The Pakistani rupee depreciated by Rs0.09 to close at Rs277.79 against the US dollar in the inter-bank market on Monday, driven by expectations of rising dollar demand following an aggressive 2.5 percentage point rate cut by the central bank. The foreign exchange market may see further declines in the rupee's value in the coming days, as the policy rate reduction was steeper than the financial
Business leaders responded critically to the policy rate announced by the State Bank of Pakistan's (SBP) Monetary Policy Committee (MPC), appealing to the central bank to make more significant rate cuts in line with the declining inflation trend. They argued in favour of single digit interest rate saying that the current reduction is insufficient to meet the business community's need. A single dig
The Special Investment Facilitation Council (SIFC) has given a deadline of November 10 to the Petroleum Division for addressing the challenges being faced by oil refineries, which prevent the signing of plant upgrade agreements under the Brownfield Refinery Policy 2023. Sources told The Express Tribune that a working group on downstream policy issues recently held a meeting under the SIFC umbre
The government on Monday approved a new Circular Debt Management Plan, revealing that the disclosed costs of theft and low bill recoveries are projected to mount to a staggering Rs637 billion in the current fiscal year, with the circular debt flow expected to persist despite recent electricity price increases. According to the plan, rather than achieving any reduction in the current Rs2.393 tri
Bulls retained control of the trading floor on Monday as shares at the Pakistan Stock Exchange (PSX) climbed 1,000 points in anticipation of Monetary Policy Committee (MPC) meeting, scheduled for later today. The benchmark KSE-100 index climbed 1,041.88, or 1.15 per cent, to stand at 91,901.73 points from the previous close of 90,859.85 points at 11:20am. Finally, the index closed at 91,938.00