Rupee trades at new record low vs dollar

KARACHI: The Pakistani rupee traded at a record low of 90.42 on Thursday for the second consecutive trading session amid increased import payments, especially of oil, and because of a negative outlook on the country’s economy, dealers said. “There are some oil import payments but there are few inflows of dollars and generally there is rising concern about the direction of Pakistan’s economy,” said a bank dealer. The rupee traded at its previous record low of 90.35 to the dollar on Wednesday and dealers said it traded at 90.48 in the TOM (one-day forward) market. The rupee ended at 90.40/45 to the dollar, compared with Wednesday’s close of 90.27/31. There are concerns on the economic front as the country’s current account...

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Sindh, Balochistan CNG stations to reopen 11pm Thursday

KARACHI: CNG stations in Sindh and Balochistan are to reopen at 11pm on Thursday, FTNews reported. Earlier on Wednesday, the Sui Southern Gas Company (SSGC) had issued a statement announcing closure of CNG stations for 36 hours after suspected militants blew up a main pipeline near Jafarabad in Balochistan. The incident had disrupted the fortnightly gas load management schedule of the SSGC. The damaged 18-inch diameter pipeline was supplying 114 million cubic feet per day (MMCFD) of natural gas to the Sui Southern Gas Company. However, a spokesperson for the company told FTNews Thursday that repair-work on the pipeline had been completed and gas supply restored to the two provinces. Therefore, CNG stations in Sindh and...

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Protest against PR downsizing plan

KARACHI: Workers associated with Pakistan Railways took out a procession at the Karachi city railway station on Wednesday against the proposed downsizing and privatisation of the service. Leaders of the Rail Mazdoor Ittehad (Karachi division), including Raja Abdul Manaf, Mir Azam Khan Boneiri, Mohammad Khan, Mohammad Mukarram Hakim, Fazalur Rehman (Munna Bhai), Nooruddin and Malik Shabbir Ahmed, spoke to the participants in the procession organised by the Pakistan Railways Employees Union. They demanded that a realistic approach be adopted for the revival of the department with the focus on elimination of corruption and maladministration instead of following alleged anti-workers and anti-public policies. The speakers...

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Posted in: BUSINESS