A rally that has the dollar on course for its best year since 1984 has further to run, traders and analysts say, suggesting more pain almost everywhere else as other currencies either crumble or require rapid rate hikes to stay put. The rise — the dollar is up nearly 15 per cent against a basket of currencies this year — has already been a wrecking ball through foreign exchange markets, crushin
The PKR fell by Rs1.56 against the dollar in the interbank market on Thursday. The local currency closed at Rs235.88 per dollar after depreciating 0.66 per cent. Yesterday, the PKR closed at Rs234.32 per dollar. Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said there was a “lot of pressure” on the rupee because friendly countries, who had promised to give
The threat of a global recession is growing as central banks focus on bringing down soaring inflation rates, the World Bank warned on Thursday, calling on governments to help boost supply to ease the constraints behind rising prices. Inflation worldwide has been rising at the fastest pace seen in decades, due to supply constraints amid high demand as countries emerged from the pandemic. It has
Bankrupt Sri Lanka’s economy shrank 8.4 per cent year-on-year in the second quarter, official data showed on Thursday, as the island nation’s unprecedented financial crisis reached its peak. Months of acute food, fuel and medicine shortages, extended blackouts and runaway inflation have plagued the country after it ran out of dollars to finance even the most essential imports. Sri Lanka has
The National Price Monitoring Committee (NPMC) reviewed the prices of essential commodities on Thursday and directed all stakeholders to ensure the distribution of essential commodities among the masses. In its meeting chaired by Planning Minister Ahsan Iqbal, the committee reviewed the progress of essential commodities after the floods. The meeting was attended by the chief economist, chief se