Business

Oil prices steadied on Tuesday after rising in the previous session on concerns that further United States interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world’s biggest oil consumer. Brent crude futures for November settlement rose three cents to $92.03 a …

The PKR continued to depreciate on Tuesday, losing another Rs1.09 against the dollar during morning trade in the interbank market. The local currency was changing hands at Rs239 per dollar at 11:45am, according to the Forex Association of Pakistan (FAP). This equates to a depreciation of 0.45 per cent from …

ISLAMABAD: Pakistan will “absolutely not” default on debt obligations despite catastrophic floods, the finance minister said on Sunday, signalling there would be no major deviation from reforms designed to stabilise a struggling economy. Floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people — …

Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand. Brent crude futures rose 60 cents, or 0.7 per cent, to $91.95 a barrel by 0330 GMT after …

The rupee, which has been falling against the dollar since Sept 2, lost another 96 paise during morning trade in the interbank market on Monday. At 12:20pm, the PKR had fallen to Rs237.8 per dollar — a depreciation of 0.4 per cent from Friday’s close of Rs236.84. Data shared by …

KARACHI: The stock market remained under pressure throughout the session on Friday amidst sideways trading because of the investors’ concerns about flood-related losses and their impact on the economic output. Arif Habib Ltd said the stock market opened in the positive zone but traded within a range afterwards. The continued …

KARACHI: As the daily dollar rate rises, banks have bought twice as much US currency and are sending it abroad on credit cards while the government tries to stop the flow of US dollars out of the country. The dollar ended the day at Rs236.84, according to the State Bank …

ISLAMABAD: The weekly inflation rate went down a little to 40.58 percent, mostly because of higher energy costs and the prices of basic cooking items. The Sensitive Price Index (SPI) showed a small drop in inflation from the previous week to the following week (WoW) that finished on September 15. …

ISLAMIC CITY: The Pakistan Bureau of Statistics (PBS) said on Thursday that Pakistan’s imports of food and oil rose 11.4% in the first two months of this fiscal year, from $4.56 billion to $5.08 billion. Textile and clothing exports, on the other hand, could only grow by 4.2% year-over-year to …

On Friday, the dollar stayed close to its recent highs as Treasury yields rose on predictions that the US Federal Reserve will need to raise interest rates further to control inflation. Overnight, the offshore yuan saw its first move over seven per dollar in almost two years due to the …