Business

The United States dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. The dollar index scaled to a fresh two-decade peak of 109.44 in the Asia trade, with greenback strength pushing other major currencies to new …

The Pakistan Stock Exchange (PSX) opened the week in the red on Monday, with the benchmark KSE-100 index shedding points shortly after trading began. By 10:46am, the benchmark had lost 652.13 points, or 1.53 per cent, to reach 41,939.38 points. Head of Research at Intermarket Securities, Raza Jafri, said the KSE-100 index was affected by the performance of equities globally. …

The PKR remained under pressure on Monday, depreciating by Rs1.34 against the dollar in the interbank market. Data shared by the Forex Association of Pakistan showed the local currency was changing hands at Rs222 per dollar at 11:45am, down 0.6 per cent. Mettis Global Director Saad bin Naseer said the primary reasons for the rupee’s fall were the dollar’s ascent in international markets …

KARACHI: The stock market commenced on a negative note in the outgoing week over concerns about new tax measures aimed at increasing revenue collection. Arif Habib Ltd said the investor sentiment was revived after the State Bank of Pakistan (SBP) kept the policy rate unchanged. Moreover, the momentum gained further strength after Qatar announced its plans to invest $3 billion …

ISLAMABAD: In an attempt to avert any possible move to endanger the IMF deal, federal Finance Minister Miftah Ismail will sit down with his Khyber Pakhtunkhwa counterpart on Monday (tomorrow) to resolve differences between the Centre and the province over outstanding issues. Talking to Dawn on Saturday, Mr Ismail confirmed he had called KP Finance Minister Taimur Khan Jhagra for a meeting, …

KARACHI: After depressed sales in July, auto assemblers paint a gloomy demand scenario in the coming months due to flash floods in various rural parts of the country that have destroyed standing crops and homes of growers. A sizable volume of motorbikes and four-wheelers are sold in rural areas where small to large growers earn their livelihood through various crops. …

KARACHI: The profits and dividends on foreign investments in Pakistan fell sharply down to an insignificant level in the first month of the current fiscal year, suggesting the poor economic performance. The State Bank of Pakistan’s latest data showed that the outflow of profits and dividends on foreign investments, mostly foreign direct investment (FDI), in July was just $16.5 million …

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60 per cent from its year high. Bitcoin, the world’s biggest and best-known cryptocurrency, was last down 1.5pc at $19,946 on Saturday, down $298 from its previous close. It is down 58.7pc from the year’s high of $48,234 hit on March 28. Ether, the coin …

ISLAMABAD: The Ministry of Finance on Thursday cautioned that heavy monsoon rains have adversely affected major and minor crops, which may impact the country’s agricultural performance and its overall economic outlook. The torrential rains and floods during July and August have adversely affected the standing kharif crops, especially cotton. Assessment of the crop damages was in progress by the provinces, …

Oil prices rose as much as $1 on Friday on signs of improving fuel demand, although further gains were capped as the market awaited clues from the US Federal Reserve chairman on the outlook for rate hikes in a speech later in the day. Brent crude futures climbed 87 cents, or 0.9 per cent, to $100.21 a barrel by 0410 …