Bulls fought bears on Wednesday in a range-bound session on the Pakistan Stock Exchange. Arif Habib Ltd said the index traded within a narrow band due to the investors’ concerns about rising political noise and the continuous hammering of the rupee against the dollar. The benchmark moved sideways a volatile session, with decent main-board volumes. The national currency closed at 234.32 per d
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 dollar climbed close to a 24-year peak against the yen on Wednesday amid a jump in United States yields after hotter-than-expected inflation boosted bets for even more aggressive monetary tightening by the Federal Reserve next week. The dollar rose as high as 144.965 yen in the Asian session, taking it close to the high of 144.99 hit a week ago, a level not seen since August 1998. It last t
The Pakistani rupee continued to lose ground against the dollar for the ninth consecutive session on Wednesday, with the PKR sliding by Rs2.4 in the interbank market. The local currency closed at Rs234.32 per dollar, depreciating 1.02 per cent from yesterday’s close. Saad bin Naseer, director of financial data and analytics portal Mettis Global, said the rupee “tumbled on the back of high in
With a view to facilitating the stakeholders in providing relief and rehabilitation support to the affectees of torrential rains and flash floods across the country, the State Bank of Pakistan has decided to allow foreign remittances on account of donation and charity through home remittance channel with immediate effect. According to an SBP circular, for consumers to business, there is no l
