The Pakistani rupee continued to extend its losses on Wednesday, falling by Rs1.04 against the dollar during morning trade in the interbank market. The PKR was being traded at Rs220.75 per dollar around 11:13am, a depreciation of 0.47 per cent from yesterday’s close of Rs219.71, data shared by the Forexx Association of Pakistan showed. The dollar had managed to make a slight gain against the
Pakistan will ask international lenders for billions of dollars in loans after devastating floods exacerbated the country’s economic crisis, the Financial Times reported on Wednesday. “We are not asking for any kind of measure [such as] a rescheduling or a moratorium,” Prime Minister Shehbaz Sharif told the Financial Times. “We are asking for additional funds.” The country needs “huge sums o
Trading on the stock exchange opened on a lacklustre note on Monday amid investors’ concerns about the local and international political situation, said JS Global. The falling value of the rupee against the dollar as well as a rising level of confrontation between the government and the opposition played the role of a dampener. “Going forward, we expect the market to further deteriorate over
Amjad Lodhi, who owns a car rental company, bought a Toyota Corolla in 2019 for around Rs2.5 million. Having paid off the amount in three-year instalments, he recently sold it for Rs3m, a cool Rs500,000 more than the original price. But he doesn’t seem satisfied. Reason: the sticker price has now crossed Rs5m. This is partly why people want to sell their old vehicles at higher prices. They want
Pakistan is expected to finally exit the ‘increased monitoring list’ — commonly known as grey list — of the Financial Action Task Force (FATF) on Oct 21, after languishing in the infamous category for almost 52 months. “The first FATF Plenary under the two-year Singapore Presidency of T. Raja Kumar will take place on October 20-21, 2022,” said the Paris-based global watchdog on dirty money. Del