Business

KARACHI: The rupee’s free fall and the dollar’s seemingly unstoppable rise have made the former almost irrelevant to the economy as queues for purchasing the greenback are growing by the day. According to currency dealers, the finance minister’s statement that the situation was worse than she had realised, sent waves of shocks in the exchange rate market. Malik Bostan, President of the …

KARACHI: Hoarding, smuggling and rupee depreciation continued to bring more misery for the consumers in the shape of further increases in sugar, pulses and ghee/cooking oil prices. Wholesale sugar rates rose to Rs172 per kg from Rs164-165 two days back. Some retailers had pushed up the rates to Rs185. While some online retailers were seen charging Rs99 for 500 grams, Rs905 for five-kg …

KARACHI: Caretaker Finance Minister Dr Shamshad Akhtar on Thursday said that the government was committed to resolving structural issues faced by the economy. Speaking at the roundtable conference on “Journey to an Insured Pakistan”, organised by the Securities and Exchange Commission of Pakistan (SECP), Dr Akhtar highlighted the importance of reducing the fiscal deficit, strengthening forex reserves, and fulfilling the …

The State Bank of Pakistan (SBP) on Friday dispelled rumours about holding an emergency meeting of the Monetary Policy Committee (MPC), saying that such reports were “completely baseless”. “The reports making rounds in media about holding of an emergency meeting of the MPC of SBP are completely baseless,” the central bank said on social media platform X (formerly Twitter).   …

ISLAMABAD: The commerce ministry announced on Wednesday that it would soon unveil a comprehensive plan to revive the closed textile industries within 30 days and expedite the payment of Rs323 billion in refunds to exporters. The ministry said it would present the plan and the roadmap within a month, after consulting with the stakeholders. As part of the plan, the …

KARACHI: Pak Suzuki Motor Company Ltd (PSMCL) reported a net loss of Rs9.67 billion during the first half of 2023 as compared to a net loss of Rs17m in the same period last year due to massive exchange loss in the first quarter (January-March). Net sales revenues declined to Rs43bn from Rs112bn during January-June 2022. Sales revenue decreased by 61pc …

KARACHI: Stocks suffered losses for the fourth straight session on Wednesday, driven by rumours about a steep hike in the interest rates, economic uncertainty and unrelenting rupee depreciation. The market witnessed a sharp drop after rumours circulated that the State Bank of Pakistan is set to convene an emergency meeting in which it is expected to raise interest rates by …

ISLAMABAD: In a reality check following almost week-long consultations, caretaker Finance Minister Dr Shamshad Akhtar on Wednesday told senators and the electricity consumers to “manage (their) expectations” raised by caretaker Prime Minister Anwaarul Haq Kakar for relief in excessive power bills, saying the country’s fiscal space did not permit any subsidy or relief. “Please manage your expectations,” she said apparently …

Stocks suffered losses for the fifth straight session on Thursday, bleeding more than 1,700 points on the back of rumours of a hike in interest rates, economic uncertainty, and the unrelenting depreciation of the rupee. The bourse stayed flat for 10 minutes after the opening bell. However, at 9:40am, the market began its gradual slide with the KSE-100 eventually losing …

The Pakistani rupee continued its downward march on Wednesday, sliding Rs1.45 against the US dollar in the interbank market. According to the currency rate list of the Exchange Companies Association of Pakistan, the dollar was changing hands in the interbank market for Rs304.50 at 12pm. It had closed yesterday at Rs303.50, according to State Bank of Pakistan (SBP) data. In …