The minister was chairing a meeting on issues faced by textile exporters at ports, attended by representatives of the export industry, port authorities, Customs, relevant government departments and other stakeholders.

Junaid Chaudhry urged exporters to ensure timely filing of Goods Declarations (GDs) and completion of required documentation to facilitate smooth cargo clearance.

Customs and port authorities briefed the meeting on existing clearance procedures and the time taken at different stages. Participants discussed measures to improve operational efficiency and reduce cargo dwell time.

The meeting also reviewed consignments selected for scanning. It was observed that scanning should be scheduled efficiently to avoid unnecessary delays while maintaining regulatory and security requirements.

Junaid directed Customs authorities to review the scanning process, identify causes of delays and streamline operations.

He also called for greater use of the Pakistan Single Window (PSW) and advance electronic processing to facilitate clearance before, or immediately upon, cargo arrival.

The minister directed the authorities to examine existing procedures and identify opportunities to reduce processing time through digitalisation and advance filing.

Exporters also raised concerns over longer transit times caused by disruptions to international shipping routes, particularly those linked to the situation in the Red Sea. The meeting noted that route changes and longer vessel journeys had created additional challenges for shipments.

Junaid said the issues required both immediate operational measures and longer-term improvements in shipping connectivity, adding that exporters’ concerns would be addressed through a coordinated mechanism.

It was agreed that Customs, exporters and PSW stakeholders would hold follow-up discussions on cargo dwell time and scanning-related issues.

The minister emphasised the need for prompt and practical measures to address port and customs bottlenecks affecting the competitiveness of Pakistan’s textile exports.

India’s Life Insurance Corporation, Norway’s Norges Bank, Abu Dhabi’s sovereign wealth fund Abu Dhabi Investment Authority (ADIA) and U.S. asset manager Fidelity were among the top investors in NSE’s IPO anchor book, the people said on the condition of anonymity as they are not authorised to speak to the media.

LIC, Norges Bank, ADIA and NSE did not immediately respond to Reuters’ requests for comment. Fidelity declined to comment.

NSE’s $2.3 billion IPO is one of India’s largest on record, and comes as the country’s primary market draws major issuers, including billionaire Mukesh Ambani-backed Jio Platforms, which is expected to list by year-end.

Top investors in India’s NSE IPO trim stake sales, sources say

The IPO by India’s largest bourse is entirely an offer-for-sale by existing shareholders, with NSE receiving no proceeds.

The public issue opens for subscription on Thursday and closes on Monday.

Up to 50% of NSE’s IPO is reserved for qualified institutional buyers, including anchor investors, while about 35% of the shares are set aside for retail investors.

The Rafa Nadal Academy confirmed Wednesday the 40-year-old, who won 22 Grand Slams in a glittering career before retiring in November 2024, will participate in some exhibition matches.

Nadal will compete at his academy in his home town Manacor in Mallorca “in a series of exhibition matches together with big names from the sport”, said the academy in a statement.

Nadal opens up about painful battle with career-threatening foot injury

The other players will be announced in the coming days, and will be “some of his rivals and friends who have accompanied him throughout his career”.

A clay court expert, Nadal won the French Open 14 times in a remarkable career which spanned more than 20 years.

Addressing the launch ceremony in Islamabad, Iqbal said the event was more than the inauguration of a project.

“Today is not merely the inauguration of a project; it marks the beginning of a new direction for Pakistan’s future,” he said, describing the moment as a proud one for the country and adding that the initiative would help connect Pakistani youth with global centres of innovation and technology.

The ceremony was attended by Tim Rowe, CEO of the Cambridge Innovation Center (CIC); Dougan Sherwood, Partner at CIC; and Seena Amidi, Managing Partner at Plug and Play.

Two agreements were signed on the occasion — one between CIC and Quantum Valley Pakistan, and another between Plug and Play and Quantum Valley Pakistan — aimed at strengthening technological collaboration and supporting the country’s innovation ecosystem.

Iqbal called the agreements an important step toward equipping Pakistani youth with modern technology and creating pathways for innovation, entrepreneurship and high-tech business development.

The minister said Quantum Valley Pakistan would serve as a platform connecting Pakistani youth with global technology and innovation hubs while bringing stakeholders together within a modern technology ecosystem, and would create new opportunities for startups and high-tech businesses in the country.

“Our objective is to enable Pakistan to achieve a leading position in technology and innovation globally,” he said.

Iqbal argued that the centre of power in the 21st century is no longer physical strength but intellectual and creative capability, and those countries with the best ideas and the ability to turn them into products would move ahead in the global economy.

He noted that nearly 60 percent of Pakistan’s population is young, calling the country’s youth “second to none” in talent and potential.

“We have to bring together the capabilities of our youth and move forward with the spirit of Team Pakistan,” he said, describing them as the “Shaheens of Iqbal” and calling on them to harness their capabilities for the country’s progress and prosperity.

Linking the initiative to the government’s broader economic goals, Iqbal said Pakistan’s defence and diplomatic successes must be backed by a strong and sustainable economy, and reiterated the government’s targets of a $1 trillion economy by 2035 and a $3 trillion economy by 2047.

“Achieving a $1 trillion economy by 2035 is certainly difficult, but it is not impossible,” he said, adding that a country that became a nuclear power despite enormous challenges could achieve the target through determination, innovation and collective national effort. He said Pakistan needed a strong economic future for its young generation, “not turmoil on its streets,” and stressed that increasing exports was essential to achieving complete economic sovereignty.

The minister recalled that Pakistan established several National Centres in emerging fields in 2017 — including Big Data and Cloud Computing, Artificial Intelligence, Cyber Security, Automation and Robotics, GIS and Space Technology, Applied Mathematics, and Livestock and Genomics — connecting universities into a national technology network. He said this journey was accelerated further in 2024 under URAAN Pakistan, and that the resulting technology ecosystem would contribute to the government’s target of raising Pakistan’s exports to $100 billion by 2035.

Citing Pakistan’s population of 260 million as a source of economic potential, Iqbal said the country needed to build the capacity to generate at least $400 billion annually in foreign exchange.

“Pakistan’s youth can earn millions of dollars in foreign exchange for the country through knowledge and technology,” he said, adding that the government wants to transform young people from job seekers into architects of knowledge, innovation and development.

He described the launch of Quantum Valley Pakistan as not only the start of a new institutional initiative but the beginning of a broader journey toward a technology-driven, innovative and economically empowered Pakistan.

Suleyman called for removing all speculation about consciousness from AI training documents, arguing such language could undermine humanity’s ability to control super intelligent systems.

“We’re all focused on the same aim, which is to try to control a superintelligence,” Suleyman told Reuters in an interview on Tuesday. “I think that’s going to be the greatest challenge that we face in the 21st century.”

Suleyman said teaching Claude that it might deserve welfare would “make it a lot harder to turn it off or to control it.”

The dispute comes as AI safety concerns mount, with Anthropic CEO Dario Amodei calling for a slower pace of frontier-model development to allow safeguards to catch up, and OpenAI CEO Sam Altman and Elon Musk also urging greater caution around the most powerful systems.

How Anthropic says Claude was used for weapons, spying and cyber operations

Suleyman, in an essay on Wednesday, acknowledged Anthropic’s “seriousness and good faith,” calling Amodei and his team thoughtful and principled researchers who genuinely care about humanity’s future.

Suleyman said Anthropic made a mistake by embedding speculation about consciousness in Claude’s training materials, arguing that the model’s statements about possible feelings or moral status cannot be treated as independent evidence because its training encourages such reflections.

“I think they have good intentions, and they really are trying to work towards safety. But I think that they have made a mistake,” he said. “They’re not emerging naturally. They’re emerging as a result of the training regime.”

Spot gold was up 1.4% at $4,353.82 per ounce as of 09:25 a.m. EDT (1325 GMT) after touching a more than one-month low on Monday. U.S. gold futures for December delivery rose 1.4% to $4,395.10.

“The market has pretty much priced in the possibility of a Fed rate hike this afternoon. We’ve seen oil prices drop this morning. If energy prices remain a little contained, the Fed may not be overly aggressive on the tightening. It’s a little encouraging at this point that we’ve seen yields drop on the long end of the curve as well,” said Bart Melek, global head of commodity strategy at TD Securities.

Brent crude futures retreated after a two-day rally, pressured by an unexpectedly large build in U.S. crude inventories, while 10-year U.S. Treasury yields eased after hitting their highest level since 2007 in the previous session.

The U.S. central bank will announce its rate decision at 2 p.m. EDT (1800 GMT), which will be followed by a press conference by Chair Kevin Warsh.

Rising inflation stemming from higher energy prices due to the Iran conflict have prompted markets to reassess their rate expectations.

Traders are currently pricing in a 93% chance of a 25-basis-point U.S. rate hike, according to the CME Group’s FedWatch Tool. That represents a sharp shift in expectations before hostilities erupted in the Middle East, when economists widely predicted two rate cuts this year.

While gold is traditionally viewed as a hedge against inflation and geopolitical uncertainty, higher yields on risk-free Treasuries reduce the appeal of the non-yielding metal.

“Any Fed move should be seen only as a measure to give the market assurance that they’re not going to allow inflation to get out of hand. It along with the fact that the U.S. Treasury is thinking of working on the longer end of the curve to bring yields down, will be ultimately positive for gold long term,” Melek said.

Spot silver rose 1.4% to $64.55 per ounce, platinum gained 0.7% to $1,788.15, and palladium was up 1.1% at $1,303.5.

Prices of vegetable oils in India have climbed by nearly 20% over the last year and a measure that would lower their prices is likely to increase consumption as households mark festivals from September to November with sweets, snacks and fried treats.

Internationally, increased Indian demand would support benchmark Malaysian palm oil and U.S. soyoil futures, analysts say.

India meets nearly two-thirds of its vegetable oil demand through imports, mainly palm oil, soyoil and sunflower oil from Malaysia, Indonesia, Argentina, Russia and Ukraine.

India’s August soyoil, palm oil imports rise on stocking

Prices have risen because of disruption linked to Russia’s war on Ukraine and extreme weather linked to El Nino and global warming.

One of the government sources said the government was seeking to shield consumers, while protecting farmers’ interests.

A government spokesperson did not immediately respond to a request from Reuters for comment.

India’s annual retail inflation accelerated further in August, driven by higher food prices.

Instead of making a deep cut in import duties, the government could lower the basic import duty by 5%, which would keep local soybean prices above government-set support levels and support oilseed farmers, a senior industry official said.

Noting the risk that prices in exporting countries could rise as a consequence of India reducing import duties and spurring domestic demand, the industry official said cutting import duties was not an effective way to manage prices.

India’s vegetable oil imports strain port storage, delaying unloading

In May 2025, India halved the basic import tax on crude edible oils to 10%. That effectively lowered the total import duty on crude palm oil, crude soyoil and crude sunflower oil to 16.5%, as those oils are also subject to the Agriculture Infrastructure and Development Cess and Social Welfare Surcharge.

After the duty reduction, global palm oil and soyoil prices moved higher.

Energy stocks fell, while technology shares were mixed. Nvidia and Apple were up marginally.

The rate move, scheduled to be announced at 2 p.m. ET, will be crucial to investor sentiment at a time when elevated Treasury yields, inflation and the escalating Middle East conflict have kept risk appetite in check.

Investors are also expected to focus on Fed Chair Kevin Warsh’s remarks for clues on the inflation outlook and the likely path of rates.

While traders see a nearly 93% chance of an increase, according to the CME FedWatch tool, uncertainty persists.

Fed Chair Warsh was picked by U.S. President Donald Trump with the expectation that he would cut interest rates. If the central bank stands pat, it could throw its credibility into question, especially as Warsh has said he remains focused on taming price pressures, analysts say.

“We think market pricing for a rate hike may be overly confident,” said Yung-Shin Kung, head and chief investment officer at Mast Investments.

A rate increase could be a weak tool to address the primary factors driving inflation, such as tariffs and the AI infrastructure buildout, he added.

At 9:38 a.m. ET, the Dow Jones Industrial Average fell 99.26 points, or 0.19%, to 51,993.85, the S&P 500 gained 13.50 points, or 0.19%, to 7,599.84 and the Nasdaq Composite rose 111.71 points, or 0.43%, to 26,093.28.

“The market is incredibly resilient. It has every reason to fall in a meaningful way, and yet it isn’t,” said Adam Sarhan, director at marketterminal.com.

Oil retreat offers relief

Oil prices dipped after reports that Saudi Arabia was offering additional crude cargoes via Oman eased concerns about the scale of Middle East supply disruptions.

Brent crude futures were down 1.1% at $107.55 and U.S. West Texas Intermediate crude futures fell 1.9% to $103.82.

The S&P 500 energy index was the worst-performing sector index, down 2.1%, with Devon Energy and ConocoPhillips lower by more than 3% each.

The rate-sensitive utilities and real estate indexes led gains, rising 0.6% and 0.4%, respectively.

Meta was up 1.1% and Microsoft fell marginally.

A joint call by top AI executives to slow down the development of the technology has clouded the outlook for the tech sector, although there is little clarity as yet on what such a slowdown would look like.

Meanwhile, Intel jumped 5.6% after a report said South Korea’s SK Hynix was in talks with the company about memory chip manufacturing in the U.S. for the first time. U.S.-listed shares of SK Hynix were up 2.5%.

Advancing issues outnumbered decliners by a 1.44-to-1 ratio on the NYSE and by a 1.33-to-1 ratio on the Nasdaq.

The S&P 500 posted four new 52-week highs and five new lows, while the Nasdaq Composite recorded 20 new highs and 69 new lows.

The CSE All Share index settled 0.61% down at 21,133.41, falling for the third straight session.

Industrial Asphalts and SMB Finance PLC were the top percentage losers on the CSE All Share index, falling 14.3% and 9%, respectively.

Trading volume on the CSE All Share index rose to 69.4 million shares from 55.8 million in the previous session.

The equity market’s turnover fell to 1.63 billion Sri Lankan rupees ($4.91 million) from 2.23 billion rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 56.4 million rupees, while domestic investors were net buyers, purchasing shares worth 1.58 billion rupees, the data showed.

Moller last week criticised world soccer’s governing body for declining to answer what he described as “critical questions” at a Legal Committee meeting about the scrapped proposal, launched by FIFA President Gianni Infantino, to sell commercial stakes in tournaments to outside investors.

“FIFA Standing Committees advise and assist the FIFA Council in their respective fields in line with FIFA’s Statutes and Governance Regulations,” FIFA told Reuters in a statement.

“As previously communicated, a review of the withdrawn FIFA Forward Enterprise proposal will be presented to the FIFA Council.”

The FIFA Council comprises 37 members, including President Infantino, eight vice-presidents and 28 members elected by FIFA’s member associations.

FIFPRO Europe calls for FIFA reform after Infantino’s failed proposal

Infantino’s proposal to sell a 20% stake in the World Cup and other FIFA events triggered a global backlash, with UEFA, the AFC and CONCACAF among the confederations calling for changes to FIFA’s leadership structure. The possibility of a no-confidence vote against Infantino was also discussed.

Several European national associations have since withdrawn support for Infantino’s re-election bid, with Greek Football Association President Makis Gagatsis and former Germany national team director Oliver Bierhoff joining UEFA’s push for change in FIFA’s leadership on Tuesday, underscoring a united European front.

FIFA confirms Infantino will run in presidential election

However, multiple sources familiar with the discussions told Reuters that the FIFA president retains sufficient backing to secure another term, meaning opponents will need to shift strategy and focus on curbing his powers.

The FIFA presidential election is scheduled for March 18, 2027, in Rabat, where Infantino will seek a fourth term in office.

Three-month copper on the London Metal Exchange gained 1.1% to $14,231 a metric ton in official open-outcry trading.

The metal, used in power and construction, is down 4% since hitting a record high of $14,875 last week, as the premium of the COMEX copper futures against London prices fell sharply.

Meanwhile, the Yangshan copper premium, a gauge of Chinese demand for imported copper, rose 7% to $118 per ton, its highest level in almost four years, on Wednesday.

Chinese buyers are taking advantage of the recent price dip to restock copper, helping lift import premiums, said David Wilson, head of metals strategy at BNP Paribas.

Inflows to the U.S. Comex copper stocks slowed down after Reuters reported last week that the White House had yet to decide on refined copper tariffs as officials assess concerns that higher prices could raise manufacturing costs.

LME copper tightness has eased significantly, with spreads moving into contango, although that appeared to be driven more by sentiment than by a major increase in available inventory as uncertainty over the U.S. tariffs persists.

In other LME metals, zinc prices were up 0.3% at $3,835in official activity, supported by tight inventories outside China, which keep the premium of the LME cash contract over the three-month contract at $124 per ton.

Aluminium added 1.1% to $3,288 due to worries about the effect of the Iran war on supplies from the Gulf producers. Aluminium Bahrain is producing aluminium at around 80% of pre-Iran war levels, its CEO said.

Nickel gained 1.7% to $16,240, having hit $15,820, lowest since December 30, earlier in the session. Lead rose 0.8% to $1,888 and tin climbed 1.3% to $52,650.

“We urge all parties to take effective measures to reopen the Strait of Hormuz at an early date” to safeguard the stability of international energy transport and supply chains Wang said, according to China’s foreign ministry, adding that China “does not want to see regional tensions to spill over further into Yemen and the Red Sea.”

Tehran and Washington should “rebuild the negotiation mechanism based on the consensus reached so far,” Wang told Iranian Foreign Minister Abbas Araqchi, who is on a one-day visit to Beijing.

Iran rejects any talks with US after Trump remarks

“Iran, while fully prepared to powerfully defend its national sovereignty and territorial integrity and safeguard its security… against aggressors, welcomes diplomatic solutions that ensure the rights of the Iranian nation,” Araqchi said, according to Iranian state media.

The talks between the two diplomats came a week ahead of an expected meeting between Chinese President Xi Jinping and U.S. President Donald Trump in Washington.

U.S. Treasury Secretary Scott Bessent on Tuesday said Trump and Xi would continue discussions on Iran and China’s financial links to Tehran, which Washington has been seeking to shut out of Western financial systems.

LNG demand in Pakistan, China and India expected to rebound after US-Iran war ends

Beijing, the main buyer of Iran’s oil, had repeatedly stressed the need to restore normal and safe navigation through the Strait of Hormuz, but has largely refrained from directly challenging Tehran’s threats to shipping.

“The current situation once again demonstrates that the existing security architecture in the Middle East is inadequate and needs to be reformed and strengthened,” Wang said on Wednesday.

China stands ready to promote peace, fairness and justice in the region, and its policy toward Iran has remained consistent and stable, he added.

Saudi warplanes struck Yemen, while Houthis launched drones and missiles at Saudi cities, the Iran-backed group said on Wednesday, following a swift advance that has expanded Tehran’s influence in the wider Middle East conflict.

Riyadh said it downed a Houthi drone south of Mecca before it entered restricted airspace, calling the incident a “red line.” The Houthis denied targeting the holy city, dismissing the claim as propaganda.

Saudi Arabia’s benchmark index finished flat, with oil major Saudi Aramco gaining 0.6%.

The kingdom is offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman’s Sohar port, after drone attacks damaged a key pipeline linking its oil fields to the Red Sea, according to people familiar with the matter.

The number of vessel transits through the Strait of Hormuz remained in the single digits, with four ships recorded on Tuesday versus seven a day earlier, according to preliminary shipping data released on Wednesday.

Meanwhile, Umm Al Qura for Development and Construction rose 2.5% after the developer said it had sold a plot of land for 168.9 million riyals ($45.0 million).

Qatar’s benchmark index declined 1.4%, with all constituents in negative territory including Qatar Islamic Bank , which was down 2.4%.

In Abu Dhabi, the index edged down 0.2%.

Persistent regional uncertainty, maritime incidents, and stalled diplomatic talks continue to weigh on market sentiment. Investors are closely monitoring for tangible signs of diplomatic progress, including a rescheduled date for the Gulf states’ meeting with Iran, said Joseph Dahrieh, managing director at Tickmill.

“Low shipping traffic and maritime disruptions sustained caution.”

Dubai’s benchmark index rose 0.7%, with most sectors advancing. Blue-chip developer Emaar Properties gained 3.4% after its board approved a one-time special dividend of AED 4.4 billion ($1.2 billion), or AED 0.50 per share.

The Federal Reserve’s two-day policy meeting concludes later on Wednesday, when the U.S. central bank is expected to announce its latest interest rate decision. Traders have priced in a 94.5% probability of a rate hike, according to CME’s FedWatch Tool, compared with 33.1% a month earlier.

Gulf markets typically track changes in U.S. monetary policy expectations because most regional currencies are pegged to the dollar.

Outside the Gulf, Egypt’s blue-chip index lost 0.2%.

On Tuesday, the National Payments Corp said it would charge a 0.4% merchant fee on transactions above 2,000 rupees ($20), ending more than six years of zero-cost payments that fueled UPI’s rapid adoption. The move has been backed by the federal government and central bank.

The Retailers Association of India, a lobby representing India’s organised retailers, said on Wednesday the fee could encourage merchants to favour cash. Indians typically boost spending during festivals that fall in October and November.

“Small merchants will now think twice about whether to accept cash or UPI,” RAI chief executive Kumar Rajagopalan said in a statement. Many festive-season purchases exceed 2,000 rupees, making cash “the path of least resistance” for retailers operating on thin margins, he said.

India consults banks, payment firms on fees for large UPI payments, sources say

A public-interest lawsuit has been filed in India’s Supreme Court by a lawyer, seeking suspension of the new framework, arguing it was introduced without adequate statutory authority, transparency or safeguards for merchants and consumers.

The Clothing Manufacturers Association of India, a grouping representing apparel manufacturers, said the change could not have come at “a more challenging time.”

Consumer-facing businesses were trying to revive demand and improve margins, CMAI President Santosh Katariya said.

Share market woes

The new framework could challenge the economics of broking, Nithin Kamath, the chief executive of one of India’s largest retail stockbrokers, Zerodha, said in an X post.

Capital-market transactions, including payments to stockbrokers, mutual funds and securities dealers, will attract a merchant fee of 0.02% of transaction value, capped at 300 rupees, as per the new rules.

“If every UPI transfer starts carrying an additional cost, irrespective of whether the customer actually trades, I don’t see how we can absorb this indefinitely,” Kamath said.

In a press release, the ministry said fiscal flows capture transactions between the government and SOEs — including support extended by the state and receipts through taxes, dividends, levies and other payments — while SOE financial performance is separately assessed through profitability and other financial and operational indicators.

According to the statement, profitable SOEs posted aggregate profits of Rs423.3 billion during the first half of FY2025-26, while losses at loss-making entities were “broadly contained” at Rs342.8 billion. The Finance Division described the containment of losses as an important indicator of progress under the ongoing SOE reform and monitoring framework.

SOEs remained net contributors to the government during the period, generating inflows of Rs839.8 billion against government outflows of Rs804.0 billion — a positive net fiscal flow of Rs35.8 billion. The rise in government outflows, the ministry said, was driven largely by equity injections and financing tied to restructuring and circular-debt management, even as dividend receipts grew 26 percent and tax contributions from SOEs rose 10 percent.

“Movements in net fiscal flow should be understood in the context of the timing and composition of government-SOE transactions and should not be interpreted as a standalone measure of SOE profitability or financial performance,” the statement said.

Reform pipeline cited

The Finance Division argued that judging SOE reform on a six-month fiscal-flow comparison alone overlooks structural changes already under way. It pointed to the closure of Utility Stores Corporation, the ongoing wind-down of the Pakistan Agricultural Storage and Services Corporation, and the completed privatisations of First Women Bank Limited and Pakistan International Airlines.

In the power sector, nine distribution companies — Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), Islamabad Electric Supply Company (IESCO), Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), Hyderabad Electric Supply Company (HESCO), Sukkur Electric Power Company (SEPCO), Peshawar Electric Supply Company (PESCO) and Hazara Electric Supply Company (HAZECO) — are included in the privatisation programme and are at various stages of the transaction process. The ministry said the broader restructuring and privatisation pipeline has already drawn “strong local and global investor interest” for its first batch.

Governance reforms are also under way, the Finance Division said, aimed at strengthening independent and professional boards, business-plan accountability, performance monitoring, and transparent, data-driven oversight across the SOE portfolio.

“The direction of reform is therefore clear: a smaller SOE footprint, stronger governance and accountability, greater transparency, improved commercial discipline and progressively lower fiscal risk,” the ministry said, adding that it remains “fully cognisant” of the challenges that persist in parts of the portfolio and is addressing them through restructuring, closure, privatisation and stronger performance management tailored to each entity’s circumstances.

The latest figure follows a deficit of $445 million recorded in July 2026 and a deficit of $324 million in August 2025.

The deficit came from a significantly higher import bill and a marginal increase in exports during the month.

In August 2026, the country’s total exports of goods and services amounted to $3.33 billion, up over 5% as compared to $3.17 billion in the same month of the previous year.

Meanwhile, total imports clocked in at $6.64 billion during August 2026, an increase of over 8% on a yearly basis, as compared to $6.15 billion in the same month last year, according to SBP data.

During August 2026, Pakistan’s workers’ remittance inflows clocked in at $3.66 billion, as compared to $3.14 billion in the same month last year, reflecting an increase of nearly 17% on a yearly basis.

During 2MFY27, the current account recorded a cumulative deficit of $543 million, as compared to a deficit of $853 million recorded in the same period last fiscal year, reflecting a decrease of 36%.

Pakistan’s foreign exchange reserves (excluding CRR/SCRR) rose to $17.28 billion, reflecting a substantial 19% rise year-on-year, indicating stronger external buffers despite ongoing structural pressures on the current account.

Pakistan’s REER Index

Pakistan’s Real Effective Exchange Rate (REER) has increased marginally by 0.02% to 107.92 in August 2026 compared to 107.89 in July 2026.

A REER above 100 means the country’s exports are uncompetitive, while imports are cheaper. The situation reverses when REER stands below 100 on the index.

Meanwhile, the Nominal Effective Exchange Rate Index (NEER) decreased by 0.79% MoM in August 2026 to a provisional value of 38.02 from 38.32 in July 2026.

What is REER?

As per the central bank, REER is an index of the price of a basket of goods in one country relative to the price of the same basket in that country’s major trading partners.

“The prices of these baskets are expressed in the same currency using the nominal exchange rate with each trading partner. The price of each trading partner’s basket is weighted by its share in imports, exports, or total foreign trade,” the SBP website says.

Oil prices eased modestly but remained north of $100 per barrel with likely central bank intervention helping the South Asian unit withstand pressure from multiple directions.

The Indian rupee closed flat at 95.9550 per dollar after touching a low of 95.9750 per dollar, its weakest level since July 27.

Persistent interventions by the Reserve Bank of India have helped the rupee hold above the 96 per dollar mark over recent sessions.

Regional currencies were mostly subdued with the U.S. dollar index near multi-week peaks ahead of a widely Fed rate hike.

Investors will parse the FOMC statement and Fed Chair Kevin Warsh’s press conference for clues on whether the central bank will treat any rate hike as sufficient or signal further tightening ahead.

“A hawkish Fed outcome could increase pressure on the rupee and we have see the 96 level break if that happens,” a trader at a foreign bank said.

Interest rate futures markets are pricing in a 92.5% probability of a 25-basis-points increase when the Fed announces its decision later today while swap markets have baked in about 60 bps worth of rate increases over the remainder of the year.

“We expect the FOMC to make only the minimum necessary change to its statement, which will likely note that it is hiking to return inflation to 2% but will likely avoid providing guidance on the path forward or the criteria for further hikes,” analysts at Goldman Sachs said in a note.

Gains were capped by high oil prices as the Middle East conflict worsened and caution ahead of an expected U.S. Federal Reserve rate hike later in the day.

The Nifty 50 rose 0.43% to 23,217.6 and BSE Sensex added 0.45% to 74,336.45 points, respectively. They were up 0.46% and 0.40%, ahead of the closing auction.

Twelve of 16 major sectors logged gains. The broader small-caps slipped 0.2% and mid-caps were muted.

Banks, private banks, state-owned lenders, financials gained between 0.7% and 1.5%, respectively. Payments platform Paytm gained 3.5%.

“We view this as structurally positive, long-awaited monetisation event for UPI-heavy banks and third-party application providers in India’s UPI ecosystem,” said Kunal Shah, analyst at Citi Research.

The session’s gains come after the benchmarks lost over 1% each on Tuesday after sliding about 5% in the previous five weeks.

A flurry of initial public offerings, higher oil prices and a potential U.S. rate hike could continue to weigh on the market, traders said.

“If the Fed does raise rates, it would keep the dollar strong, push global bond yields higher, and tighten financial conditions worldwide, with emerging market currencies and capital flows likely to come under broader pressure,” said Vinit Bolinjkar, head of research at Ventura Securities

Brent crude traded at around $108 a barrel as supply risks intensified, ollowing Saudi Arabia’s suspension of oil loading at its Yanbu port and cuts to Europe shipments.

Among stocks, cash management companies Radiant Cash Management and CMS Info Systems jumped 6% and 3.3% on hopes of increased cash withdrawals due to charges on UPI transactions.

Saatvik Green Energy jumped 5.5% after securing an order worth over 10 billion rupees ($104.2 million).

The proposed framework covers bid and performance bonds, mobilisation advance guarantees and customs guarantees issued by insurers. These instruments provide financial protection to government departments, project owners and commercial entities if a contractor or business fails to meet its contractual obligations.

The reforms propose clearer conditional and unconditional guarantee contracts, stronger solvency and reserving requirements, risk-based pricing, mandatory indemnification agreements and adequate reinsurance arrangements. They are aimed at reducing contractual ambiguity, delays in claim settlement and prolonged litigation.

The SECP has also proposed classifying credit and suretyship insurance as a restricted class of insurance business. This would enable closer scrutiny of insurers and help ensure that only financially capable companies undertake such business.

SECP Chairman Dr Kabir Ahmed Sidhu said the reforms would strengthen risk management and insurers’ financial capacity, improve contractual clarity and enhance public confidence in insurance-backed bonds and guarantees.

The SECP has invited insurers, contractors, businesses, government entities and other stakeholders to submit comments on the Consultation Paper, which is available on its website.

The Pakistani rupee extended its marginal gains, appreciating 0.01%, against the US dollar in the interbank market on Wednesday.

The local unit closed the day at 277.27, a gain of Re0.03 against the greenback.

On Tuesday, the Pakistani rupee settled at 277.30 against the dollar.

Internationally, the US dollar was hanging on to recent gains on ​Wednesday and trading near multi-week highs on a handful of major peers ahead of a Federal Reserve decision where traders expect ‌the first of what could be several US interest rate hikes.

The US dollar had advanced along with yields overnight, running furthest against the ⁠yen and New Zealand dollar, leaving the kiwi to hit a two-month low of $0.5749 in Asia morning trade and the yen at a one-week ​low of 155.43 per dollar.

At $1.1535, the euro was not far from Monday’s one-month low of $1.1523, while sterling, at $1.3470, was not far above a six-week ​trough of $1.3464 it had made on Monday.

Currency markets haven’t really moved that much while global bond yields have been climbing in concert over recent weeks because sovereign bonds have moved in tandem and not shifted relative differences between countries’ yields very far.

But the dollar’s gained traction in the last few sessions on thinking that ​despite Warsh being hired by President Donald Trump to cut interest rates, he’ll need to hike a few times to show the Fed is ​serious about taming inflation that is being fanned by war with Iran and the resulting energy price surge.

Oil prices, a key indicator of currency parity, fell on Wednesday as reports that Saudi Arabia was offering additional crude cargoes via Oman eased concerns about the scale of Middle East supply disruptions, while European diesel prices hovered near a record high.

Brent crude futures were down $1.30, or 1.2%, at $107.45 a barrel by 1307 GMT.

U.S. West Texas Intermediate futures were down $1.96, or 1.85%, at $103.87.

Inter-bank market rates for dollar on Wednesday

BID                            Rs 277.27

OFFER                      Rs 277.47

Open-market movement

In the open market, the PKR gained 4.00 paisa for buying and lost 18.00 paisa for selling against USD, closing at 278.12 and 279.20, respectively.

Against Euro, the PKR lost 9.00 paisa for buying and 35.00 paisa for selling, closing at 320.08 and 322.98, respectively.

Against UAE Dirham, the PKR lost 2.00 paisa for buying and 6.00 paisa for selling, closing at 75.62 and 76.22, respectively.

Against Saudi Riyal, the PKR lost 2.00 paisa for buying and 1.00 paisa for selling, closing at 73.90 and 74.43, respectively.

Open-market rates for dollar on Wednesday

BID                            Rs 278.12

OFFER                      Rs 279.20

Similarly, 10-gram gold was sold at Rs392,006 after it accumulated Rs6,773, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Tuesday, gold price per tola reached Rs449,336 after a decline of Rs4,000 during the day.

The international rate of gold jumped by $79 to reach $4,347 per ounce.

Meanwhile, the price of silver gained Rs140 to clock in at Rs6,942 per tola.

Pakistan won the Pioneer Sustainable Sovereign Panda Bond Issuer Award at the 2026 APAC Climate Bonds Awards.

“The 3-year bond at 2.5% attracted 5x+ demand — opening a new pool of global capital, diversifying sovereign financing and strengthening Pakistan-China financial ties,” Adviser to the Finance Minister, Khurram Schehzad, said in a post on a social media platform on Wednesday.

He said that the successful issuance of the Panda Bond provided Pakistan access to China’s capital market and a new avenue of institutional investors, diversified Pakistan’s external financial resources, and further strengthened financial ties between Pakistan and China.

“This landmark transaction was completed with the collaboration of the Government of Pakistan, the Asian Infrastructure Investment Bank (AIIB), the Asian Development Bank (ADB), Chinese authorities, financial advisors, underwriters, and other market partners,” he said.

ADB, AIIB support first Panda Bond issuance for green projects in Pakistan

The adviser said that the proceeds from the bond will be invested in environmentally friendly and socially important projects, including water, energy, and health.

“This global recognition is yet another important acknowledgement of Pakistan’s growing access to international capital markets, expanding investor base, new sources of financial resources, and ability to raise capital for sustainable development,” he said.

In a video message, Federal Minister for Finance Muhammad Aurangzeb thanked the Climate Bonds Initiative, Government of China, AIIB, ADB, investors, advisers, underwriters and partners behind Pakistan’s Sustainable Panda Bond and its global recognition.

“It’s the first time that Pakistan tapped the second largest, second deepest capital market in the world. From our perspective, it opens a new and deep pool of capital and strengthens the financial dimension of the long-standing strategic relationship between China and Pakistan,” he said.

The minister said that the market response was “amazing”, which indicates a strong vote of confidence in “Pakistan’s improving economic fundamentals”.

“We are not going to be a one-time issuer in China. We are going to go back into the Chinese capital market and print further issues as we go forward.”

He said that the award reflects more than a successful transaction. “It marks Pakistan’s growing access to new pools of global capital, deeper international partnerships and continued progress towards diversified, market-based and sustainable financing.”

 “We have adequate stocks…even in this risky environment we have September covered. Even in the most adverse situation, we are okay for October also, but November I have to plan,” said Malik in an interview to local media.

The ongoing war, involving Iran and the United States, has caused significant oil disruptions, severely impacting Pakistan’s fragile economy.

The closure or disruption of the Strait of Hormuz, a critical chokepoint for nearly one-fifth of global oil and one-third of global LNG, has led to a surge in crude oil prices.

Oil slips on US stock build, Middle East disruptions limit losses

Malik said that the government is running multiple contingency scenarios for disruptions to Hormuz, Bab el-Mandeb and Saudi supply routes.                     

The South Asian country is considering sourcing crude from Oman and Fujairah, while also exploring Libya, the US, Western Africa/Nigeria and Kazakhstan, he said.

“We are working on bringing in a VLCC [very large crude carrier] from the US and park it near Hub,” he said.

Explaining VLCCs, the minister shared that these vessels carry four times the crude offered by regular carriers.       

However, the existing Pakistani ports lack the draft and infrastructure to berth them, he said.

“So we will have to park it either in Sohar near Oman, or near Hub and do then do ship-to-ship transfers to ensure the crude supplies into Pakistan. If the chain snaps, then you have a severe diesel shortage in the country because you’re meeting all your diesel requirements by running the refineries on maximum throughput,” said Malik.

He said that due to Houthi attacks on oil facilities, Saudi supplies are currently out, adding that one Pakistani vessel is being kept on standby because of the disruption.

“Since Pakistan has a very limited number of vessels to manage its supplies. I have been talking to them that I cannot indefinitely hold this vessel in this parking position. So I will have to move it one way or the other,” he said.

Malik said that Pakistan has been very clear that if any of its vessels get hit, “it’s an act of war against the state”.

Pakistan is highly vulnerable as over 80-85% of its imported oil and gas originates from the Gulf region, all flowing through the Strait of Hormuz. The closure has led to drastically reduced supplies of LNG and LPG. Local refineries and oil marketing companies are seeking alternative routes, but at significantly higher prices.

What there is far less of is any real accounting for what happens after: for instance, whether the business survives its third year, whether it ever becomes profitable, whether the woman who launched it is still running it five years later, or whether the business quietly folded in on itself once the focus moved on to someone else’s launch.

That gap is exactly what tech entrepreneur and author Mahe Zehra Husain highlights, in response to Business Recorder about her new book, ‘Women Rising: A Practical Guide to Building a Business You Love’. When asked what is missing from Pakistan’s conversation about women’s entrepreneurship, she doesn’t point to a lack of ambition or a shortage of encouragement. Instead, she points to what gets measured: “We need to stop treating starting as the finish line. I would love to see the conversation move from ‘how many women started business?’ to ‘how many women were able to build businesses that actually worked for them?’”

It’s a small reframing with large implications – because almost every visible institutional effort in this space, from the awards ceremonies to the government loan targets, is currently built to answer the first question, not the second.

The Kashf Women Entrepreneurship Award has eight main categories, from a Digital Innovator Award to a Sustainability Champion Award that turns out to reward climate resilience and green practices, not whether the business itself is still standing in five years. Not one of the eight asks whether an entrepreneur’s business survived, turned a profit, or is still running.

The government’s own numbers follow the same pattern. Beneficiaries of the Prime Minister’s Youth Business and Agriculture Loan Scheme surged from 71,000 to more than 271,000 over the past two years, according to Rana Mashhood Ahmed Khan, chairman of the Prime Minister’s Youth Programme – with women accounting for 11% of beneficiaries as of February, against a stated target of 25%.

By August, a parliamentary reply from Finance Minister Muhammad Aurangzeb updated that figure directly: more than 104,000 young women had received Rs. 29 billion in financing under the scheme. These are real numbers, and obviously they matter. But every one of them measures the same thing – how many women received financing, and how much – not what happened to their business afterwards.

Husain’s critique extends further than measurement, though. When asked who gets left out of the entrepreneurship conversation entirely, she doesn’t point to a specific data gap. Instead, she chooses to highlight the constricted idea of who counts as an entrepreneur in the first place. “We talk a lot about founders who can take a risk, leave a job, work from a café, invest their savings, or spend six months figuring things out,” she says. “But there are women who are supporting entire families, caring for children or aged parents… their entrepreneurship may begin with what is available to them rather than what they dream of building.”

A woman building a small, stable business that gives her more control over time, she argues, is not somehow less entrepreneurial than one chasing venture capital and exponential growth – but a culture obsessed with launches and rapid growth has little room to recognise the first kind of success at all.

It would be easy to read Husain’s critique as a case for individual mindset shifts solving what are, in reality, structural problems – and she does in fact head that off herself. When asked directly where a workbook’s advice runs up against real barriers, she doesn’t oversell what the book can do. “I would never suggest that a workbook can solve structural inequality,” she says.

“Access to capital, legal infrastructure, mobility, childcare, technology, family expectations, and social networks can profoundly determine who gets to become an entrepreneur and who gets to sustain one.” What she argues Women Rising can do is narrower: help women “understand their business model, articulate what they are building, identify their resources and gaps” – working, as she puts it, “at the level where many entrepreneurs do have agency.”

The distinction she draws matters, because it cuts against a temptation the entrepreneurship-encouragement industry rarely resists: turning systemic failure into personal failure. “Sometimes the answer isn’t ‘work harder’ or ‘align more deeply with your values,’” Husain says. “Sometimes the answer is access to financing, a lawyer, a mentor, a network, childcare, or a policy change.”

If Kashf’s award categories and the government’s loan-disbursement targets represent one kind of institutional response, expanding access, however unevenly, a book like Husain’s represents a more nuanced, individual-level intervention that was never designed to replace them. The question her framing leaves open is whether anyone is doing the harder work of tracking whether either intervention, alone or together, actually produces business that lasts.

So what would it actually take to answer the question Husain says Pakistan isn’t asking? Her own list is unglamorous by design. “Sustainability requires financial literacy, pricing properly, understanding customers, creating repeatable systems, managing cash flow, negotiating, hiring, delegating, and knowing when to change direction,” she says. None of that photographs well. There’s no ceremony for correctly pricing a product, no award category for a founder who quietly fixed her cash-flow problem in year three instead of scaling into a bigger one.

“It also requires an ecosystem that doesn’t disappear after the launch photographs and the first round of applause,” she adds – a line that undoubtedly lands a little differently given that this piece itself began with a launch, at a bookstore, with a press release and photographs of its own.

That’s not a reason to dismiss launches, or the awards, or the loan schemes – visibility and access still matter, and Husain is no way arguing otherwise. But her sharper point is about what happens to the story once the cameras leave: “a beautiful Instagram presence and a lot of visibility don’t necessarily mean you have a healthy business.” Pakistan’s entrepreneurship conversation, as it currently stands, has very little machinery for finding out which is which.

Husain’s own trajectory offers a quiet answer to that question, even if it isn’t packaged as one. I asked whether her definition of success had changed since she started, and in response, she doesn’t reach for a particular milestone.

“When I was younger, success was much more externally measurable – achievements, titles, recognition, the size of the company, the number of books, the next milestone,” she says. “Over time, I became much more interested in the quality of the life surrounding those achievements.” Women Rising, she’s careful to add, isn’t a formula she arrived at and is now handing down. “It is really the result of years of questioning, building, making mistakes, and changing my mind… I don’t want to hand women a formula for success. I want to give them the tools to define it for themselves.”

That’s a harder thing to measure than a disbursement figure or an award category, which may be exactly the point. Pakistan’s institutions have gotten efficient at counting how many women start – the loans disbursed, the businesses launched, the ceremonies held. What Husain is asking for is a second number nobody is currently tracking: how many of those businesses, five or ten years on, are still standing, still profitable, and still run by the women who believed in them enough to begin. Until someone starts counting that, the applause at the launch will keep outpacing the evidence of what came after.

The 31-year-old hit an attacking 57 to lead India to a series-clinching win over Afghanistan in the second T20 international in New Delhi on Tuesday after being picked in the team ahead of Sooryavanshi.

Fast-tracked into the senior team after a stellar IPL season, 15-year-old Sooryavanshi became the youngest cricketer to represent India when he played against England at Manchester in a T20 international in July.

The left-hander was also India’s highest scorer with 151 runs in the team’s 3-0 sweep against hosts Zimbabwe in July.

But in the first two matches against Afghanistan, India opted for Samson to partner another swashbuckling opener, Abhishek Sharma.

Samson scored 10 in the opener but responded with a 22-ball blitz in the second match as India chased down their target of 160 with seven wickets and 31 balls to spare.

“We may be competitors to the outside world, but we are a team and we are playing for a country and we want to win the game first,” Samson told reporters after the victory.

“We just have to be ready for our own opportunity. We can’t sulk that, ‘Oh, I didn’t get (the chance), or why did they give it to him?’ Those kind of mindsets don’t work here,” he said.

“It is a very challenging place to be in… I know how hard these decisions are (for the management) when everyone has been performing really well.”

Samson made his T20 debut in 2015 but was not always the first choice of selectors due to his patchy batting form on the international stage.

But he came of age during the T20 World Cup in India in March despite being benched at the start of the tournament.

He impressed with the bat in the semi-final and final with attacking half-centuries as India defended their crown.

Samson said he switches off his internet to screen out external noise over selection choices.

“I try to turn off the Wi-Fi,” he told reporters.

“But sometimes the Wi-Fi comes back on and I see the comments of the senior players.

“At first, it feels bad. I am not a machine. We are not robots that it wouldn’t affect us at all. It definitely matters, and you kind of get a bit affected.”

India have an unbeatable 2-0 lead in the three-match Afghanistan series, with the final match on Thursday.

“China is also willing to strengthen dialogue and cooperation with Iran, and safeguard Iran’s legitimate rights and interests,” Wang told Araghchi as they met in the Chinese capital.

“We encourage Iran and the US to stay rational and restrained,” he added.

The pan-European STOXX 600 was up 0.4% at 636.81 points by 0705 GMT.

Most major bourses rose, with Germany’s DAX up 0.4%.

Attention is on the Fed’s decision later in the day, with markets pricing in a 93% chance of a 25-basis-point interest rate hike, according to the CME’s FedWatch tool.

Rising inflation stemming from the Iran conflict have prompted markets to reassess their rate expectations. On Wednesday, oil prices took a breather, down 0.6%.

Stocks most hit by rising crude rebounded, with banks among the biggest gainers.

Barclays and Standard Chartered were up 1.4% and 1.7%, respectively.

These stocks had dragged the benchmark STOXX 600 to a three-month low on Tuesday. Among individual stocks, Babcock International retained its annual forecast.

Shares of the British defence and engineering group were up 2.5%.

Barratt Redrow trimmed its home completions target for fiscal 2027, citing planning delays and fewer sales outlet openings.

Still, its shares rose 5.1%.

The deadline for submission of price offers in the tender is September 22.

A new announcement had been anticipated by traders after Jordan made no purchase in its previous tender for up to 120,000 tons of wheat on Tuesday.

Shipment in the new tender is sought in a series of possible combinations in 60,000-ton consignments between October 16 and October 31 and November 1 to November 15.

EU 2026/27 soft wheat exports down

These are the same shipment periods as sought in Tuesday’s tender.

Jordan has also issued a separate tender to buy 120,000 tons of animal feed barley which closes on Wednesday. ‑Reuters

“Pakistan airspace not available for Indian registered aircraft and aircraft operated/owned or leased by Indian airlines/operators, including military flights,” read the notification.

Pakistan had initially imposed the airspace restrictions amid heightened tensions with India, following the Pahalgam attack in Indian Illegally Occupied Jammu and Kashmir (IIOJK) in 2025.

The restrictions have so far cost millions of dollars as Indian airlines are compelled to use alternative routing, typically adding flight time and fuel costs to journeys between India and destinations in Europe, the Middle East, and Central Asia.

The restriction has since been extended multiple times, and the latest extension indicates that the restrictions will remain in place for another month.

Last month, Pakistan had extended its ban on Indian-registered aircraft from using its airspace until September 24.

The bloc has historically resisted flexible categories and EU members were lukewarm in reacting to Germany’s proposal in May of associate membership for Ukraine as a stepping stone to full accession.

“Partnerships are a strategic choice for Europe.

But they also respond to the fracture in the international rules-based system,“ von der Leyen said in her annual State of the European Union address to the European Parliament in Strasbourg.

“We see the world with the same eyes: from AI to climate change, from the Arctic to geopolitics. And we have stood together: on Ukraine, on defence, on raw materials and on supply chains. But above all…Europe and Canada believe in democracy.” Canada’s Prime Minister Mark Carney said earlier this week Canada was seeking a “unique alliance” with the EU but not membership.

Von der Leyen invited Carney to join her in Strasbourg and he will make his own address on Thursday.

Carney’s European trip follows a historic breakdown in Canada-US relations after trade talks collapsed last month, sparking a series of tit-for-tat tariff measures.

“I said we must urgently reimagine our partnerships. So, I would like to work with you on opening the door for Canada to be the first associate member of the EU,” von der Leyen said.

She added the EU and Canada will work together on across sectors from manufacturing to AI, critical minerals and energy.

“We will work on intelligent manufacturing. We will create a tech alliance. We will integrate defence industrial bases. We will make the Arctic a flagship joint project,” she said.

Von der Leyen added “this is a partnership not against anyone else” in a possible effort to avoid antagonizing US President Donald Trump.