The rupee lost Rs2 in the interbank market on Thursday, data shared by the State Bank of Pakistan (SBP) showed. The rupee closed at Rs225.42 per dollar, a depreciation of 0.89 per cent. The previous session also saw the dollar gain against the rupee by Rs2. FAP Chairman Malik Bostan said the dollar had been strengthening globally, having gained against 40 currencies for weeks, and its impact
The European Central Bank announced the largest rate hike in its history on Thursday and said there were more to come as it scrambles to pull inflation down from record heights. Policymakers lifted the ECB’s key rates by 75 basis points, a leap matched only by a technical move made in 1999 shortly after the central bank’s founding. Eurozone inflation hit a record 9.1 per cent in August, as
While showing no mercy for the inflation-hit consumers, the millers have further jacked up per kg prices by Rs7 in flour no.2.5 and Rs10 in fine and super fine flour (maida). The new rate of flour no.2.5 has been fixed at Rs106 per kg while fine and super fine flour rates are now Rs114 per kg, a miller said, adding that the new rate of 10kg flour bag has been increased to Rs1,065 from Rs995.
The federal government has borrowed record money, over Rs760 billion, from scheduled banks during the first two months of the current fiscal year (FY23). The latest data of the State Bank of Pakistan shows not only the increasing dependence of the government on banks’ money but that the cost of borrowing is also very high. The federal government borrowed Rs760.4bn during July-Aug FY23 from b
Oil prices rose on Friday as investors considered Russia’s threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks’ aggressive rate hikes and China’s Covid-19 curbs weighed on demand. Brent crude futures rose 27 cents, or 0.3 per cent, to $89.42 a barrel by 0330 GMT. US West Texas Intermediate (WTI) crude futures climbed 15 cent