The rupee snapped its five-day winning streak as it lost 14 paise to the US dollar in the interbank market on Thursday after the State Bank of Pakistan (SBP) reported a $217 million drop in its foreign exchange reserves on a week-on-week basis. The greenback appreciated to Rs285.27 from Rs285.13 the previous day, reported the SBP. However, the rupee lost 50 paise to close at Rs286 in the open m
Caretaker Minister for Information Technology and Telecommunications Dr Umar Saif unveiled the first IT and ITeS Export Strategy on Thursday, aiming to increase IT exports to $10 billion in the next three years. Dr Saif stated that the Pakistan Software Export Board, under the Ministry of IT and Telecommunication, collaborated with PricewaterhouseCoopers (PwC) and other international part
The Economic Coordination Committee (ECC) of the cabinet on Thursday decided to import 220,000 tonnes of urea from Azerbaijan on a government-to-government (G2G) basis, allowed Rs754 billion cash credit limits (CCL) to Punjab and Sindh for procurement of essential commodities and approved a further increase in gas price from January. The ECC meeting, presided over by caretaker Finance Minister
The National Electric Power Regulatory Authority (Nepra) on Thursday gave in to a demand of the Power Division to impose for 12 months an additional special surcharge at a flat rate of Rs1.52 per unit on all K-Electric consumers, except lifeline category with less than 100 units per month on a permanent basis. The additional surcharge will come into force from Dec 1 for up to November 2024 and
The benchmark of the Pakistan Stock Exchange closed at yet another all-time high on Wednesday amid a host of positive developments on the macroeconomic front. Arif Habib Corporation Ltd analyst Ahsan Mehanti said the ongoing recovery in the rupee’s value against the dollar as well as upbeat economic indicators on the current account deficit and home remittances played a key role in driving up m