Dollar continues to extend gains, glides past Rs206

Glides past Rs206
In line with expectations, the rupee has plunged further and crossed Rs206 against the US dollar for the first time in the inter-bank market on Wednesday.

The domestic currency was available at Rs206.09 against the greenback, losing a fresh Rs0.93, a currency market dealer reported at 9.45 am.

This is the fourth consecutive working day of free-fall in the rupee, losing a cumulative 2.65% (or Rs5.32) to date.

The central bank has seemed helpless in controlling the speculative fall in the rupee as the domestic fair value is projected at Rs190 against the greenback by BMA Capital Executive Director Saad Hashemy.

On Monday, Finance Minister Miftah Ismail said abolishing the subsidies on petroleum products till July was imperative to prevent the country from going bankrupt, hinting at another increase in the prices of fuel that whizzed past records earlier this month.

Ministry of Finance’s former adviser Dr Khaqan Najeeb said: “Markets are uncomfortable due to the uncertainty about the IMF loan programme.”

The country should have initiated the process of reviving the stalled loan programme a few months earlier," he added.



from latest-news - SUCH TV https://ift.tt/M7Jbh9K

Comments

Post a Comment

Popular posts from this blog

Study in UK with Studyinuk.pk

Image
 Study in UK with Studyinuk.pk Study in UK with studyinuk.pk is a platform where your get all the latest information about Study in UK. www.studyinuk.pk is providing quality services for students to get UK admission and UK study visa. for more information about Study in UK , Scholarships in UK, Study in uk without IELTS please visit our website  www.studyinuk.pk . 
Read more

Tesla pulls games on moving car screens after US safety probe

Image
Electric carmaker Tesla Inc will stop allowing video games to be played on vehicle screens while its cars are moving, the US National Highway Traffic Safety Administration said on Thursday. The move follows an announcement by the NHTSA on Wednesday that it had opened a formal safety investigation on 580,000 Tesla vehicles sold since 2017 over the automaker's decision to allow games to be played on the front center touchscreen while they are in motion. This functionality, referred to as “Passenger Play,” may distract the driver and increase the risk of a crash, the NHTSA has said. Tesla has informed the NHTSA that a software update will lock the "Passenger Play" feature and make it unusable when the vehicle is in motion, a spokesperson for the agency said in a statement. "The NHTSA constantly assesses how manufacturers identify and safeguard against distraction hazards that may arise due to faults, misuse, or intended use of convenience technologies, including i
Read more

FIA files case against Jahangir Tareen in sugar scam, money laundering

Image
The Federal Investigation Agency (FIA) has filed two FIRs against Jahangir Tareen and two other family members in sugar scandal and money laundering charges, on Wednesday. FIA Lahore registered cases against CEO of JWD Sugar Mills, Jahangir Tareen, his son Ali Tareen and son-in-law in the sugar scam. “Over three billion rupees money laundering made by showing investment in a closed factory,” according to the FIR. The investigation agency has also charged Tareen and others for illegal hoarding of sugar, misappropriation and cheating in the FIR. CEO of JWD Sugar Mills in an act of forgery transferred 3.14 billion rupees to a closed company, the FIR read. “In year 2011-12 over three billion rupees were transferred to Farooqi Pulp Milk Ltd,” according to the case. In year 2011-12 Tareen and family members also purchased dollars from the open market. His nominees transferred over seven million dollars to overseas for purchase of properties,” according to the FIR. The FIA in another
Read more

Petrol may go up by Rs25, HSD by Rs40

Image
The federal government is mulling over a plan to cut subsidies on petroleum products in phases -- Rs25 per litre on petrol and Rs40 per litre on high speed diesel (HSD) in the first one -- in a bid to reduce the volume of the mounting price differential claims. The prices of petrol and high speed diesel (HSD) will jump up to Rs195 per litre and Rs230 per litre respectively, if the federal government withdraws all the subsidies on them at once. The subsidies on petroleum products continue to swell because of higher global oil prices and depreciation of the local currency against the US dollar that may lead to a higher budget deficit. In addition, the government is also facing problems of balance of payment and wants to avail the International Monetary Fund (IMF) bailout package. Sources said that government is currently giving a subsidy of Rs29.60 per litre on petrol. This volume may rise by Rs45.14 per litre if the government continues to keep the oil prices unchanged from the 16
Read more

ICAO will conduct safety audit of CAA in july

Image
The International Civil Aviation Organisation (ICAO) will conduct its Universal Safety Oversight Audit (USOA) of the Pakistan Civil Aviation Authority (PCAA) in July A special team of the ICAO will arrive in Pakistan on July 5 and conduct the audit until July 15. PCAA Director General Khaqan Murtaza will brief the team on pilots’ licences and different aviation matters. The ICAO, a specialized agency of the United Nations that works to ensure safety in international air transport, will evaluate the aviation regulator’s flight standards and other measures aside from the safety audit. CAA officials said all steps have been taken to address the agency’s reservation about safety. It is pertinent to mention here that the ICAO was to conduct the safety audit last year in November but postponed it due to the coronavirus pandemic. from latest-news - SUCH TV https://ift.tt/3aKhJqV
Read more

Pakistan, Iran set $5bn trade target by 2023

Image
Pakistan and Iran have agreed to take measures to expand the annual trade exchanges to $5 billion by the year 2023. “Understanding of the new trade target was reached during the ninth meeting of Iran-Pakistan Joint Trade Committee held in Tehran,” said a commerce ministry official announcement released on Saturday. Iranian Minister of Industry, Mines and Trade Reza Fatemi Amin said both countries were determined to expand annual trade exchanges. Emphasizing the need for accurate programming in a way that provides Pakistani partners with the opportunity to invest in Iran, the minister said that hurdles would be lifted within three months to pave the way for expansion of free trade. Mr Amin noted Pakistani and Iranian officials had already held talks on economic cooperation and the joint trade committee was tasked with paving the ground for enhancing trade ties between the two countries. He referred to the determination for expansion of bilateral economic relations, stipulating th
Read more

I broke Bano Qudsia's home's tube light: Ex-Captain reveals

Image
Former Pakistan skipper Ramiz Raja, paying tribute to the acclaimed novelist Bano Qudsia on her 92nd birthday, shared an anecdote that most people are not aware of. The former captain, in a tweet, said: "Today’s Google Doodle honours Bano Qudsia, writer [and] a spiritualist." "[I] remember as a kid while playing tennis ball cricket at her home I broke her verandas tube light," the cricket commentator said. However, as Raja readied himself for a scolding, he got nothing but affection from Qudsia as she, with a warm expression, just wanted to know whether he was fine or not. Google honours legendary writer Google today honoured the legendary Urdu writer on her 92nd birthday with a special doodle.   Today’s Google Doodle honours Bano Qudsia, writer & a spiritualist. Remember as a kid while playing tennis ball cricket at her home I broke her verandas tube light. Readying myself for a dressing down, all I got from her instead was a warm expression to know i
Read more

COAS Bajwa awarded highest UAE honour

Image
Chief of Army Staff (COAS) General Qamar Javed Bajwa was conferred with the Order of the Union Medal, the second highest honour of United Arab Emirates, for his distinguished efforts in strengthening UAE-Pakistan ties. According to the Inter-Services Public Relations (ISPR), the army chief had paid an official visit to United Arab Emirates and called on UAE President Sheikh Mohamed bin Zayed. Matters of mutual interest, bilateral defence and security cooperation and regional security situation were discussed during the meeting. “Both the personalities agreed that Pakistan and UAE share a great history of the cordial and deep-rooted spirit of brotherhood which is transforming into an enduring partnership,” the ISPR said. The military’s media wing added that COAS Bajwa was conferred upon Order of the Union Medal by UAE President for making significant contributions in furthering bilateral ties between both the countries. from latest-news - SUCH TV https://ift.tt/3CzrRux
Read more

Study in the UK Without IELTS: Your Pathway with Study Icon Murree Consultancy

Image
  Study in the UK Without IELTS Study in the UK Without IELTS: Your Pathway with Study Icon Murree Consultancy   Navigating the world of international education often brings up questions about language proficiency tests. The good news? For those eyeing the UK, there's a way to sidestep the traditional IELTS requirement. Dive into this expert guide to discover how Study Icon Murree Consultancy can be your bridge to UK universities without the IELTS hassle.   WhyStudy in the UK? Global Recognition: UK degrees are globally respected, opening doors to international career opportunities. Diverse Courses: From business to arts, the UK offers a myriad of courses tailored to diverse interests. Cultural Exposure: Immerse in the UK's rich history, modern cities, and diverse culture while pursuing your studies.   How Can You Study Without IELTS? While many UK universities require IELTS scores, several institutions offer exemptions based on: ·          Previous ac
Read more