Business News

After suffering massive losses this week the rupee on Friday made a partial recovery of Rs2.6 to Rs156.7 against the US dollar in the interbank market. However, no movement was recorded in the open market as dollar held steady at Rs158.5. Starting from Monday the rupee started its slide from the opening value of Rs154.25 to reach Rs157.9, losing Rs3.65 in a single day. The trend continued, as the greenback rose to Rs159.3 before losing some ground end of the week. Currency dealers had regarded the recent devaluation a temporary phenomenon caused by the increase in demand for dollars on account of foreign selling and outflows from the treasury bills. Latest data published by the State Bank of Pakistan on Wednesday showed that foreigners have unloaded $606 million net in March. “There was no buying in the second half as foreigners didn’t book any forward rates, which led banks to sell their holdings, bring the dollar down, said Forex Association of Pakistan President Malik Bostan. ...

The Central Directorate of National Savings (CDNS) has achieved collection net target of Rs150 billion by March,10 of fiscal year 2019-20. The CDNS has set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 324 billion for the previous year 2018-19 to enhance savings and promoting saving culture in the country, senior official of CDNS said. The directorate has also revised and increased the gross target of Rs1570 billion for fiscal year 2019-20, he said. Replying to a question, he said CDNS had collected Rs 410 billion by June 30, exceeding the target of Rs 324 billion set for the year while during the preceding year of 2017-18, CDNS collected Rs155 billion. The total savings held by the CDNS stood at Rs 1,150 billion by June 30 while the directorate had Rs 774 billion savings by the same date, a year ago, he said. The senior official said due to the rationalization of CDNS certificates’ rates, the directorate had collected more savings than expected,...