Iranian President Masoud Pezeshkian on Tuesday proposed that Iran and its regional trading partners establish a shared currency to boost commerce amid crippling Western sanctions. Years of international sanctions, largely imposed by the United States over Tehran’s nuclear programme, have severely weakened Iran’s economy. The latest measures were reimposed by the United Nations in September, aft
Oil prices edged up on Wednesday morning after three straight days of declines, with market sources citing a decline in U.S. crude inventories, while investor concerns about Russia sanctions and a potential OPEC+ output increase capped gains. Brent crude futures rose 20 cents, or 0.31%, to $64.60 a barrel at 0203 GMT. U.S. West Texas Intermediate crude futures rose 18 cents, or 0.3%, to $60.33.
The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.05% during the opening hours of trading in the inter-bank market on Wednesday. At 10am, the currency was hovering at 280.72, a gain of Re0.15 against the greenback. On Tuesday, the local unit had closed at 280.87, the highest in nearly six months. Globally, the US dollar hovered close to a one-week l
The Pakistan Stock Exchange (PSX) opened the week under pressure on Monday as sentiment remained fragile ahead of monetary policy announcement, which prompted caution and selective profit-taking. The benchmark KSE-100 index closed at 162,163.81, down 1,140.32 points, or 0.70%. It traded within a wide range, touching intra-day high of 163,571 and low of 161,767. In the afternoon, the State Bank
After days of selling pressure, buying momentum returned to the Pakistan Stock Exchange (PSX) as the State Bank of Pakistan (SBP), in line with market expectations, kept the policy rate unchanged. The benchmark KSE-100 Index gained nearly 1,200 points during the opening minutes of trading on Tuesday. At 9:35am, the benchmark index was hovering at 163,359.39, a gain of 1,195.58 points or 0.74%.