Local currency settles at Rs170.53 against the US dollar in the inter-bank market with a gain of 0.20%.
The foreign exchange reserves held by the central bank drop by 0.65% on a weekly basis.
The rupee appreciates on the back of the measure taken by the central bank to curb the “undesirable” outflow of foreign currency.
Economy
World Bank projects Pakistan GDP to grow at 3.4%.
Growth rate can hit 4% mark in FY2023 if government implements key structural reforms.
WB projects region to grow by 7.1% in 2021 and 2022.
IMF demands raise in income tax, sales tax, regulatory duty.
Demand aims to help pull up annual tax collection target from Rs5.8 trillion to Rs6.3 trillion.
FBR Chairperson Dr Mohammad Ashfaque says IMF is satisfied with the collection of the board.
World food prices rose for a second consecutive month in September to reach a 10-year peak, driven by gains for…
Razak Dawood reveals investment worth $5 billion is in the pipeline under which 100 new textile units will be established.
“Apart from enhancing export capacity, these are likely to create about 500,000 jobs,” PM’s aide says.
Textile group exports crossed $15 billion during FY21.
Local currency closes the session at Rs170.87 on Thursday with a gain of 0.05%.
On Wednesday, the SBP announced that it would take measures to curb the “undesirable” outflow of foreign currency.
The rupee lost around 8.46% or Rs13.33 against the US dollar since June 2021.
• As dollar hits all-time high at Rs171, central bank places new curbs from Oct 22
• FIA grills owner of major exchange company
Tazah, a B2B agriculture marketplace in Pakistan, has raised $2 million in a pre-seed round led by Global Founders Capital…