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BUSINESS ECONOMY NEWS

BITCOIN BOUNCES OFF SIX MONTH LOWS AS BUYERS STEP IN

Bitcoin gained on the day on Monday as buyers stepped in to buy the cryptocurrency, after earlier tumbling to its lowest level in six months on fears of a Russian attack on Ukraine and before this week’s Federal Reserve meeting.

The largest cryptocurrency was last up 2.5% at $37,250 after earlier dropping to $32,951, its lowest price since July 23. That took losses from its all-time high of $69,000 hit in November past 50%.

Bitcoin is now at a critical juncture where analysts say that further selling could reverse its long-term bull trend.

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BUSINESS ECONOMY NEWS

SBP RESERVES FALL $846MN TO $16.2BN

KARACHI: The foreign exchange reserves held by the central bank fell 846 million during the week ending on January 21, according to the data released by the State Bank of Pakistan (SBP) on Thursday.

Sharing a break-up of the foreign reserves position, the central bank said that foreign currency reserves held by the SBP were recorded at $16.2bn, down $846mn.

Last week, SBP-held foreign exchange reserves were down $562 million, taking the cumulative fall to over $1.4 billion.

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ECONOMY NEWS Technology

Google Has Devised a New Way to Track You

Google has been tracking people across the web for quite a while now and using the results to display tailored ads. The company was able to generate $65.1 billion in revenue, most of it through ads, during Q3 2021, a 41% percent increase from the last year.

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BUSINESS ECONOMY

Rupee Recovers After US Dollar Demand Starts Decreasing

The Pakistani Rupee (PKR) posted gains against the US Dollar (USD) in the interbank market today. It gained five paisas against the greenback after hitting an intra-day high of Rs. 176.55 against the latter during today’s open market session.

It appreciated by 0.03 percent against the USD and closed at Rs. 176.63 today after losing a single paisa and closing at 176.68 in the interbank market on Monday, 10 January.

The rupee managed to post gains against the USD after the local demand for the greenback declined marginally after the decision taken by the International Monetary Fund (IMF) to reschedule Pakistan’s Sixth Review under its Extended Funds Facility (EFF).

Moreover, the beginning of the new year is yet to post detrimental results since the local credit demand is struggling to pick up the pace. While the private sector advances — aided by a seasonal upturn in the demand and a rise in the input price — observed stimulation during the second half of 2021, a similar forecast is yet to materialize as most of the country’s economic sectors explore newer venues to avail additional financing.

Discussing the rupee’s near-term outlook earlier in the day, the former Treasury Head of Chase Manhattan Bank, Asad Rizvi, tweeted, “PKR ended flat yesterday, as demand for $ is thin. Due to [the] new year, credit request has not [been] picked & private sector activity is slow. While, SBP is confident that the ECO[nomy] will expand & attain 4%+ growth, but delay in rescheduling of 6th IMF review will slowdown pace of growth”.