SC heard FBR petition challenging LHC order regarding collection of Super Tax CJP asked government to adopt measures to stop foreign currency smuggling The top judge said four million dollars were going out of Pakistan illegally daily ISLAMABAD: Chief Justice of Pakistan (CJP) Justice Umar Ata Bandial on Friday asked the federal government to adopt … Read more
KARACHI: The rupee continued falling spree against the dollar on Tuesday, owing to the rising foreign currency demand for import payments, dealers said. The rupee fell 32 paisas to end at Rs228.66 against the dollar from last day’s closing of Rs228.34 in the interbank foreign exchange market. The dealers said the local currency remained under … Read more
KARACHI: State Bank of Pakistan (SBP) has revised the existing limits for carrying foreign currency outside the country for travel purposes. As per the revised limits individuals aged 18 years and above (adults) can now carry foreign currency equivalent to $5,000 per visit, while those below the age of 18 years (minors) can carry equivalent … Read more
Sri Lanka ports started a free bicycle service on Tuesday, allowing workers to explore the facilities without using gasoline-powered vehicles, as the island nation suffers from acute fuel shortages. The island nation is experiencing its worst financial crisis since independence, with the government unable to pay for adequate supplies of critical imports. Motorists around the … Read more
Zimbabwe’s inflation price jumped to 131.7 percent in May, the records workplace stated Wednesday, as fallout from the Ukraine battle hit an already battered financial system. Inflation reached triple digits for the first time because June’s ultimate year with fees for cooking oil and bread jumped higher due to Russia’s invasion of Ukraine. The government last week … Read more
ANKARA: Gold has a central place in Turkish customs from birth to weddings. As the country is battling economic woes and low foreign currency reserves, the authorities want to draw the yellow metal stored by citizens into the banking system. As Turkey’s annual inflation surged to a two-decade high of 48.7 per cent in January, … Read more
KARACHI: The rupee fell 76 paisas against the dollar on Monday, owing to a jump in the global oil prices and rising foreign currency demand for import payments, dealers said. The exchange rate ended at Rs175.47 against the dollar from Friday’s closing at Rs174.71 in the interbank foreign exchange market. The dealers said high oil … Read more
KARACHI: The rupee ended firmer against the dollar on Monday, amid foreign currency demand for import payments, dealers said. The exchange rate ended at Rs174.47 against the greenback from last Friday’s closing of Rs174.48 in the interbank foreign exchange market. The dealers said the market witnessed dollar demand for import payments, as the market opened … Read more
COLOMBO: Sri Lanka marked its independence day on Friday with an appeal to its diaspora to send money home to overcome the island’s worsening economic crisis and a pledge to protect foreign investments. President Gotabaya Rajapaksa urged millions of Sri Lankans abroad to invest their savings in their home country, which is facing its worst … Read more
LAHORE: Airport Security Force (ASF) on Thursday apprehended three passengers, leaving for Dubai from Allama Iqbal Airport, and recovered foreign currency fr their possession. According to ASF officials, the passengers identified as Irshad, Ahsan and Hassan were caught during checking before their flight for Dubai. During the checking, $84000 and Rs465000 were recovered from their … Read more
ISTANBUL: Turkey’s central bank on Thursday bowed to market pressure and halted a four-month streak of interest rate cuts that saw inflation soar and the currency collapse. The bank left its policy rate at 14 per cent two days after President Recep Tayyip Erdogan, a fervent opponent of high interest rates, said future reductions could … 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
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 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: 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
International ratings agency Fitch downgraded cash-strapped Sri Lanka on Saturday by one notch to ‘CC’ due to mounting fears of a sovereign default on its $26 billion foreign debt. The downgrade came a day after Sri Lanka reported a 1.5 per cent contraction in the third quarter of this year, as a foreign exchange crisis … 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
KARACHI: The rupee ended firmer against the dollar on Friday, amid high dollar demand for import and corporate payments, dealers said. The rupee eased by one paisa to Rs178.13 against the dollar from the previous day’s closing of Rs178.12 in the interbank foreign exchange market. The dealers said the demand for the foreign currency was … Read more
COLOMBO: Sri Lanka’s inflation hit a record 11.1 per cent in November, official figures showed on Wednesday, and the authorities warned a worsening economic crisis could prompt further food rationing. The island’s tourism-dependent economy was hammered by the pandemic and the government imposed a broad import ban to shore up foreign exchange reserves, triggering shortages of … Read more
COLOMBO: Sri Lanka raised fuel prices on Tuesday and warned of possible petrol rationing with importers struggling to pay for oil, in a worsening economic crisis that has also sparked food shortages. The move comes just days after international ratings agency Fitch downgraded the country over fears of a sovereign default on its $26 billion foreign … Read more
KARACHI: 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 … Read more
KARACHI: The rupee ended firmer at Rs178.04 against the dollar on Monday, amid higher foreign currency demand for import and corporate payments, dealers said. The rupee ended at Rs178.04, which is the same closing of December 17, 2021, in the interbank foreign exchange market. The present exchange rate is the lowest level of the rupee … Read more
COLOMBO: International ratings agency Fitch downgraded cash-strapped Sri Lanka on Saturday by one notch to ‘CC’ due to mounting fears of a sovereign default on its $26 billion foreign debt. The downgrade came a day after Sri Lanka reported a 1.5 per cent contraction in the third quarter of this year, as a foreign exchange crisis … Read more
COLOMBO: Sri Lanka’s economy shrank in the third quarter as a foreign exchange crisis wrecked its recovery from the coronavirus pandemic, official data showed on Thursday. The GDP contracted 1.5 per cent on-year in the three months to September, the department of census and statistics said, ending four consecutive quarters of growth. The island’s tourism-dependent economy … Read more
KARACHI: South Korea has shown interest in importing urea from Pakistan, a statement said on Thursday. A delegation of Engro Fertilisers Limited (EFL) was called by the South Korean Embassy to discuss the possible export of urea to South Korea. Pakistan has significant potential to export urea and earns valuable foreign currency for the country, … Read more
KARACHI: The rupee fell to a nine-month low of 161.48 against the dollar on Monday, owing to higher demand for import payments, amid the upcoming Eid holidays. Previously, the exchange rate was seen at Rs161.37 to the dollar on October 23, 2020. The local currency fell Rs1.54 to the dollar from last Friday’s closing of … Read more
KARACHI: The rupee recovered 38 paisas against the dollar on Wednesday, owing to the receivables of the Eurobond proceeds that impacted the market sentiments, dealers said. The exchange rate ended at Rs159.13 against the dollar from the previous day’s closing of Rs159.51 in the interbank foreign exchange market. The currency dealers said the foreign inflows … Read more
