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Tag Archives: international market

Rupee tumbles 40 paisa against US dollar

ISLAMABAD: The rupee tumbled against the dollar, it, however, scored new increases versus the euro as the single European currency set a fresh 11-year low versus the US dollar in the international market. In the interbank market, the rupee dropped by 19 paisa in terms of the dollar for buying and selling at Rs 101.00 and Rs 101.05 respectively. In ... Read More »

Hong Kong slips 0.32%, Sydney dips 0.36%, Seoul down 0.24%

HONG KONG: Asian markets closed higher on strong Wall Street rally as delayed sales tax hike in Japan. Hong Kong slipped 0.32%, Sydney dipped 0.36% and Seoul was down 0.24% while Shanghai traded flat. But Tokyo gained 0.23% after Prime Minister Shinzo Abe on Tuesday called for early elections to seek a mandate for delaying next year’s sales tax increase ... Read More »

Power tariff be cut by 12pc as oil prices slashed to $78 from $115 per barrel

LAHORE: The federal government should cut power tariff by 12 per cent as the oil prices in the international market have further decreased. Pakistan produces most of its electricity through oil and the oil prices have been cut by 28 per cent to $78 from $115 per barrel since mid of the month of June this year. In the running ... Read More »

Gold prices at over 3-year low, drop 35.8pc to $1,169 from $1,821 in 2011

KARACHI: Pakistan retail market has fallen after the gold prices in international market have witnessed 35.8 per cent decline to reach over the last three years low and dropped to $1,169 from $1,821 in August 2011. While international gold prices are down by 12% in dollar terms since the end of June, the value of 10 grams of 24K gold ... Read More »

Hong Kong stocks down 0.28pc at opening

HONG KONG: Hong Kong stocks dipped 0.28 percent in the first few minutes of trade on profit-taking and following a mixed lead from Wall Street. The benchmark Hang Seng Index dropped 66.25 points to 23,849.72.   Read More »

POL price cut: Fruit, vegetables price to slash by 5%

ISLAMABAD: In the wake of considerable cut in the prices of petroleum products, people have now pinned hope on the government that it will bring down prices of essential kitchen items including vegetables up to 5% and transport fares up to 12%. It is to be noted that the prices of daily-use items including vegetables remained high in the market, ... Read More »

Lasbela Chamber urges govt to reduce POL prices by Rs10

KARACHI: The business community of Lasbela has urged the government to reduce petroleum prices by at least Rs10 per litre as the oil prices in the international market are falling swiftly. Lasbela Chamber of Commerce and Industry President Yakoob A Karim said that the PML-N government, according to its claim of being the business friendly, should bring down the POL ... Read More »

Pak rupee remains steady against US dollar

KARACHI: Pakistani rupee remained stable against US dollar both in open market and interbank on Monday, the first trading day. As per the local currency market, Pakistani rupee remained unchanged at 103.45 and 102.7 in open market and interbank respectively. On Friday, US dollar crossed the barrier set by the State Bank of Pakistan (SBP) and reached Rs103.45 at a ... Read More »

POL prices likely to cut by Rs8

ISLAMABAD: The prices of Petroleum, Oil, & Lubricants (POL) may be cut by Rs8 per litre from November 1 as global oil prices continue to fall. A senior government official predicted that the decline in oil prices would continue at least for a short term as OPEC is considering cutting production to avoid further decline in oil prices. The government ... Read More »

ANF foils bid to smuggle 50kg heroin to Malaysia

KARACHI: Anti-Narcotics Force (ANF) has seized 50kg fine quality heroin from a container at Karachi Sea Port. Meanwhile, in three other operations at Rawalpindi, Lahore and Karachi, the ANF recovered 28.3kg charas and arrested three drug traffickers. The value of seized drugs in international market amounts to Rs334 million approximately. As per details, ANF Karachi Sea Port Team, on a ... Read More »

US dollar increases to Rs103.45, crosses SBP barrier

KARACHI: Crossing the barrier set by the State Bank of Pakistan (SBP), the US dollar increased to Rs103.45 at a six-month high. Most of the trading was done at Rs103.20 though the US currency slipped slightly below Rs103 in the second half. Dollar’s demand from importers has been rising, but the central bank was defending the value of rupee. In ... Read More »

5pc ST: Ginners, millers to plead withdrawal with Bajwa

MULTAN: The representatives of Pakistan Cotton Ginners Association (PCGA) and Oil Mills Association will meet Federal Board of Revenue (FBR) Chairman Tariq Bajwa this week to plead for the withdrawal of 5 percent sales tax imposed on the cotton seed cake. It is to be noted that both the associations had vehemently demanded the FBR chairman to withdraw the newly-imposed ... Read More »

Oil prices fall to 2-year low; dollar hits to 4-year high  

NEW YORK:  The dollar marched up to a four-year high on Thursday while oil wilted near a two-year low since investors hoped that the United States would not need central bank assistance in the near future. The central bank released lending data that showed there is little in the way of demand for credit in the euro zone’s still-struggling economy ... Read More »

Excise Police seizes heroin worth Rs10m

GHOTKI: The Excise Police seized 12 kgs of heroin from a truck at Sindh-Punjab border in Ubauro. According to Excise and Taxation Officer Hassan Ali Dashti, the truck was coming from Peshawar and it was to deliver the consignment in Karachi. “The packets of narcotics were hidden in the spare tyre,” he said. The official informed that driver Musharraf Ali ... Read More »

Liquidity crunch: Aptma demands govt to clear ST refunds

KARACHI: The All Pakistan Textile Mills Association (Aptma) has vehemently demanded the government to speed up clearance of outstanding refund payments as committed by Finance Minister Ishaq Dar. According to Aptma Chairman Yasin Siddik, Finance Minister Ishaq Dar while presenting the federal budget in June, had promised to clear all outstanding sales tax refunds by September 30. In a statement ... Read More »

Gold sheds Rs 90 per tola as dollar gains strength in world market

LAHORE: Gold prices closed lower on Friday in the local markets as the precious metal suffered losses in the global trading at the hands of a rising dollar. After witnessing a decrease of Rs 90 per tola (11.644 grams), gold prices for 24 karat closed at Rs 49,090 as compared to Thursday rates of Rs 4,9100 in city gold markets. ... Read More »

Hike in shipping charges: Rice exporters want govt to intervene

MULTAN: Rice exporters have shown concerns over what they called “unwarranted” increase in shipping charges by different shipping companies. As per details, the rice exporters have expressed great concern over the sudden and “unilateral” increase in the shipping charges for the export consignments of rice. They feared that the hike in shipping charges would upset the rice export in the ... Read More »

ANF captures drugs worth Rs4.2b in different raids

ISLAMABAD: On special directives of ANF DG Major-Gen Khawer Hanif, the ANF has stepped up efforts along western border and captured 4.2 tonnes of narcotics worth amounting to be Rs4.2 billion in international market. It is to be noted that within a week, the ANF has recovered approximately 11 tonnes of narcotics alone from Balochistan province. According to details, the ... Read More »