands of staff last year, revealing the extent of damage to the multibillion-dollar sector as Beijing cracks down on private education. China imposed new rules on tutoring companies in 2021, to force them to go non-profit as part of a series of … Read more
KARACHI: The rupee ended flat against the dollar on Monday, amid high demand for the foreign currency for external payments, dealers said. The rupee ended at Rs176.68 against the dollar from last Friday’s closing of Rs176.67 in the interbank foreign exchange market. The dealers said the dollar demand remained high during the day, as the … Read more
WASHINGTON: Emerging economies should gird for possible rough times as the US Federal Reserve prepares to raise interest rates and world economic growth slows because of the Omicron variant of Covid-19, the IMF warned on Monday. The International Monetary Fund, which is scheduled to release updated economic forecasts on January 25, said that for now global … Read more
KARACHI: The rupee gained 25 paisas against the dollar on Friday, as inflows of export receipts and remittances helped the local currency, dealers said. The rupee ended at Rs176.67 against the dollar from the previous day’s closing of Rs176.92 in the interbank foreign exchange market. The dealers said the local currency was supported by the … Read more
ANKARA: The Turkish parliament on late Wednesday passed a law increasing fines for stockpiling in the face of the sharp fluctuations in the prices of goods in Turkey as the annual inflation has soared to a 19-year high. The law envisages imposing higher fines between 100,000 Turkish Liras (around $7,334) and 2 million Turkish Liras … Read more
KARACHI: The Pakistani rupee declined 41 paisas, as the dollar crossed Rs177 at midday in the interbank exchange market on Thursday. The greenback is being traded at Rs177.15 in the midday trading at the interbank exchange. The exchange market closed at Rs176.74 on Wednesday, January 5, 2022. The local currency witnessed a decline in the … Read more
KARACHI: The rupee inched up by one paisa against the dollar on Wednesday, owing to ease in the demand for the foreign currency for import payments, dealers said. The interbank foreign exchange market ended at Rs176.74 against the greenback from the previous day’s closing of Rs176.75. The dealers said the dollar demand eased on Wednesday, … Read more
KARACHI: The rupee fell 24 paisas against the dollar on Tuesday, as the market opened after three days due to weekly and bank holidays, dealers said. The rupee ended at Rs176.75 against the greenback from the closing of Rs176.51 on December 31, 2021 in the interbank foreign exchange market. The dealers said the dollar demand … Read more
ANKARA: Turkey’s annual inflation rate surged to its highest level since 2002 in December, official data showed on Monday, after a currency crisis sparked by President Recep Tayyip Erdogan’s unconventional economic policies. Consumer prices jumped to 36.1 per cent last month from the same period in 2020, up from 21.3 per cent in November, according to … Read more
KARACHI: The rupee made a sharp recovery against the dollar to close the year at Rs176.51 on Friday in the interbank foreign exchange market, dealers said. The exchange rate witnessed an appreciation of Re1 in the local unit against the dollar from the previous day’s closing of Rs177.51. The rupee cumulatively recovered Rs1.73 against the … Read more
KARACHI: Pakistani rupee recovered 51 paisas against the dollar in early trade at the interbank foreign exchange market on Friday. The dollar is being traded at the historic high of Rs177 at the opening of the interbank market. The exchange rate was ended local currency was trading at Rs177.51 on Thursday. Rupee recorded the all-time … Read more
KARACHI: The Pakistani rupee recovered 73 paisas against the dollar on Thursday at the interbank foreign exchange market, dealers said. The exchange rate was recorded at Rs177.51 at the closing of the interbank market, compared with the record high of Rs178.24 on Wednesday. The free-fall in the rupee was curtailed after the central bank recently … Read more
KARACHI: The dollar recorded a gain of five paisas against the rupee on Wednesday and touched the new high of Rs178.24 in the interbank foreign exchange market, dealers said. A day ago, the exchange rate ended at Rs178.19 against the dollar, which was the previous record high of the greenback. The dealers said the dollar … Read more
KARACHI: The free-fall in the rupee value continued on Tuesday, as the dollar hit a new record high of Rs178.19 at the closing of the interbank foreign exchange market, dealers said. The exchange rate witnessed a decline of two paisas against the dollar from the previous day’s closing of Rs178.17 in the interbank. The last … Read more
ISLAMABAD: Criticising the government over its incapability to control the declining price of the Pakistani rupee against the US dollar, Pakistan People’s Party (PPP) leader Sherry Rehman held the Pakistan Tehreek-e-Insaf (PTI) government and its policies responsible for currency’s devaluation. Read more: Rupee may remain in hot water next week Sherry took to Twitter on Tuesday … Read more
KARACHI: The rupee lost four paisas against the dollar to touch a new record low of Rs178.17 on Monday at the closing of the interbank foreign exchange market, dealers said. The rupee ended at Rs178.17 against the greenback from last Friday’s closing of Rs178.13 in the interbank foreign exchange market. Previously, the local currency hit … Read more
The State Bank of Pakistan (SBP) on Monday said the limits of foreign currency buying by individuals have been set to discourage speculative transactions. The SBP has set a limit of $10,000/day/individual and $100,000/year/individual to check the foreign currency transactions. “It has been observed that substantial amounts of foreign currency was being purchased for speculative … Read more
