Month: April 2022

Bolstered by developments on the political front and positive market sentiment, Pakistan’s rupee registered another significant gain against the US dollar, appreciating 0.96% in the inter-bank on Monday. As per the State Bank of Pakistan (SBP), the rupee closed at 182.93 after a day-on-day appreciation of Rs1.75 or 0.96%. On Friday, the local currency recorded its biggest increase on a day-to-day basis in the inter-bank market in two years, after it closed at 184.68. In the last two trading sessions, the rupee has recovered by 2.87%. Despite the back-to-back gains,…

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There’s been a “significant uptick” in Russian oil deliveries bound for India since March after Russia’s invasion of Ukraine began — and New Delhi looks set to buy even more cheap oil from Moscow, industry observers say. China, already the largest single buyer of Russian oil, is also widely expected to buy more oil from Russia at deep discounts, they say. This could mean higher crude prices to come. Major oil importing countries such as India and China have been grappling with higher crude prices, which have soared since last…

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Crisis-stricken Sri Lanka defaulted on its $51 billion external debt on Tuesday, calling the move a “last resort” after running out of foreign exchange to import desperately needed goods. The island nation is grappling with its worst economic downturn since independence, with regular blackouts and acute shortages of food and fuel. Sri Lanka’s finance ministry said in a statement that creditors, including foreign governments, were free to capitalise any interest payments due to them from Tuesday or opt for payback in Sri Lankan rupees. “The government is taking the emergency…

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Pakistan’s top central banker pledged policy actions “on a timely basis” to ensure stability amid a political shakeup and deteriorating economy.The comments Monday from State Bank of Pakistan Governor Reza Baqir come as lawmakers are set to choose Shehbaz Sharif as prime minister after Imran Khan was ousted in a no-confidence vote. Khan’s downfall was accelerated by inflation running faster than 12%, the rupee trading near a record low to the dollar and foreign reserves shrinking to levels only able to cover a couple of months of imports.

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