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KARACHI: The Pakistani currency maintained its downturn for a seventh straight session, hitting a low of over Rs157 against the US dollar in the inter-bank market on Monday. Since the morning, it moved both ways within a range of Rs156.50 to Rs 157.07. Latest updates showed the rupee stood at Rs156.96, up by Rs1.12 from Friday’s closing rate of Rs155.84. […]

The Federal Board of revenue has asked banks to provide withholding tax data of the customers. According to a report by a local newspaper, the banks have agreed to provide withholding data to the FBR and write letters to the customers, having Rs. 500,000 balance in their accounts, to avail the tax amnesty if they […]

Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh on Tuesday witnessed the signing of three loan agreements worth a total of $918 million with the World Bank. Country Director World Bank Patchamuthu Illangovan signed the agreements on behalf of the World Bank while Economic Affairs Division Secretary Noor […]

ISLAMABAD: The World Bank has announced app­roval of two loans amounting $465 million to support higher education in Pakistan and expand sustainable electricity trade between Central Asia and South Asia. The approval of $400m ‘Higher Education Deve­lopment in Pakistan’ project will strengthen tertiary education to produce skilled, innovative and enterprising graduates. It will strengthen partnerships […]

KARACHI: The bulls took a breather in the outgoing shortened (four session) week with an addition of 271 points (0.8 per cent) to close at 35,975. The market needed a cooling-off period after the mind-blowing gains of 2,537 points or 7.65pc, the highest weekly return in 10 years in the preceding week. For the outgoing […]

KARACHI: Interest rate hike diverted investment from US dollar to domestic bonds and deposits in banks which reduced pressure on dollar demand, said financial market sources. The exchange rate remained relatively calm during the week ended on Saturday while the dollar lost in both interbank and open market against the local currency. The dollar fell […]

ISLAMABAD: The government is expecting the inflation rate to “remain on the higher trajectory” over the next couple of years owing to second-round effect of currency depreciation, higher energy prices, rising commodity prices in international market and base money creation. As such, the average inflation is expected to be 8.5 per cent in the next […]

KARACHI: The rupee weakened against the dollar at Rs156.8/157.3 in the inter-bank market on Tuesday compared with Monday’s close of Rs156.45/156.95, according to forex.pk. Recently, the State Bank of Pakistan (SBP) let the rupee depreciate massively in the inter-bank market after finalising an agreement with the International Monetary Fund (IMF) for a loan programme on May […]

ISLAMABAD: Less than 250 Pakistanis have so far availed the tax amnesty scheme and paid a paltry sum of about Rs450 million in taxes despite personal appeal by Prime Minister Imran Khan through his televised address. The dismal outcome in the past over one month has compelled the Federal Board of Revenue (FBR) to keep the […]

KARACHI: Stocks re­­mained on the slippery slope for the second day with the KSE-100 index sliding by 487.10 points (1.39 per cent) to close at 34,681.72. The sell-off in the two days has dragged the index down by 900 points (2.53pc) wiping out almost all the gains that the market had managed in the last […]