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Articles for tag: fivemonth, fresh, high, PSX. foreign exchange reserves, Rs278.14, Rupee, Soars

March 23, 2024

News Desk

The rupee soars to a fresh five-month high of Rs278.14/$

KARACHI: Pakistan’s currency touched a fresh five-month high of Rs 278.14 against the US dollar in the interbank market, continuing its winning streak for the seventh straight business day, on persistent improvements in the country’s foreign exchange reserves. Market talk suggested that the rupee received further support against the dollar after Finance Minister Muhammad Aurangzeb announced to issue $250-300 million worth of Panda bonds in the Chinese market soon. According to State Bank of Pakistan (SBP) data, the domestic currency gained 0.05% or Rs 0.14 on a daily basis to close at Rs 278.14 against the dollar. As a result,

March 21, 2024

News Desk

Rupee rises to fresh five-month high

KARACHI: Pakistan’s currency on Wednesday hit a fresh five-month high of Rs 278.41 against the US dollar in the interbank market, maintaining its winning streak for a sixth straight working day amid a staff-level deal with the International Monetary Fund (IMF) that will pave the way for the release of the final tranche of $1.1 billion. According to State Bank of Pakistan (SBP) data, the rupee gained 0.07%, or Rs0.22, against the dollar on a daily basis. With the new appreciation, the currency has gained a cumulative 10.30%, or Rs 28.69, in the last five and a half months compared

March 19, 2024

News Desk

With fresh gains, rupee at 5-1/2-month high

KARACHI: The Pakistani currency on Monday hit a nearly five-and-a-half-month high of Rs 278.63 against the US dollar in the interbank market, maintaining its bullish trend for a fourth consecutive business day amid talks with the International Monetary Fund (IMF). for the release of the last installment of the loan and for a new program. According to State Bank of Pakistan (SBP) data, the rupee appreciated 0.03%, or Rs0.11, against the dollar on a daily basis compared to Friday’s close of Rs278.74/$. The local currency has appreciated cumulatively by 10.21%, or Rs 28.47, in the last six months compared to

January 24, 2024

News Desk

Rupee gradually climbs to fresh 3-month high

KARACHI: The Pakistani currency maintained its bullish trend for a fifth consecutive business day on Tuesday, appreciating to a fresh three-month high above Rs 279.50 against the US dollar in the interbank market following improved foreign currency inflows compared to its demand. The rupee improved 0.02%, or Rs0.06, to close at Rs279.79 against the dollar, according to State Bank of Pakistan (SBP) data. The currency has appreciated 9.76%, or Rs 27.31, in the last four-and-a-half months compared to its all-time low of Rs 307.10/$ in the first week of September 2023. The Exchange Association of Pakistan (ECAP) said the rupee

January 22, 2024

News Desk

a fresh and objective look

Islamabad: It has become almost a cliché to say that we should focus on adding value to all economic activities and that we should become part of regional or global value chains. While the idea has its merits, and more importantly, the enabling factors and conditions, we should look at it with a fresh and objective eye. Added value, or benefits from it, should be valued and distributed efficiently, comprehensively and, above all, fairly. The fair value difference or distribution can only be achieved when the main contributor in the value chain, which is the first producer, makes the most

January 9, 2024

News Desk

Rupee hits fresh 10-week high

KARACHI: The Pakistani currency maintained its winning streak for a fourth consecutive business day on Monday, rising to a fresh 10-week high of over Rs 281 against the US dollar in the interbank market. The fresh gains came ahead of the International Monetary Fund’s executive board meeting on January 11 to possibly approve the release of the second tranche of a $700 million loan to Pakistan. The rupee appreciated 0.04%, or Rs0.12, to close at Rs281.28 against the dollar, according to data from the State Bank of Pakistan. With this, the currency has gained a cumulative 1.55%, or Rs 4.36,

January 4, 2024

News Desk

Pakistan Continues COVID-19 Testing of Inbound Passengers Amid Fresh Fears of Variance

National Institute of Health issues advisory on prevention, control of subvariant JN.1 in Pakistan An airport employee checks the temperature of a passenger upon arrival at the Bacha Khan International Airport in Peshawar on January 27, 2020. — AFP Major airports including Karachi, Islamabad do not have testing kits. The tests will help detect, prevent the JN.1 sub-variant of COVID-19. “Mandatory 2% testing continued to detect JN.1 variant.” Islamabad: Amid growing concerns over the spread of the new variant of COVID-19, the National Center for Command and Operations (NCOC) has decided to resume mandatory testing of 2% of incoming passengers,

January 3, 2024

News Desk

India’s Supreme Court rejects fresh probe against Gautam Adani

After the court’s decision, Adani, which has always denied any wrongdoing, said “the truth had prevailed”. Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad, April 2, 2014. — Reuters India’s Supreme Court recently rejected requests to set up a new commission to investigate fraud allegations made by a US investment research firm against businesses owned by billionaire Gautam Adani. According to the BBC, Hindenburg Research accused Adani’s company of “brazen” share manipulation and accounting fraud in January last year, prompting a judicial commission to oversee an investigation by

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