The rupee struggled to remain firm on Tuesday, but the US dollar appreciated in the interbank market for the second day in a row. The State Bank of Pakistan (SBP) reported the dollar gained 17 paise to settle at Rs278.29 compared to Rs278.12 a day before. The greenback appreciated by 18 paisa on Monday. “The exchange rate is stable. The minor fluctuations have no significance,” said Atif Ah
A $20 per ounce jump in world gold rates on Tuesday pushed the local 10-gram and one-tola prices to new all-time highs of Rs214,077 and Rs249,700, respectively, up Rs2,057 and Rs2,400 from Monday. As per rates issued by the All Sindh Saraf and Jewellers Association (ASSJA), the international gold price swelled to $2,391 per ounce, an all-time high amid escalating tension after the Iranian atta
The quantum of large-scale manufacturing (LSM) rose 0.06 per cent in February, its third increase in a row, according to data released by the Pakistan Bureau of Statistics on Tuesday. The quantum index of LSM industries was 126.01 points in February compared to 125.93 in the same month last year. However, the index for the month was 4.14pc lower than for the previous month, January 2024, w
Notwithstanding a relatively better global outlook, the International Monetary Fund (IMF) on Tuesday maintained Pakistan’s economic growth prospects for the current fiscal year at two per cent, which it had revised downward in January from its previous estimate of 2.5pc. In its flagship World Economic Outlook (WEO 2024), released on Tuesday, the IMF kept the country’s growth rate at 3.5pc for t
US President Joe Biden on Wednesday urged a tripling of tariffs on Chinese steel and aluminum, citing “unfair competition” as he seeks to win blue-collar votes in November’s election. Biden’s call comes as the US Trade Representative (USTR) announced it is launching a probe into China’s trade practices in the shipbuilding, maritime and logistics sectors in response to a recent petition by five