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The US dollar continued to set new records on Tuesday as it rose to Rs212 against the local currency during early morning trade in the interbank market. According to the Forex Association of Pakistan (FAP), the rupee depreciated by over Rs2 to reach an all-time low of Rs212 against the dollar from Monday's close of Rs209.96. Yesterday, the greenback appreciated by a sharp Rs1.21 — a trend persisting for over a week now. According to Mettis Global — a web-based financial data and analytics portal — the rupee has incurred a colossal loss of Rs6.4 during five consecutive sessions last week. Komal Mansoor, head of research at Tresmark, said that it seemed as if the country was now completely relying on an IMF bailout. "There is some support for the rupee around the current 211 level, but we see a gradual depreciation of rupee on a daily basis till such time that the IMF staff-level agreement is signed," she said. The IMF loan facility, meanwhile, has been stalled since

The Election Commission of Pakistan (ECP) on Tuesday reserved its verdict in the much-delayed prohibited funding case — previously referred to as the foreign funding case — against the PTI. The case, which was filed by party founding member Akbar S Babar, has been pending since Nov 14, 2014. Babar, who is no longer associated with PTI, had alleged serious financial irregularities in the party's funding from Pakistan and abroad. The PTI has denied any wrongdoing, and maintains the funding is not from prohibited sources. A bench headed by Chief Election Commissioner (CEC) Sikander Sultan Raja presided over today's hearing. CEC Raja remarked that the case against the PTI had concluded, adding that the electoral watchdog also wanted to conclude the cases against other political parties. He went on to say that the ECP wanted to restore voter confidence and strengthen the country democratically. At the conclusion of the hearing, the commission reserved its verdict in the case b

Prime Minister Shehbaz Sharif has summoned the federal cabinet meeting to be held today (Tuesday) in Islamabad to discuss economic and political situation in the country Prime Minister Shehbaz Sharif will preside over the federal cabinet meeting to be held at the Prime Minister’s office. The cabinet will discuss a seven-point agenda during the meeting. According to sources, a decision regarding the prices of medicines is part of the agenda of the cabinet meeting while the cabinet will also ratify the decisions of the Economic Coordination Committee (ECC). from latest-news - SUCH TV https://ift.tt/3MDFacP

Punjab Home Minister Ata Tarar has vowed to ensure law and order situation during by-elections in the province, saying that no candidate would be allowed to carry personal security and weapons According to details, the provincial minister chaired the meeting of the Cabinet Committee on Home Affairs on the law and order situation at Civil Secretariat Lahore. The meeting was attended by Law Minister Malik Ahmed Khan, Health Minister Salman Rafique, Chief Secretary Home, Inspector-General (IG) Punjab and CCPO Lahore. Speaking during the meeting, Ata Tarar said in the light of the Election Commission’s Code of Conduct, that non-discriminatory action should be taken against those who carry weapons. The minister said all candidates contesting the by-elections will be provided police security by the Punjab government and no one will be allowed to carry personal security and weapons during the election campaign. Atta Tarar further said that the increase in incidents of abuse of women an

The cryptocurrency industry was on edge on Monday morning as investors feared contagion from problems at major crypto players could unleash a major shakeout if not contained. Bitcoin which has lost 57 per cent so far this year and 37pc this month, fell below $20,000 over the weekend for the first time since December 2020. The level is of symbolic significance, as it was roughly the peak of the 2017 cycle. The price fall follows difficulties at several major industry players, while further declines could have a knock-on effect as other crypto investors are forced to sell their holdings to meet margin calls and cover losses. Crypto hedge fund Three Arrows Capital is exploring its options, including the sale of assets and a bailout by another firm, its founders told the Wall Street Journal in a story published on Friday, the same day Asia-focused crypto lender Babel Finance said it would suspend withdrawals. US based lender Celsius Network earlier this month said it would suspend wi

The Islamabad High Court (IHC) on Monday accepted lawyer Imaan Zainab Mazari-Hazir's petition to dismiss a case filed against her by the Pakistan Army for allegedly "abusing and defaming the senior command" of the institution. IHC Chief Justice Athar Minallah heard the petition. A first information report (FIR) had been registered against Mazari-Hazir on May 26 at the capital's Ramna police station on the complaint of Lt Colonel Syed Humayun Iftikhtar, who was representing the Judge Advocate General (JAG) branch of the General Headquarters (GHQ). The JAG branch of the Pakistan Armed Forces is composed of the military's senior officers, lawyers and judges who provide legal services to the army, air force, navy, and marines at all levels of command. It falls under the law directorate of the army. She had been booked under sections 505 (inciting people against armed forces) and 138 (abetment of act of insubordination by soldier) of the Pakistan Penal Code. The

The US dollar continued its upward march on Monday as it rose above Rs210 against the local currency during early morning trade in the interbank market. According to the Forex Association of Pakistan (FAP), the rupee depreciated sharply by Rs2.55 to hit an all-time low of Rs210.3 against the dollar from Friday's close of Rs207.75. In the open market the greenback was trading at Rs212 as of 10:30am. Saeed Bin Naseer, director of Mettis Global said that the rupee remained under pressure on the first day of the week due to the news of banks running out of dollars over the weekend. "The dearth of dollar at banks resulted in low or negative swap premiums as the country’s foreign exchange reserves continue to run dry," he pointed out. An announcement from the IMF regarding the revival of the loan programme or updates on inflows from China could help stablise the exchange rate, Naseer added. According to Mettis Global — a web-based financial data and analytics portal — th