Chairing a meeting at the Capital Development Authority (CDA) headquarters, the minister said Islamabad should be transformed into a model city where international-standard facilities and modern recreational opportunities are available to the public.

During the meeting, it was decided that five-star hotels would be constructed under joint ventures with internationally reputed firms. Progress on a five-star hotel project being developed in collaboration with the Employees’ Old-Age Benefits Institution (EOBI) was also reviewed.

READ MORE: Parliament Lodges: Naqvi asks CDA to complete work of new block

Naqvi said the new policy would help encourage both local and foreign investment in the hospitality sector and strengthen Islamabad’s position as an international destination for business and tourism.

The meeting also approved the development of a 1,000-acre world-class park at the foothills of the Margalla Hills to provide modern recreational facilities for residents and visitors.

Officials reviewed ongoing and future development projects in the federal capital, with the minister stressing the need for planned urban growth and improved public services.

It was further decided that a comprehensive survey of all land and properties in Islamabad would be conducted through the Survey of Pakistan to improve transparency and management of state assets.

Naqvi also directed that a dedicated marketing team be appointed for all future auctions to ensure maximum participation from investors and better returns for public projects.

The meeting decided that the control room for Capital Emergency Services would be established within Safe City to improve emergency response and coordination.

Chairman CDA and Chief Commissioner Islamabad Sohail Ashraf briefed the meeting on development projects and informed participants that all CDA data and transfer systems were being digitised.

A digital dashboard would also be introduced under a one-window operation in CDA, while unnecessary posts within the authority would be abolished to improve efficiency.

Senior CDA members, the Additional Deputy Commissioner Islamabad and other officials also attended the meeting.

In a new wrinkle, the Pentagon has created a category it is calling “presidential priorities,” covering Golden Dome missile defense, drone dominance, artificial intelligence and data infrastructure, and the defense industrial base, Pentagon officials told reporters.

Last year, Trump asked Congress for a national defense budget of $892.6 billion then added $150 billion through a supplemental budget request, sending the total price tag over $1 trillion for the first time in history.

On shipbuilding, the budget includes over $65 billion to procure 18 warships and 16 support ships made by General Dynamics and Huntington Ingalls Industries as part of what the Pentagon is calling the “Golden Fleet” initiative, the largest shipbuilding request since 1962, the officials said.

Trump’s budget proposes $1.5trn defense spending with 10% cut to other federal programmes

The budget ramps up Lockheed Martin F-35 procurement to 85 aircraft per year and includes $102 billion for aircraft procurement and research and development, a 26% increase over the prior year, the officials said.

Development of next-generation systems like the Boeing Co F-47 fighter jet is also a priority, while $6.1 billion is requested for Northrop Grumman’s B-21 bomber.

J.P. Morgan raised its year-end target for the S&P 500, citing AI and tech-driven earnings, while Amazon said on Monday it will invest up to $25 billion in Anthropic, signaling Big Tech is still willing to pour money into AI.

Amazon shares rose 2%, helping the S&P 500 consumer discretionary sector jump nearly 1% to become the biggest gainer on the benchmark. A 0.5% decline in the healthcare sector limited gains in the S&P 500.

Investors are also awaiting the Senate confirmation hearing for Kevin Warsh, U.S. President Donald Trump’s nominee to lead the Federal Reserve.

Republican Senator Thom Tillis has promised to block the confirmation until the Department of Justice ends an investigation into Fed Chair Jerome Powell that Tillis says threatens the central bank’s independence.

The hearing could have far-reaching implications for monetary policy, especially as Trump has vowed to fire Powell if he does not leave when his term ends in May.

At 09:45 a.m. ET, the Dow Jones Industrial Average rose 309.83 points, or 0.63%, to 49,752.39, the S&P 500 gained 12.30 points, or 0.17%, to 7,121.44 and the Nasdaq Composite gained 34.10 points, or 0.14%, to 24,438.49.

Despite the uncertainty, AI hopes and upbeat earnings prevented investors from retreating to the sidelines.

Of the 48 companies in the benchmark S&P 500 index that reported earnings as of last Friday, 87.5% surpassed analysts’ estimates, compared with a long-term average of 67.4%, according to LSEG data.

The earnings have been strong and are overpowering the narrative, said Thomas Hayes, chairman at Great Hill Capital.

UnitedHealth jumped 9.2% after the healthcare conglomerate raised its annual profit forecast and beat Wall Street expectations for the first quarter. The stock was the biggest boost to the blue-chip Dow.

Peers CVS Health and Humana rose 1.7% and 5.2%, respectively.

GE Aerospace fell 3.1%. The company said it was bracing for a tougher backdrop of elevated oil prices, fuel supply constraints and slower global growth.

War fuels volatility

Markets have been pulled in opposite directions by a torrent of conflicting headlines in recent days.

On Friday, Tehran’s vow to reopen the Strait of Hormuz – a crucial waterway for oil shipping – briefly sparked hopes for de-escalation, which quickly faded over the weekend when Iran fired what appeared to be warning shots at vessels and the U.S. military seized an Iranian cargo ship.

In an interview with CNBC on Tuesday, Trump said the U.S. would end up with a “great deal” with Iran. However, uncertainty around the end of the two-week ceasefire loomed.

Alaska Air fell 1.3% as the airline withdrew its full-year profit forecast.

Apple was among the other stocks under the spotlight, falling 0.5% after the company said CEO Tim Cook would hand over the reins to longtime hardware boss John Ternus.

Separately, data showed that U.S. retail sales increased more than expected in March.

Advancing issues outnumbered decliners by a 1.44-to-1 ratio on the NYSE and by a 1.07-to-1 ratio on the Nasdaq.

The S&P 500 posted 41 new 52-week highs and 2 new lows, while the Nasdaq Composite recorded 100 new highs and 23 new lows.

Tzitzikostas said there were no shortages “as of today” but the consequences of a continued blockade of the narrow Strait of Hormuz would be “catastrophic” for Europe and the world.

One-fifth of the world’s oil and liquefied natural gas sailed through Hormuz before the U.S.-Israel began bombing Iran on Feb. 28. The EU imports about 30-40% of its jet fuel needs, of which half originate from the Middle East.

The Commission is due to present a broader package of energy and transport measures on Wednesday. Tzitzikostas said a “new fuel observatory” would be set up to monitor supplies, starting with jet fuel.

“If real supply issues arise, our emergency stocks must be put to best use. Any national release of fuel must be done in full transparency to avoid market distortions,” he told reporters after a meeting of the EU’s transport ministers.

US energy chief says gas prices could stay above $3 per gallon until next year

He added that there were no signs there would be of “widespread cancellations” in the coming weeks or months.

As part of the measures, the Commission will emphasize the bloc must quickly ramp-up its production of sustainable aviation fuel (SAF) and synthetic fuels to reduce its dependence on Middle East imports, he said in a news conference in Brussels, confirming a Reuters report on Friday.

The EU’s “anti-tankering” measure is designed to prevent planes from loading extra fuel in cheap locations. The legislation already includes exemptions in the case of shortages but the Commission will clarify the rules on Wednesday.

The Commission is also examining options to import alternatives such as U.S. jet fuel grade Jet A, which has a higher freezing point than the European standard.

“There is no need at this point to intervene in how people live, work or travel…Europe is ready to welcome all the tourists and guests during the summer period,” Tzitzikostas said, adding that high prices would not allow airlines to be exempt from flight delay or cancellation compensation.

The development came as Dar stressed the need for engagement between the US and Iran in meeting with US Chargé d’Affaires Natalie A. Baker.

“DPM/FM underscored Pakistan’s consistent emphasis on dialogue and diplomacy as the only viable means to address challenges and achieve lasting regional peace and stability. He stressed the need for engagement between the United States and Iran, urged both sides to consider extending the ceasefire, and to give dialogue and diplomacy a chance,” the Minister of Foreign Affairs said in a post on X.

“Cd’A Baker conveyed US appreciation for Pakistan’s constructive and positive role in promoting regional peace and facilitating dialogue.”

Meanwhile, US President Donald Trump told CNBC in an interview on Tuesday that he did not want to extend a ceasefire with Iran, adding the US was in a strong negotiating position and would end up with what he called a great deal.

“I don’t want to do that. We don’t have that much time,” Trump said when asked about the possibility of extending the ceasefire.

Washington has expressed confidence that talks with Iran will go ahead in Pakistan, and a senior Iranian official said Tehran was considering joining.

Iranian state television said on Tuesday that no Iranian delegation had yet departed for talks with the United States in Pakistan.

“So far, no delegation from Iran has departed for Islamabad, Pakistan; whether it is the main or subsidiary delegation, primary or secondary,” state TV said, dismissing reports suggesting otherwise.

Benchmark three-month copper on the London Metal Exchange was up 0.1% at $13,288 per metric ton in official open outcry activity, after ending down 0.5% in the previous session.

The United States expressed confidence that talks with Iran would still take place and a senior Iranian official said Tehran was considering joining, but significant hurdles and uncertainty remain as the end of a ceasefire looms.

“The lack of directional move suggests that, for now, the complex is waiting for clearer signals from macro and geopolitical developments,” brokerage Sucden Financial said in a note on industrial metals.

The dollar index nudged up 0.1%, making greenback-denominated metals more expensive for holders of other currencies.

Copper and aluminium trade in narrow ranges ahead of possible U.S.-Iran talks

Investors were also focused on Fed chair nominee Kevin Warsh’s Senate hearing on Tuesday, which will test his independence from a White House that had criticised current Fed Chair Jerome Powell multiple times for failing to cut rates sooner.

In China, refined copper output rose to a monthly record in March, showing no cutbacks despite last year’s vow by smelters to trim output by 10% to counter falling processing fees.

Elsewhere, aluminium added 0.3% to $3,568 a ton, as concerns over Gulf supplies persist, while zinc was the biggest gainer on the LME, rising 1.1% to $3,447.50. Investors were likely hedging their short positions on zinc, used to galvanise steel, by buying futures contracts, one trader said.

Broker Marex said the overall speculative long position on zinc was the highest since the second quarter of 2024.

Lead climbed 0.4% to $1,981, tin added 0.7% to $51,040 and nickel nudged up 0.2% to $18,290. Nickel contracts on the Shanghai Futures Exchange will be opened to overseas traders for the first time from today’s evening session in China.

A version of the Paramount+ app, now available to Apple iPhone users, highlights short videos that users can quickly scroll through, including sports highlights, CBS News segments, UFC clips and trailers for movies and shows, according to two people with knowledge of the initiative.

Paramount hopes users will develop the habit of opening the app several times a day - as they already do with TikTok or Instagram. That increased engagement could justify new features such as real-time statistics during “UFC Fight Night” matches and UFC Numbered Events, or interactive elements, the sources said.

A Paramount spokesperson declined to comment.

Paramount still has significant ground to cover. In the first quarter of this year, it accounted for 2% of global streaming on apps, the last of the pack behind market leader Netflix and rivals including HBO Max and Peacock, according to Sensor Tower data.

Paramount’s CinemaCon charm offensive gets lukewarm reception

Combining HBO Max and Paramount+, following the planned acquisition of Warner Bros Discovery, would make it the fourth-largest streaming app.

Google’s YouTube dwarfs Paramount+ in user numbers, with 59 times as many users, according to mobile app measurement firm Apptopia.

Industry executives say Paramount may seek to attract new users by working with digital influencers or introducing micro dramas - minute-long clips that together form a feature-length story.

Rival streaming services have also borrowed features from social media to expand their offerings.

Netflix is investing in video podcasts, including new shows from “Saturday Night Live” alum Pete Davidson, NFL Hall of Famer Michael Irvin and former NBC News anchor Brian Williams. Amazon Prime Video has struck a deal with YouTube personality MrBeast - the pseudonym of Jimmy Donaldson - for a reality competition series “Beast Games.”

“Everybody chases everybody,” said one Hollywood talent agent.

Another agent said Paramount has highlighted the studio’s relationship with TikTok, suggesting the potential for future collaboration. Both Paramount and TikTok U.S. share a common backer in Oracle billionaire co-founder Larry Ellison.

TikTok and Paramount say there is no agreement in place.

The work on the Paramount+ app is part of a broader overhaul of its streaming services, Paramount+ and Pluto TV, which the company outlined last week in presentations to advertisers.

Saudi production in February was about 10.882 million bpd, the JODI data showed, up from 10.100 million bpd in January.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, a data transparency initiative coordinated by energy organisations including OPEC and the IEA.

The Iran war has caused supply shocks and driven oil prices higher, flipping 2026 market expectations from surplus to deficit and intensifying fears of scarcity.

Saudi oil sales to China to halve next month, Bloomberg News reports

Saudi Arabia, the world’s largest oil exporter, is facing growing challenges in moving its crude to global markets as the conflict prevents tankers exiting the Gulf.

Heightened security risks and disruption around the Strait of Hormuz have reduced vessel movements to a minimum, constraining export flows despite ample production capacity.

“Amid the tensions in the Middle East and ahead of the start of the conflict, production and export were increased to fill up storage abroad, as volumes supplied to the market were lower in February,” said UBS analyst Giovanni Staunovo.

OPEC lowered its forecast for world oil demand in the second quarter by 500,000 bpd, the producer group’s monthly oil report showed in its first public assessment of the Iran war’s impact.

OPEC+ had agreed earlier this month to raise its oil output quotas by 206,000 bpd for May, a rise that will largely exist on paper as its key members are unable to raise production.

Saudi Arabia’s refinery crude throughput in February rose by 0.207 million bpd to 3.012 million bpd from January’s 2.805 million bpd, the JODI data showed, while direct crude burning increased by 21,000 bpd to 248,000 bpd.

Brent Crude prices have shot up 31% since the U.S.-Israeli war on Iran began on February 28 and have been see-sawing with each development, while prospects of peace fuelled a recovery in stock markets globally.

India is the world’s third-largest crude importer, and higher prices tend to increase its import bill, inflation, and impact corporate margins. As a result, foreign investors offloaded Indian shares worth $18.6 billion so far in 2026—March logged a record $12.7 billion worth of net outflows.

India’s trade deficit shrinks as US exports counter Mideast woes

“Given lingering risks and because some production operations in the Middle East and logistical assets will take time to restart and reposition, risk premia and key commodity prices will likely remain structurally higher for some time,” Moody’s Ratings said in a report on Monday.

The rating agency currently has “Baa3” rating on India with a “stable” outlook. It had trimmed its growth forecast for India’s real gross domestic product to 6% for fiscal 2027 from 6.8% earlier, factoring in the impact of the Iran war.

“A prolonged disruption would pose more material challenges, potentially entrenching inflation, straining fiscal and monetary policy flexibility and testing external investor confidence,” Moody’s said.

India’s GDP growth slips to 7.8% in Oct-Dec, amid data revampc

The impact of higher crude oil on companies will be uneven, the report noted, with oil marketing companies (OMCs) and fuel-dependent sectors such as cement and chemicals likely bearing the brunt of the price shock.

“Cost hikes associated with inland transportation have been contained for now through fuel subsidies borne by state-owned OMCs, but this has shifted cost pressures onto their balance sheets in a manner we view as unsustainable,” Moody’s added.

The U.S. has expressed confidence that peace talks with Iran will go ahead in Pakistan and a senior Iranian official said Tehran was considering joining, but significant uncertainty remained as the end of a ceasefire loomed.

India’s benchmark 6.48% 2035 bond yield ended at 6.889%, marginally lower than the previous close. Bond yields move inversely to prices.

The benchmark Brent crude contract was at $95 per barrel, reversing half of its post-Iran war gains. Higher oil prices are detrimental to India, which relies on imports to meet nearly 90% of its crude needs.

“We noticed that positioning in government bonds has become a lot lighter since the start of the year, and onshore flows might return on the back of a significant improvement in global risk sentiment,” said Matthew Kok, a portfolio manager at Eastspring Investments.

The Reserve Bank of India, which maintained its policy rate and stance earlier this month, has a baseline crude price assumption of $85 per barrel for the fiscal year ending March 2027.

“Higher energy prices will dampen GDP growth, widen the trade deficit and increase fiscal risks through rising subsidy requirements,” credit rating agency Moody’s said in a note.

Rates

India’s overnight index swap rates ended barely changed, with volumes drying up as traders awaited cues on direction of interest rates.

The one-year OIS rate ended at 5.7825%, while the two-year swap rate closed at 5.9825%. The liquid five-year OIS rate settled at 6.36%.

The recommendation brings the world’s largest derivatives exchange closer to resolving its long-running dispute with the Securities and Exchange Board of India. Allegations of governance lapses and that it failed to provide equitable access to all trading members have delayed NSE’s initial public offering for nearly 10 years.

“NSE’s proposal to settle past infractions was considered by the panel about a fortnight ago for approval,” one of the two sources said.

The panel’s recommended amount is more than the 13 billion rupees NSE set aside late last year to settle pending cases with the regulator.

India’s NSE to launch Platts‑based crude futures in tie-up with S&P Global Energy

SEBI would soon issue a demand letter to NSE to deposit the money, before issuing an order to finalise the settlement, the two sources said.

Both sources declined to be named as they are not authorized to speak to media.

SEBI did not respond to a request for comment while an NSE spokesperson declined to comment.

NSE last month appointed 20 banks to manage its IPO, the most selected to manage any public issue in India to date.

As India’s largest bourse, the NSE is also the country’s largest unlisted company, with 190,000 investors.

The appointed banks sent out letters to NSE’s current investors inviting them to sell their shares in the offer, with a deadline for expressions of interest on April 27, the second source said.

“The exchange may file for an IPO by late next month after its financial results are declared,” the source said.

SOCAR said a framework agreement signed in 2025 between SOCAR Trading and Pakistan LNG allows the Pakistani buyer to purchase LNG cargoes directly under an accelerated procedure.

Strait of Hormuz closure: Pakistan faces LNG crunch as three cargoes stuck in Persian Gulf

“SOCAR is ready to provide LNG to Pakistan as soon as PLL submits a corresponding request,” the company said in response to Reuters questions.

SOCAR did not say whether such a request had already been made, when a first delivery could take place, or whose LNG would be supplied under the agreement.

Pakistan ramps up furnace oil use, delays nuclear maintenance amid LNG shortages

Pakistan, which relies heavily on gas for its energy needs, remains vulnerable to declining domestic production and swings in global LNG prices amid the supply disruptions related to the war with Iran.

“I don’t want to do that. We don’t have that much time,” Trump said when asked about the possibility of extending the ceasefire.

Washington has expressed confidence that talks with Iran will go ahead in Pakistan, and a senior Iranian official said Tehran was considering joining.

US positive on Iran deal but talks still uncertain as ceasefire end nears

With the prospect of last-ditch further peace talks still up in the air, Trump said the U.S. would resume its attacks on Iran if a deal is not struck with Tehran soon.

“I expect to be bombing because I think that’s a better attitude to go in with. But we’re ready to go. I mean, the military is raring to go,” he said.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed 63 ringgit, or 1.44% higher at 4,561 ringgit ($1,155.27) per metric ton.

The contract gained as much as 2.45% earlier in the session, touching its highest level in over a week, before paring back some of the gains.

The contract was supported by stronger rival Dalian oils as market participants awaited potential U.S.-Iran peace talks, and the progress in Indonesia’s road test in preparation for a higher content of palm oil in biodiesel, a Kuala Lumpur-based trader said.

Dalian’s most-active soyoil contract rose 1.90%, while its palm oil contract added 3.33%. Soyoil prices on the Chicago Board of Trade were up 0.62%.

Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.

The world’s top palm oil exporter Indonesia plans to raise its mandatory mix of palm oil-based fuel in biodiesel to 50% starting July 1, from current 40%, which likely will reduce export supply of the vegetable oil.

Indonesia on Tuesday conducted road tests for the higher blend and said it is on track for the scheduled implementation.

Meanwhile, Fitch Group’s BMI in a report on Tuesday said it maintains its palm oil annual price forecast this year at 4,300 ringgit per ton, with the near-term price expected to be largely determined by developments in the Middle East conflict.

“We expect front-month Bursa Malaysia-listed palm oil prices to ease from current levels toward 4,200 ringgit per tonne through Q2 2026 under our base case conflict scenario, as the ceasefire holds, energy prices retreat and seasonal production in Malaysia and Indonesia ramps up,” it said in a report.

Around 20,000 seafarers and 2,000 ships have been stranded after shipping was disrupted in the strategic strait following US-Israeli strikes on Iran on February 28 that triggered the war, according to the International Maritime Organization (IMO).

Around one-fifth of the world’s crude and liquefied natural gas normally passes through the strait.

IMO Secretary-General Arsenio Dominguez told a maritime conference in Singapore on Tuesday that stranded sailors were suffering from stress and fatigue.

READ MORE: EU to widen Iran sanctions to those who block Hormuz

“We need to know everything that they’re going through,” he said.

Dominguez urged shipping companies to provide remote support to the sailors on areas like mental health.

He said some countries have established round-the-clock helplines for the seafarers, while others have been providing them with food.

But more could be done on a personal level, such as proactively reaching out to sailors to listen to them so they feel less isolated.

Shipping remained curtailed in the strait as the United States and Iran both warned they were ready for war, while the clock ticked down on a ceasefire set to expire Wednesday.

The UN’s International Organization for Migration said people were being forced into dangerous, irregular journeys when safe pathways were out of reach, and urged countries to find the political will to save more lives on migration routes.

The deaths or disappearance of around “7,900 people were documented on global migration routes worldwide in 2025”, the IOM said.

The IOM’s Missing Migrants Project “has documented more than 80,000 deaths and disappearances during migration since 2014,” the agency said.

“While these figures represent only the lowest boundary of the true number of affected people, they nonetheless underscore the need for urgent action to end migrant deaths and address the complex needs of families left behind,” said the IOM.

READ MORE: Nearly 8,000 died or vanished on migrant routes in 2025, UN says

The 7,904 deaths and disappearances documented in 2025 was lower than the 9,200 figure given for 2024 – the highest annual total on record.

Nonetheless, the IOM said the deaths and disappearances “mark a continuation and escalation of a global failure to end these preventable deaths”.

“2025 was marked by an unprecedented level of aid cuts and restriction of information on dangerous irregular routes, rendering more and more missing migrants invisible,” it said.

US border changes

In the Americas, northbound movements along the Central American route fell sharply compared to 2024.

The primary reason is “the great change in migration policies by the US administration and the closure of the southern border”, said Maria Moita, the IOM’s humanitarian response and recovery director.

READ MORE: Trump can end deportation protections for 60,000 immigrants, appeals court says

The number of deaths on the route plunged, but the agency cited a dearth of data from the United States and Mexico, and the IOM’s lack of capacity in the region due to funding cuts.

In Europe, overall arrivals declined, but the profile of movements changed, with Bangladeshi nationals becoming the largest group arriving while Syrian arrivals fell following political and policy shifts, the IOM said.

Some 3,400 deaths and disappearances were recorded on sea routes to Europe, of which 1,330 were on the central Mediterranean Sea route, with more than 1,200 on the Western Africa/Atlantic route to Spain’s Canary Islands.

The IOM said nearly 900 deaths and disappearances were recorded during sea crossings in the Bay of Bengal and the Andaman Sea in 2025 – a route used almost exclusively by Rohingya refugees – “making it the deadliest year on record for this route”.

Risks ‘very real’

“Routes are shifting in response to conflict, climate pressures and policy changes, but the risks are still very real,” said IOM chief Amy Pope.

“Behind these numbers are people taking dangerous journeys and families left waiting for news that may never come,” she said in a statement.

“Data is critical to understanding these routes and designing interventions that can reduce risks, save lives and promote safer migration pathways.”

The migration agency highlighted that at least around 340,000 family members are estimated to have been directly affected by the missing migrant crisis since 2014.

They are left with dire psychological, social, legal and economic impacts of having a relative whose disappearance remains unresolved, it said.

“Sustained political will is needed to save lives on migration routes worldwide and make visible the families most impacted by these preventable losses,” the agency said.

The Reserve Bank of India on (RBI) Monday withdrew restrictions imposed on April 1 that barred banks from offering non-deliverable forwards to clients. It also removed curbs on corporates rebooking cancelled foreign exchange contracts.

Despite the central bank’s relaxations, three treasury officials said their banks weren’t yet allowing clients to undertake NDF trades, while one said his bank is permitting such trades with heightened caution. The officials said they are not treating the partial removal of curbs as a return to business as usual, as the central bank remains watchful of currency market activity.

“At this stage, the compliance and supervisory risks are just too high,” one of the treasury officials said.

India’s HDFC Bank beats profit estimates on strong loan growth

All four sources requested anonymity as they are not authorised to speak to the media.

The intent behind the relaxation appears to be to facilitate companies with genuine hedging needs, one of the three sources said.

The central bank had imposed restrictions on NDF trades after corporates began exploiting arbitrage opportunities between onshore and offshore markets that emerged following its capping ofbanks’ net open positions at $100 million.

That cap was introduced to curb arbitrage trades by banks which were piling pressure on the rupee. Corporates engaging in the same kind of trades diluted the impact of the RBI’s initial measures, prompting a deeper clampdown.

The RBI later began scrutinizing how large banks unwound their rupee arbitrage positions, particularly in cases where corporates and related parties were involved.

At an FX conference earlier this month, RBI Deputy Governor T. Rabi Sankar said the central bank was unhappy with banks transferring rupee arbitrage trades to corporate clients despite knowing that such activity is not permitted for companies, the sources said.

Those remarks have made market participants extra cautious, the second source said.

The third source said while companies may now theoretically be able to enter arbitrage trades again after the NDF relaxation, the RBI’s scrutiny is likely to deter such trades.

He added that the spread between onshore and offshore rates has also compressed, diminishing the incentive to pursue such trades.

For the one-month tenor, the dollar/rupee NDF rate is trading 7–8 paisa above the onshore market. At the height of market turmoil when RBI imposed limits on banks, this spread was nearly one rupee.

The treasury official at the bank allowing limited NDF trades said simultaneous buying and selling of dollars for the same maturity offshore and onshore would raise warning signs.

The central bank did not immediately respond to a Reuters email seeking comment.

As per a statement, a prominent delegation of the PCDMA, led by Chairman Salim Valimuhammad, engaged in high‑level talks with leading Chinese industrial figures during the InterDye 2026 exhibition in Shanghai, “aimed at strengthening bilateral trade and industrial cooperation”.

The MoU was signed by Salim Valimuhammad and Yuan Junjie, Chairman of CCPIT.

“The partnership will not only benefit PCDMA but also contribute positively to the wider community and industry standards.

This achievement sets a precedent for ongoing cooperation and will foster stronger ties between our industries,” Valimuhammad said.

READ MORE: PCDMA, Ecommerce Gateway to hold industry expo in May

Both sides emphasized the importance of promoting InterDye as a key global platform for the dyes and chemicals industry, urging greater participation from stakeholders to unlock new opportunities for trade, innovation and networking, added the press release.

Meanwhile, the delegation also attended the Conference on “Trade Chemical Technology Innovation and International Trade Cooperation”.

PCDMA chairman, former chairman Mahmood Salam and member Abdul Rahim Khatri were among the keynote speakers besides Chinese speakers.

They highlighted the scope of Pakistan’s dyestuffs industry, offering insights that captivated the audience and enhanced PCDMA’s image on the international stage.

Shares of the company rose 6.8% to 1,373.3 rupees after the results.

After a prolonged slowdown in consumption, demand for consumer packaged goods in India began picking up about four quarters ago, with easing inflation and tax cuts aiding the recovery.

Nestle India said revenue for the March quarter grew 23% to 67.48 billion rupees, marking its highest domestic sales and its strongest growth in nearly a decade.

Full-year results: Nestle Pakistan posts 3.03pc growth for 2025

The Indian unit of Swiss food major Nestle also said net profit stood at 11.14 billion rupees ($119.12 million) for the fourth quarter ended March 31, compared to 8.85 billion rupees a year earlier.

The company said it will focus on boosting capacity and grow sales volume without providing a specific timeline.

The Indian rupee fell 0.4% to close at 93.50 per U.S. dollar. Dollar-Indian rupee forward premiums, which bake in the cost of hedging, rose with the 1-year forward implied yield up 10 bps at 3.10%.

Asian currencies were under pressure against the dollar as well, with uncertainty over Middle East peace talks keeping investors on edge. Significant hurdles remain as the end of a two-week ceasefire approaches.

The Indian rupee was also bogged down by the Reserve Bank of India’s partial withdrawal of FX restrictions imposed earlier this month.

“The decision to ease some of the measures appears to be aimed at striking a balance between supporting genuine hedging needs while curbing arbitrage/speculative activity,” Radhika Rao, senior economist at DBS said in a note.

“While the direction of global geopolitics and energy market dynamics remains uncertain, the risk of further incremental measures will keep aggressive Indian rupee bears at bay.”

Despite the central bank’s relaxations, Indian banks are still holding back from offering Indian rupee non-deliverable forwards to clients amid lingering worries over compliance and supervisory risks.

In the near-term, oil prices and foreign portfolio flows are expected to be key drivers for the Indian rupee. On Tuesday, three traders also pointed to intermittent dollar sales by state-run banks, which helped limit the Indian rupee’s losses.

The U.S. expressed confidence that peace talks with Iran would go ahead in Pakistan this week, and a senior Iranian official said Tehran was considering joining, as the end of a ceasefire loomed.

The Nifty 50 rose 0.87% to 24,576.60, and the BSE Sensex added 0.96% to 79,273.33. The benchmarks have risen 10% so far in April, after falling almost 11.5% in March.

The gains on Tuesday were broad-based, with 13 of the 16 major sectors advancing.

“The ceasefire and the evolving U.S.-Iran peace dialogue still carry significant uncertainty, and near-term market direction is likely to remain heavily influenced by developments in the Middle East,” said Amnish Aggarwal, co-head, institutional equities at PL Capital.

The Iran war-led spike in oil prices, which worsens India’s inflation and growth outlook, has triggered a foreign investor exodus from shares.

Heavyweight financials rose 1.2%, and banks jumped 1.4% after the Reserve Bank of India partially rolled back restrictions on rupee derivative trades imposed earlier this month to arrest the currency’s slide, a move initially estimated to lead to steep losses for banks.

HDFC Bank and ICICI Bank - two heaviest weighted benchmark stocks - jumped 2.1% and 2.4% on earnings optimism after they reported March quarter numbers over the weekend. ICICI Bank rose 0.7% on Monday, while HDFC Bank had dropped 0.6%.

The broader small-caps and mid-caps gained 0.9% and 0.5%, respectively.

Nestle India jumped 7.3% on quarterly profit rise.

On the flip side, SBI Life Insurance slumped 3.6% to be the top Nifty loser after a finance ministry official told ET Now the government has asked banks to not have exclusive tie-ups with insurers.

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Tuesday.

At close, the local currency settled at 278.90, a gain of Re0.01, against the greenback.

On Monday, the local unit closed at 278.91.

Additionally, the State Bank of Pakistan (SBP) said on Tuesday it received funds of $1 billion from the Ministry of Finance, Kingdom of Saudi Arabia.

“This is the second tranche of the $3 billion deposit recently agreed by the Kingdom of Saudi Arabia,” said the central bank.

The first tranche of $2 billion was received on 15th April 2026, it added.

Meanwhile, the dollar and yen were under pressure on Tuesday, with ​investors poised to buy riskier currencies and hoping for a U.S.-Iran deal to reopen ‌Gulf shipping, while a sticky inflation reading lifted the New Zealand dollar.

The euro stood at $1.1782, and sterling traded at $1.35225, both down roughly ​0.1% so far on the day. The risk-sensitive Australian dollar weakened 0.1% to $0.7171 in early trading.

The dollar ​index, which measures the greenback against a basket of currencies including the yen and the euro, was steady at 98.087 after a 0.2% decline on Monday.

Moreover, oil prices fell by over $1 on Tuesday, reversing gains in the previous session.

Brent crude futures declined $1.04, or 1.1%, at $94.44 a barrel at 0600 GMT.

US West Texas Intermediate (WTI) for May fell $1.66, or 1.9%, to $87.95.

The May contract expires on Tuesday, and the more-active June contract was down $1.24, or 1.4%, at $86.18.

According to the Director General Public Relations (Navy), the missile executed its mission with exceptional precision, successfully validating the Navy’s advanced capability to detect and neutralise sea-based threats at extended ranges.

The successful test marks a significant milestone in elevating national defence, strengthening the multi-dimensional coordinated strike posture of the Pakistan Armed Forces in the conventional domain.

The Pakistan Navy reaffirmed its resolute commitment to safeguarding the nation’s maritime interests and sovereign waters, highlighting this successful firing as a testament to its high state of operational readiness and indigenous technological progress.

President Asif Ali Zardari, Prime Minister Shehbaz Sharif, Chief of Defence Forces Field Marshal Syed Asim Munir and the services chiefs have congratulated the scientists and engineers on achieving this significant milestone.

The development comes days after the Pakistan Navy successfully conducted a live firing of an indigenously developed ship-launched anti-ship ballistic missile, demonstrating its precision strike capability.

DGPR (Navy) on April 16 said the missile accurately hit its target at high speed and extended range, underscoring the navy’s operational readiness and technological advancement.

According to the official statement, the missile was equipped with an advanced guidance system and enhanced manoeuvrability, enabling it to evade threats, adapt to dynamic operational conditions, and deliver with precision and lethality.

The development came during a high-level meeting chaired by Prime Minister Shehbaz Sharif held to accelerate development projects through public-private partnership in the country, read an official statement on Tuesday.

It was decided in the meeting that, in order to align P3A’s performance with modern requirements and accelerate development projects under the PPP mode, the authority will function under the Privatisation Division.

The PM directed authorities to improve the capacity of relevant ministries and departments in terms of launching development projects through public-private partnerships. He further directed that PPP-based development projects be made part of the Key Performance Indicators (KPIs) of ministries and departments.

The meeting was presented with a comparison of public-private partnership models prevalent in different countries in the region and globally.

The participants were also briefed on the features of the proposed new system.

Under the new system, P3A will be overseen by the Cabinet Committee on Privatisation and the Privatisation Division.

The prime minister directed the acceleration of progress on the implementation of the newly approved system.

The meeting was attended by Federal Ministers Dr Musaddiq Malik, Azam Nazir Tarar, Ahad Khan Cheema, Muhammad Aurangzeb, Ahsan Iqbal, Advisor to the Prime Minister Muhammad Ali, Minister of State Bilal Azhar Kayani and relevant senior officials.

“This is indeed the biggest crisis in history,” Birol told France Inter radio in an interview broadcast on Tuesday.

“The crisis is already huge, if you combine the effects of the petrol crisis and the gas crisis with Russia,” he added. The war in the Middle East has choked up maritime traffic in the Strait of Hormuz, which is a conduit for a fifth of global oil and liquefied natural gas flows.

It has also come on top of the effects of Russia’s war with Ukraine, which had already severed Russian gas supplies to Europe.

Birol had said earlier this month that he viewed the current situation in global energy markets as worse than previous crises in 1973, 1979 and 2022 combined.

In March, the IEA agreed to release a record 400 million barrels of oil from strategic stockpiles to combat rising oil prices caused by the US-Israeli war with Iran.

“So far, no delegation from Iran has departed for Islamabad, Pakistan; whether it is the main or subsidiary delegation, primary or secondary,” state TV said, dismissing reports suggesting otherwise.

US positive on Iran deal but talks still uncertain as ceasefire end nears

It quoted unnamed Iranian officials as saying that taking part of the negotiations “depends on the change in the behaviour and positions of the Americans.”

Iran’s powerful parliament speaker Mohammad Bagher Ghalibaf, who led the talks with the US two weeks ago, had said Iran would “not accept negotiations under the shadow of threats.”

The development was shared in a notice to the Pakistan Stock Exchange today.

As per the notice, Hussain Dawood was appointed as Chairman of the Board of Directors, and Muhammad Bilal Ahmed was re-appointed as Chief Executive Officer of the company.

DLL was incorporated in Pakistan as a public listed company in 2004.

The company is engaged in managing investments in its subsidiaries and associated companies.

Last month, Competition Commission of Pakistan (CCP) approved a merger as part of a corporate restructuring within the Dawood Group, following a review under the Competition Act, 2010.

The transaction involved the amalgamation of Cyan Limited and DH Partners Limited into DLL.

As part of the arrangement, all assets, liabilities, and obligations of the merging entities will be consolidated into DLL, with shares of Dawood Lawrencepur Limited to be issued to the shareholders of Cyan Limited and DH Partners Limited.

During the meeting, Ambassador Zaidong conveyed Beijing’s full support for, and appreciation of, Pakistan’s persistent efforts to facilitate engagement between the United States and Iran. He noted that such diplomatic initiatives are crucial for ensuring sustained peace and stability across the region and beyond.

The development takes place as Pakistan is set to host another round of negotiations between the United States and Iran aimed at a potential peace agreement, following the two week temporary ceasefire that expires on April 21.

Reaffirming the Pakistan–China All-Weather Strategic Cooperative Partnership, Deputy Prime Minister Dar underscored the enduring strength of bilateral ties. He further emphasised the importance of maintaining high-level exchanges between the two nations to further consolidate mutual strategic interests.

Earlier, Dar spoke with Egyptian Foreign Minister Badr Abdelatty as well to discuss the latest regional developments.

Both the dignitaries emphasised the importance of dialogue and engagement for peace and stability, and agreed to remain in close contact.

The victim, identified as Dr Sarang, sustained four gunshot wounds to the chest and legs. Authorities confirmed that the bullet to the chest proved fatal. In a harrowing account, police stated that the doctor’s wife rushed him to the hospital in a rickshaw while he was in critical condition. However, doctors pronounced him dead upon arrival.

Dr Sarang was a resident of Badin and was performing his duties at a private hospital in Gulistan-e-Jauhar.

Following the completion of legal formalities, the body was handed over to the victim’s brother and was dispatched to his ancestral hometown for burial.

Police officials added that an investigation was underway and they were examining the incident from various angles to determine the motive behind the targeted killing.

These views were shared during a meeting with Raimundas Karoblis, Ambassador of the European Union to Pakistan, who called on the finance minister at the Finance Division, read a statement.

Aurangzeb underscored Pakistan’s steady return to macroeconomic stability and renewed engagement with international capital markets, highlighting growing investor confidence and the government’s commitment to a structured and forward-looking economic reform agenda.

He noted that Pakistan’s privately placed Eurobond transaction witnessed strong investor interest and was successfully upsized.

Pakistan increased its three-year Eurobond issuance to $750 million after exercising the greenshoe option and placing an additional $250 million with global institutional investors, reflecting stronger-than-expected demand following its return to international capital markets after four years, Advisor to the Finance Minister Khurram Schehzad said on Monday.

Meanwhile, the finance minister emphasised that this milestone reflects improving economic fundamentals and signals a positive trajectory for Pakistan’s global financial integration.

Aurangzeb further shared that the government is actively pursuing a diversified capital markets strategy, including future international issuances and innovative financing instruments, aimed at strengthening external buffers and ensuring sustainable financing.

During the meeting, the EU envoy extended an invitation to the finance minister to participate in the High-Level EU–Pakistan Business Forum scheduled to be held on April 28, 2026, in Islamabad, which the minister accepted.

Aurangzeb appreciated the European Union’s efforts in bringing together a large number of international and domestic business representatives, noting that such initiatives provide a valuable platform to showcase Pakistan’s improving business climate and investment potential, while fostering meaningful business-to-business engagement.

He also highlighted the government’s broader efforts to maintain macroeconomic stability, strengthen foreign exchange reserves, and advance structural reforms to support sustainable and inclusive growth.

He acknowledged the continued support of key bilateral partners in reinforcing economic resilience and emphasised the importance of sustained international collaboration in this regard.

Aurangzeb expressed optimism about Pakistan’s external sector outlook and reiterated the government’s focus on enhancing competitiveness, deepening investment inflows, and expanding trade opportunities. In this context, he also conveyed hope for continued progress under the GSP+ framework, terming it an important pillar of Pakistan-European Union economic relations.