Rupee weakens
December 29, 2020
KARACHI: The rupee ended down by six paisas against the dollar on Monday due to demand for the foreign currency for import and corporate payments.
The rupee ended at Rs160.38 against the dollar from the previous closing of Rs160.32 in interbank foreign exchange market on December 24.
In the open market, the buying and selling of the dollar remained at Rs160.30/Rs160.65, compared with the previous closing of Rs160.40/Rs160.70.
Currency dealers said the market opened after three daysâ closure, including a public holiday on account of Quaid-e-Azam Day and two weekly holidays.
The market opened with high demand for foreign currency for import and corporate payments, they said, adding that the market had witnessed dollar supply in the shape of workersâ remittances and export receipts. However, the inflows were not sufficient to meet the payment demand.
CM Usman Buzdar lauds depts for maintaining law, order
Lahore
December 27, 2020
LAHORE: Punjab Chief Minister Usman Buzdar has lauded the efforts of Cabinet Committee for Law & Order, police, administration and other law enforcement agencies for ensuring best security arrangements on Quaid-e-Azam Day and Christmas.
The chief minister appreciated the performance of all the institutions for maintaining law and order and peace. Usman Buzdar said all the institutions concerned and officials performed their duties in an effective manner for safeguarding life and property of people. He thanked Allah Almighty that the celebrations of Quaid-e-Azam Day and Christmas were held in a peaceful atmosphere.
Business
December 27, 2020
KARACHI: Rupee traded range-bound during the week as demand for hard currency remained mostly subdued among importers on account of year end getting closer, traders said.
The rupee would expectedly hover between 159.80 and 160.30 against the dollar in the interbank market next week, they said.
“Importers and the corporate sector usually are reluctant to take fresh positions during the last week of the year, curbing the appetite for the greenback. If any demand emerges, it is likely to be outstripped by inflows available in the market,” said a foreign exchange trader at a commercial bank. The rupee rose 48 paisas to close at 160.32 versus the greenback during the four sessions of outgoing week.
Ailing Buzdar thanks masses for prayers; calls for following SOPs Daily Times(PK)
Punjab Chief Minister Sardar Usman Buzdar has said that his health condition is improving day by day and he is in self-isolation on the directions of doctors. Thanking the people for their prayers for his speedy recovery, Buzdar said that he is performing important administrative affairs from home, as holding of meetings during the recent pandemic situation is equal to playing with the lives of the people.
He said that opposition’s public gathering in Lahore has increased the spread of coronavirus. “We should realise our responsibility as a nation as safeguarding the lives of people is the top priority of the government,” Buzdar added.