The rupee continued its winning streak for the seventh session in a row gaining 24 paise against the US dollar in the interbank market on Wednesday. However, the local currency’s performance remained unimpressive as it appreciated by just Rs1.50 in the last seven trading sessions. Some senior bankers say the exchange rate stability is good for attracting foreign investments and supporting ec
The Asian Development Bank (ADB) on Wednesday said it had approved $659 million for three separate projects to be implemented by the federal government, Sindh and Khyber Pakhtunkhwa provinces for more inclusive and sustainable growth and development. In a statement, the Manila-based lending agency said the projects will focus on improving domestic resource mobilisation, rehabilitating schools d
Perturbed over the power regulator’s inquiry indicting distribution companies (Discos) of malpractices and over-billing in the provision of electricity, the Power Division on Wednesday constituted another ‘independent and impartial committee’ to probe the findings and legalities of the Nepra report. The inquiry committee, constituted by the Power Division secretary to probe the Nepra’s inqu
Over 10,000 employees of Pakistan’s top tax authority have been identified as non-filers of income tax returns in the last two years, Dawn has learnt from knowledgeable sources. This raises serious concerns about the effectiveness of efforts to document the economy and broaden the tax base particularly when the tax authority itself struggles to ensure its employees are on the tax roll in the ta
The benchmark of major shares sustained its bullish trend on Tuesday and hit yet another high just shy of the psychological barrier of 63,000 points. Topline Securities Ltd said the upward momentum reflected a boost in investors’ confidence driven by optimistic expectations of an improved economic landscape going forward. “This positive outlook is supported by anticipated financial inflows f