KARACHI: The State Bank of Pakistan (SBP) has said that the current account deficit narrowed to $3.67 billion in the first six months (July-December) of the fiscal year 2022/23. The current account deficit was recorded at $9.1 billion in the same months of the last fiscal year, showing that it narrowed 59 per cent during … Read more
KARACHI: Pakistan’s current account deficit has clocked-in at $12.1 billion during the first eight months (July-February) of fiscal year 2021/22, compared with the surplus of $994 million during the same period of last fiscal year, according to data released by the State Bank of Pakistan (SBP). The import bill of goods and services sharply grew 47 per … Read more
KARACHI: The rupee fell to the historic low at Rs178.61 to the dollar on Tuesday amid a surge in the commodity prices in the international market and rising domestic demand for the holy month of Ramazan. The rupee previously witnessed the all-time low of Rs178.24 on December 29, 2021. The exchange rate ended at Rs178.61 … Read more
KARACHI: The rupee is expected to remain under pressure against the dollar next week, owing to the Russian attack on Ukraine and the higher current account deficit. The rupee witnessed a significant decline in the last two days of the week (February 21 to 25), as Russia intensified attacks on the Ukrainian territory. The rupee … Read more
KARACHI: As Pakistan received $18 billion in remittances during the first seven months of FY22, experts and economists believe the country is likely to manage its widening current account deficit, if the trend persists. However, they said Pakistan needs to curtail its swelling import bill, boost its exports and attract foreign direct investment (FDI) to … Read more
KARACHI: The Pakistan stocks witnessed a lacklustre and volatile week ended January 14, 2022 and closed 0.92 per cent up, while the analysts believe the index will perform well, going forward. “The passage of the mini-budget should address the fiscal concerns, while the revival of EFF facility with the IMF will not only allow resumption of … 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 Pakistan stocks witnessed a bullish trend at midday, as the KSE-100 Index registered an increase of 5.32 points, or 0.01 per cent, on Wednesday. The Pakistan stocks observed a profit-taking session on Tuesday, as the global markets turned red, amid concerns over the rapid spread of the Omicron virus globally. The current account … Read more
KARACHI: The rupee fell slightly against the dollar on Tuesday but made a new historic low of Rs178.05 at the closing of the interbank foreign exchange market, dealers said. The exchange rate witnessed an ease of one paisa in the rupee value against the dollar from the previous day’s closing of Rs178.04, which was also … Read more
KARACHI: The Site Association of Industry (SAI) has rejected another 100 basis points rise in the interest rates and called for its immediate reversal, especially when the industry is facing forced closures due to a severe gas shortage, a statement said. SAI president Abdul Rasheed said that free-float of the exchange rate works as a … Read more
KARACHI: No letup was witnessed in the rupee free-fall, as the dollar jumped to new record high of Rs177.61 on Thursday in the interbank foreign exchange market, dealers said. They said the rupee deteriorated due to the expected large deficit of the current account and rising dollar demand for import payments. The exchange rate witnessed … Read more
KARACHI: As expected, the Pakistan stock market remained under pressure after the central bank increased the benchmark interest rate by 150 basis points against the general consensus of 100bps. Also, the news of the current account deficit deteriorating to $1.66 billion created further volatility in the market. “For the upcoming week, we expect the market … Read more
RIYADH: Saudi Arabia, which reported last month a surplus in its first quarterly budget surplus since the first quarter of 2019, is applying restraints on spending even, as oil prices are trading near multiyear high, Arab News reported. The Saudi Ministry of Finance has started to apply the spending cap regardless of the oil price and revenues, … Read more
LAHORE: Pakistan’s former finance minister Dr Hafeez Pasha has warned of difficult times ahead as the country registered a record high imports of $6.3 billion in June 2021, while the current account deficit remained at $1.3 billion. Addressing an economic session on the “Pakistan Economy ‑ Challenges and Solution”, organised by the Pakistan Industrial and … Read more
KARACHI: The current account of the country posted a surplus of $153 million during the 11 months (July-May) of the current fiscal year, compared with a deficit of $4.33 billion in the corresponding months of the last fiscal year, according to official data released by the central bank on Friday. The balance of payment showed … Read more
Prime Minister Imran Khan on Tuesday said that Economy of Pakistan despite the coronavirus pandemic has staged a remarkable turnaround. Taking to his official Twitter handle, PM Imran Khan said: “MashaAllah despite Covid 19 great news on the economy – remarkable turnaround.” Imran Khan said that despite the national challenges, Pakistan’s current account witnessed a … Read more
Prime Minister Imran Khan said Wednesday that the exports have grown 29% whereas remittances increased 9% over the previous month. Taking to his official Twitter handle, the Prime Minister wrote: “Great news for Pakistan. We are headed in right direction finally. Current Account was in surplus of $73 mn during Sept, bringing surplus for 1st … Read more
