KARACHI: A Letter of Intent (LOI) to work together on the creation of a Center for Islamic Finance has been signed by Meezan Bank and The Institute of Chartered Accountants of Pakistan (ICAP). By improving professional competence through education, training, and certification programs, this project seeks to fortify the IslamicRead More →
The State Bank of Pakistan (SBP) has verified that fresh, crisp banknotes would be available for Eid, denying reports that no new notes were created this year. According to SBP officials, commercial banks throughout Pakistan have already received Rs 27 billion in new currency notes, making them available to theRead More →
According to Bloomberg, Pakistan’s rupee is expected to be the best performing currency in the world this month as the interim administration maintains its crackdown on illegal dollar transactions. According to Bloomberg, the Pakistan rupee increased around 6% in September, a remarkable result considering that most currencies, like the ThaiRead More →
After starting the day’s trading at 297.8 versus the US dollar in the interbank market, the Pakistani rupee plunged to a new record low today.It was negative at 12 PM, shedding 1 rupee to the dollar and dropping as low as 298 after caving in to opening-bell bears. Later, betweenRead More →
BEIJING (Reuters) – Three persons with firsthand knowledge of the situation claimed China’s top state-owned banks were spotted selling US dollars to purchase yuan in both onshore and offshore spot markets in early Asian trading, movements geared at strengthening the Chinese currency. State banks in China often deal in theRead More →
As political unrest plagues markets, the Pakistani rupee plunged to its all-time low of 300 versus the US dollar during intraday trade today after dipping below 296 at 12:10 PM. The interbank rate lost Rs. 10 during the first few hours of intraday trade today, falling to Rs. 300.25 atRead More →
With the economy under great strain, as seen by depleted foreign reserves, a rising current account deficit, and the currency plunging to a historic low, Pakistan must act quickly to reactivate the International Monetary Fund programme in order to avert a Sri Lanka-style collapse. “In order to re-enter the program,Read More →
ISLAMABAD, Pakistan – In interbank trade on Friday, the Pakistan Rupee fell by 94 paisas versus the US Dollar, finishing at Rs 186.62, down from Rs 185.68 the previous day. According to the Forex Association of Pakistan (FAP), the open market buying and selling rates for the dollar were RsRead More →
Pakistan’s liquid foreign reserves fell by $115 million in the week ending April 30, 2022, representing a 0.7 percent drop week on week.According to the SBP weekly report issued on Friday, the country’s total liquid foreign exchange reserves fell by $115 million (-0.7 percent) on April 30, 2022, to $16.553Read More →
KARACHI, Pakistan – The Pakistani rupee (PKR) lost 41 paisas versus the US dollar in Thursday’s interbank session, breaking its winning run. According to the statistics, the currency finished the deal at PKR 185.87 per USD, up from PKR 185.45 per USD yesterday. Meanwhile, the local stock market was inRead More →