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Default fears keep rupee under pressure

The forthcoming repayment of $1 billion by Pakistan for a maturing Sukuk on December 5, 2022 has kept the rupee under pressure against the US dollar as the foreign exchange reserves continued to deplete over the past 11 months. The domestic currency inched down by 0.05% (or Rs0.11) to a new six-week low at Rs223.92 against the greenback in the inter-bank market on Thursday. A market expert p

Stocks edge higher in cautious trading

In yet another range-bound session on Thursday, the KSE-100 index opened in the green zone but closed barely higher than its preceding close. Topline Securities said the market-moving announcements included the prime minister picking Asim Munir for the position of the country’s next chief of army staff for three years. Arif Habib Ltd said the ongoing political uncertainty led the investors t

SBP expected to keep policy rate unchanged as economic slowdown in the offing

The State Bank of Pakistan is expected to keep the main policy rate unchanged at 15 per cent in its monetary policy announcement scheduled for tomorrow, according to analysts and economists. All seven experts who spoke to Dawn.com said they expected the central bank to maintain rates, with many pointing out that a slowdown in economic activity had begun and inflation, which has been at decades-

Turkiye makes 4th rate cut despite high inflation

Turkey’s central bank said on Thursday it had cut its main policy rate for the fourth consecutive month despite high inflation. On the wishes of President Recep Tayyip Erdogan, the bank said it had lowered its benchmark rate from 10.5 per cent to 9pc. With the latest cut, the rate has reached “a sufficient level with regard to growing risks concerning global demand”, the bank’s council said

Mobilink’s bank raises Rs2bn

Mobilink Microfinance Bank Ltd (MMBL) and its agent bank for the transaction, JS Bank Ltd, along with syndicate members signed an agreement with respect to the raising of the micro-lender’s Tier-II capital of Rs2 billion in the form of privately placed term finance certificates (TFCs). According to a press release on Thursday, the syndicate members include Allied Bank Ltd, Bank Alfalah Ltd, Hab