The rupee’s free fall and the dollar’s seemingly unstoppable rise have made the former almost irrelevant to the economy as queues for purchasing the greenback are growing by the day. According to currency dealers, the finance minister’s statement that the situation was worse than she had realised, sent waves of shocks in the exchange rate market. Malik Bostan, President of the Forex Associat
Hoarding, smuggling and rupee depreciation continued to bring more misery for the consumers in the shape of further increases in sugar, pulses and ghee/cooking oil prices. Wholesale sugar rates rose to Rs172 per kg from Rs164-165 two days back. Some retailers had pushed up the rates to Rs185. While some online retailers were seen charging Rs99 for 500 grams, Rs905 for five-kg and Rs375 for t
Caretaker Finance Minister Dr Shamshad Akhtar on Thursday said that the government was committed to resolving structural issues faced by the economy. Speaking at the roundtable conference on “Journey to an Insured Pakistan”, organised by the Securities and Exchange Commission of Pakistan (SECP), Dr Akhtar highlighted the importance of reducing the fiscal deficit, strengthening forex reserves, a
KARACHI: Stocks suffered losses for the fourth straight session on Wednesday, driven by rumours about a steep hike in the interest rates, economic uncertainty and unrelenting rupee depreciation. The market witnessed a sharp drop after rumours circulated that the State Bank of Pakistan is set to convene an emergency meeting in which it is expected to raise interest rates by up to 300bps, noted J
FOR more than two and a half years now, at least, the country has been seeing relentless and unending pressure on the exchange rate and the price level. The present bout of exchange rate volatility began in May 2021 and has continued unabated since then. The dollar had moved around 150 to the rupee for two years until that month. Less than 30 months later, its value doubled versus the rupee, and s