Oil prices tumbled more than $4 on Wednesday, slumping below levels seen prior to Russia’s invasion of Ukraine as downbeat Chinese trade data fed investor worries about recession risks. Brent crude futures were down $4.12, or 4.4%, at $88.71 a barrel by 1543 GMT, touching their lowest since February 3 and falling below $90 a barrel for the first since February 8. US West Texas Intermediate crud
The foreign exchange reserves held by the central bank increased 14.3% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. “During the week ended September 2, 2022, SBP received $1,166 million from IMF under EFF (Extended Fund Facility) programme,” the SBP said in a statement on Thursday. On September 2, the foreign currency reserves held by the SBP
The government is finally geared up to appoint managing directors of the country’s two big state-run hydrocarbon explorers that are running without a permanent head for past many months. Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) have been working on an ad hoc basis since the days of previous Pakistan Tehreek-e-Insaf (PTI) government. The government
Gold has maintained an upward trend, hovering around an all-time high hit this week in the wake of rupee depreciation in Pakistan. The uptrend in the country is in contrast to the downturn in the global commodity at world markets. The price of gold has increased by Rs750 per tola (11.66 grams) to Rs150,850 in Pakistan on Thursday. This is just Rs300 away from an all-time high hit at Rs151,150 o
The equities market witnessed another slow session on Thursday as the rupee continued its devaluation against the dollar. Arif Habib Ltd said the stock market traded sideways after opening in the positive zone. The rupee closed at 225.42 per dollar after shedding 0.89 per cent of its value against the US currency. The dollar has become expensive by Rs4 in the last two days alone. Economic a