KARACHI, June 03(ABC): The Pakistani rupee on Friday reversed the momentum as it shed 0.17% to close at Rs197.92 against the US dollar in the interbank market owing to concerns regarding widening trade deficit and depleting foreign exchange reserves. According to the data released by the State Bank of Pakistan (SBP), the local currency closed at Rs197.92 compared to Rs197.59 …

KARACHI, June03(ABC): The Pakistan Stock Exchange (PSX) Friday remained under pressure due to selling in almost all sectors on investor concerns over economic uncertainty in the country. The market opened slightly in the green, however, it was quick to enter the red zone. The benchmark KSE-100 index opened at 42,310.94 points and at close, it recorded a decrease of 923.03 …

BEIJING, June 03 (ABC): Pakistan’s rice export to China crossed $ 225.52 million in the first fourth months of this year, while Broken rice witnessed an increase of 40.27% as compared with last year in the same period, according to General Administration of Customs of the People’s Republic of China (GACC). Although the COVID-19 pandemic affected the months of April …

BELGRADE, June 03 (ABC): While the European Union scrambles to isolate Russia and reduce energy imports from the country, EU candidate Serbia is tightening its bond with Moscow through a new gas supply deal. Belgrade has condemned the Russian invasion of Ukraine at the United Nations, but it has refused to take part in sanctions against its old ally, even …

TOKYO, June 03 (ABC): Tokyo stocks closed higher Friday, extending rallies on Wall Street with investors eyeing the release of US jobs data later in the day. The benchmark Nikkei 225 index gained 1.27 percent, or 347.69 points, to 27,761.57, while the broader Topix index advanced 0.35 percent, or 6.75 points, to 1,933.14. “Tokyo shares opened higher following gains by …

KARACHI, June 03(ABC): The State Bank of Pakistan’s (SBP) total foreign reserves dropped by $366 million to $9.72 billion due to external debt repayments. Sharing the data, the SBP said the total liquid foreign reserves, as of May 27, stood at $15,771.4 million. The central bank added that the decrease occurred due to “external debt repayment”. The development comes as …

NEW YORK/LONDON, June 02(ABC): Russia’s failure to pay $1.9 million in accrued interest on a dollar bond will trigger payouts potentially worth billions of dollars, a panel of investors determined on Wednesday, as the country teeters on its first major external debt default in over a century. Sanctions imposed by western countries and their allies on Russia following its invasion …

BERLIN, June 02 (ABC): Prices at the pumps dipped across Germany and commuters began paying just nine euros ($9.60) a month for public transport, as inflation-relief measures in Europe’s biggest economy kicked in on Wednesday. With consumer price hikes striking new records in recent months following Russia’s invasion of Ukraine, Germany is unleashing 30 billion euros from its coffers to …

KARACHI, June 02(ABC): The automobile sector of Pakistan endured a rollercoaster ride during the outgoing fiscal year 2021-22 owing to a host of factors such as multiple price hikes and a singular drop in prices on account of the government’s decision to slash duties and taxes. The country saw car prices going down across the board for the first time …

ISLAMABAD, Jun 01 (ABC): The Consumer Price Index (CPI) increased by 13.8% on year-on-year (YoY) basis in May 2022 as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported on Wednesday. On month-on-month basis, it increased by 0.4% in May 2022 as compared to increase of 1.6% in the previous month (April) and increase of …