President of the United Business Group (UBG), Zubair Tufail, has criticised the State Bank of Pakistan’s decision to maintain the policy interest rate at 11 percent, terming it a major obstacle to the growth of domestic industry. He said the business community has been consistently urging the central bank to bring the interest rate down to a single digit, but the demand has been ignored. “The r
Oil prices eased on Friday, heading for a third straight monthly decline, as a stronger dollar capped commodities gains while rising supply from major producers globally offset the impact of Western sanctions on Russian exports. Brent crude futures slipped 33 cents, or 0.51%, to $64.67 a barrel by 0027 GMT, while U.S. West Texas Intermediate crude was at $60.22 a barrel, down 35 cents, or 0.58%
The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.08% during the opening hours of trading in the inter-bank market on Friday. At 10am, the currency was hovering at 280.70, a gain of Re0.22 against the greenback. On Thursday, the local unit closed at 280.92. Globally, the US dollar held its ground in early Asian trade on Friday after reaching a three
The Pakistan Stock Exchange (PSX) came under selling pressure on Wednesday as investors reacted to renewed tensions between Pakistan and Afghanistan, coupled with mixed corporate earnings. The benchmark KSE-100 index dropped 1,635.97 points, or 1.02%, to close at 158,465.06. The index fluctuated between the high of 160,690 and low of 158,307. Investor sentiment remained weak after peace talks b
Gold prices in Pakistan recorded a significant rise on Wednesday, driven by persistent global uncertainties and cautious investor sentiment ahead of key international developments. According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold surged by Rs3,500 per tola, reaching Rs419,862. Similarly, the rate for 10 grams of 24-karat g