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Money changers get immunity from ST

LAHORE: In compliance with the federal government directives, the Punjab Revenue Authority (PRA) has exempted foreign currency dealers and money changers services from sales tax. As per details, the provincial tax authority has decided to grant exemption to currency dealers from provincial sales tax for two years to encourage foreign exchange inflows into the country. The currency dealers and government ... Read More »

LSE looses 10.59 points

LAHORE: Lahore Stock Exchange witnessed bearish trend by losing 10.59 points, as the LSE Index-25 opened with 5233.90 points and closed at 5223.31 points on Monday. The market’s overall situation also did not correspond to an upward trend as it remained at 1.364 million shares to close against previous turnover of 3.038 million shares, showing a downward slide of 1.674 million shares. ... Read More »

LSE drops 99.59 points

LAHORE: Lahore Stock Exchange here Wednesday witnessed bearish trend by losing 99.59 points, as the LSE Index-25 opened with 5490.17 points and closed at 5390.58 points. The market’s overall situation also did not correspond to an upward trend as it remained at 1.753 million shares to close against previous turnover of 2.224 million shares, showing a downward slide of 471,000 shares. While, out ... Read More »

Rupee at 96 a dollar in another episode of appreciation trend

KARACHI: Pakistani rupee’s climb against the US dollar continued on Friday as the US currency traded as low as Rs 96.10 in the inter-bank and Rs 98.20 in the open market. The rupee has appreciated by 13 per cent over the past few months. There is no sign yet that the trend will change soon. Currency dealers in the inter-bank ... Read More »

Ban on gold import to be lifted in two weeks

LAHORE: Federal Commerce Minister Khurram Dastgir has said that ban on import of gold would be lifted in two weeks with an ultimate goal to facilitate the value added exports of the commodity. “The government has devised a comprehensive plan to allow import of gold and the ban will be lifted in two weeks,” the minister said while addressing a ... Read More »

Greenback falls to Rs97

KARACHI: The US dollar plummeted to Rs97-level on Monday, continuing its depreciation from the previous week. According to, the greenback was being bought at Rs97.70 and sold at Rs97.90 in the interbank-market. However, in the open market the dollar is being sold at Rs100.40 and bought at Rs100.15, registering a slight decrease in its value from the previous day. ... Read More »

Greenback traded at Rs98: Dollar slips further in inter-bank market

KARACHI: The US dollar again fell back to one year low of Rs98 in the inter-bank market, prompting currency dealers to expect further decline. The dollar kept resisting in the inter-bank market for the last three days but could not break the psychological barrier of Rs100. Dealers in the inter-bank market said the State Bank had been influencing to keep ... Read More »

Rupee declines, expected to stabilize around 100 mark

ISLAMABAD: The rupee has decline by 80 paisas to close at 99.35 against the US dollar in the interbank market, dealers said. The forex market faced some panic on buying pressure and speculative sentiment, they said. The rupee hovered in the range of 99.35 and 99.45 per dollar at the commencement of the trading. The dealers expect the rupee to ... Read More »

LSE gains 1.77 points

LAHORE: Lahore Stock Exchange has witnessed bullish trend by gaining 1.77 points, as the LSE Index-25 opened with 5083.80 points and closed at 5085.57 points. The market’s overall situation, however, did not correspond to an upward trend as it remained at 3.190 million shares to close against previous turnover of 3.556 million shares, showing a downward slide of 366,500 shares. While, out ... Read More »

‘Mystery’ of sudden rise in forex reserves yet to be unfolded

KARACHI: Net foreign exchange reserves with State Bank of Pakistan (SBP) rose by $1.03 billion during the second and third weeks of the outgoing month which provided the much-needed vigor to strength rupee against dollar. The current drastic appreciation in rupee against the dollar is largely due to the increase in the net foreign exchange reserves with SBP. However, one ... Read More »

ECC lifts ban on gem export, ban on gold import extended

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved to lift restrictions on the export of Gem Stones. However the body extended the ban on the import of gold under SRO 760 up to 31st March. The meeting of the Economic Coordination Committee (ECC) of the Cabinet took place under the chairmanship of the Federal Minister for Finance ... Read More »

Expats remittances rise by 11pc in 8 months

KARACHI: Remittances sent by overseas Pakistani surged by 10.95 percent to the amount of $10.245053 billion in the first eight months (July to February) of the current fiscal year, against $9.234077 billion during the same period of last fiscal year, said a SBP statement here. The inflow of remittances in July- February FY14 from Saudi Arabia, United Arab Emirates ( ... Read More »

Dollar plunges below Rs98, price of POL must lower down

KARACHI: The Pakistani rupee hit eight-month high on Wednesday against the dollar, trading below the key psychological 100-to-a-dollar level. Dollar further plunged to Rs97.90 in interbank and Rs98.00 in the open market during the day, witnessing Rs2.40 decease in the open market.  Foreign currency dealers said that the rupee maintained its upward journey for the second consecutive day both in ... Read More »

Rupee continues to gain weight in its value

LAHORE: Pakistani rupee is continuing to gain weight against the US dollar that has depreciated by around Rs 4 in a single week while its value is fluctuating at around Rs 100 mark. US dollar value in international foreign exchange rates stood at Rs 100.69. Pakistan open market rates for US dollar are Rs 100.25 whereas interbank rates for dollar ... Read More »

Foreign inflows stand at $3.5b so far in FY14

ISLAMABAD: Pakistan has received foreign inflows to the tune of over $3.5 billion including disbursement under the Coalition Support Fund (CSF), IMF tranches under the Extended Fund Facility (EFF), grants and loans from multilateral and bilateral donors so far in the current fiscal 2013-14. As per details, the country received $674 million under the head of CSF against the budgeted ... Read More »

Rupee strengthens, expected to gain value further

KARACHI: The rupee ended higher at 102.85/102.95 against the dollar compared to previous close of 103.30/103.35 a day earlier. Overnight rates in the money market rose to 9.90% from Thursday’s close of 9.00%. Heavy debt repayments to the International Monetary Fund (IMF) had dented the central bank’s reserves, which had declined significantly, putting pressure on the rupee. However reserves are stable ... Read More »

Rupee strengthens to 103.5 against US dollar

KARACHI: Pakistani rupee has gained value against the US dollar in both the inter-bank and open markets ending at 103.5 to the dollar indicating that the rupee is gaining faster than the market expectations which pushed investors to sell their holdings. The selling volumes doubled in last two days in the open market. Currency dealers said the sellers got nervous ... Read More »

No ST on forex transactions in a bid to strengthen rupee

ISLAMABAD: Federal government has withdrawn sales tax levied by the provincial governments on foreign exchange transactions of exchange companies so that it can aide in governments efforts to strengthen the country’s currency. The decision is in line with the decision taken by the Council of Common Interests (CCI). Sources said that the CCI decision further strengthens the viewpoint of the ... Read More »

LSE gains 114.36 points

LAHORE: Lahore Stock Exchange on Monday witnessed bullish trend by gaining 114.36 points, as the LSE Index-25 opened with 4908.63 points and closed at 5022.99 points. The market’s overall situation also corresponded to an upward trend as it remained at 4.959 million shares to close against previous turnover of 2.798 million shares, showing an upward move of 2.160 million shares. While, out ... Read More »

Forex reserves reach up to $ 7,994 million

KARACHI: Pakistan’s total liquid foreign exchange reserves stood at $ 7,994.2 million on 14 Feb 2014. Foreign reserves held by State Bank of Pakistan were $ 3,196.7 million. Net foreign reserves held by banks were $ 4,797.5 million. According to SBP weekly report, reserves increased by $ 356 million at the end of the week. The increase in reserves is attributed to ... Read More »