Author name: NEN News

Business

Foreign Exchange Rates for June 16, 2026 Released

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KARACHI — The Exchange Rates Committee of the Financial Markets Association of Pakistan has released the foreign exchange rates effective June 16, 2026. These rates assist in guiding forward cover for deposits, excluding FE-25 deposits. Exchange Rates Summary For June 16, 2026, the exchange rates are established as follows: US Dollar (USD): 278.2728 Pakistani rupees British Pound (GBP): 373.6647 rupees Euro (EUR): 322.9356 rupees Japanese Yen (JPY): 1.7377 rupees Effective Settlement Date The State Bank of Pakistan will use these rates for its settlement process, scheduled for June 18, 2026.

Business

Rupee Edges Up by 1 Paisa Against US Dollar

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The Pakistani Rupee appreciated slightly, rising by 1 paisa against the US Dollar in interbank trading on Tuesday. It settled at Rs278.30, up from Monday’s close of Rs278.31. Foreign Exchange Market Overview The Forex Association of Pakistan announced open market dollar rates, with a buying rate of Rs279.05 and a selling rate of Rs279.45. These figures illustrate the day’s trading activities and highlight dynamics in the foreign exchange market. Currency Exchange Rates Euro and Other Currencies The Euro saw a decrease of Rs0.26, closing at Rs322.73 against the Rupee, down from a previous rate of Rs322.99, as stated by the State Bank of Pakistan. The Japanese Yen remained stable, closing at Rs1.73. The British Pound fell by Rs0.40, ending the day at Rs373.35 compared to Rs373.75 previously. The Emirate Dirham and Saudi Riyal remained unchanged, closing at Rs75.77 and Rs74.16, respectively.

Business

Punjab Assembly Commences Session for 2026-27 Budget Presentation

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The Punjab Assembly has opened its session to present the provincial budget for the fiscal year 2026-27. This session takes place at the Assembly Hall on Tuesday, under the leadership of Speaker Malik Muhammad Ahmad Khan. Budget Presentation Provincial Finance Minister Mian Mujtaba Shuja-ur-Rehman is set to present the budget. This critical financial session will outline the fiscal policies and budget allocations for the year ahead. Key Attendees In attendance is Punjab Chief Minister Maryam Nawaz Sharif, along with several provincial ministers. Numerous Members of the Provincial Assembly (MPAs) are also present to discuss and analyze the proposed budget measures.

Pakistan

SRSO HR Committee Evaluates Strategic Objectives

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ISLAMABAD — The Sindh Rural Support Organization (SRSO) conducted its 34th Human Resource Committee meeting on Tuesday at the SRSO Coordination Office. The meeting was centered on assessing the organization’s advancements in human resources. Evaluation of Strategic Objectives During this session, officials conducted a thorough evaluation of current strategies to ensure alignment with the SRSO’s institutional goals. Key discussions were held on necessary adjustments to harmonize these strategies with long-term organizational objectives. Efforts in HR Management This meeting forms part of SRSO’s continuous efforts to refine its operational frameworks. Through these initiatives, the organization aims to significantly enhance overall human resource management.

Business

UVAS, FonGrow Sign MoU for Livestock Collaboration

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LAHORE — The University of Veterinary and Animal Sciences (UVAS) Lahore and FonGrow Private Limited (FGPL) have signed a Memorandum of Understanding (MoU) to enhance livestock production and reproductive biotechnology. Objectives of the Partnership The MoU aims to promote education, advance research, and support capacity building. It is designed to facilitate effective technology transfer between the two organizations. Details of the Signing Ceremony The agreement was signed by Vice-Chancellor Prof Dr Masood Rabbani and FGPL Secretary Col (retd) Rai Kashif Amin Khan at a ceremony held at UVAS. The event was attended by distinguished faculty deans including Prof Dr Habib-ur-Rehman, Prof Dr Kamran Ashraf, and Prof Dr Saima, along with senior faculty members and FGPL officials. Key Areas of Cooperation The MoU outlines several collaborative initiatives designed to bolster livestock practices, including: Joint student internship and training programs Professional short courses Capacity-building initiatives Student and faculty exchange programs Establishment of Standard Operating Procedures (SOPs) for essential activities The SOPs will cover farm management, semen production units, in vitro fertilization, and knowledge transfer systems to improve livestock practices.

Pakistan

Federal Court Adjourns Hearing on Orchard Scheme Plot Case

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ISLAMABAD — The Federal Constitutional Court has issued notices concerning a 12-kanal plot in the Orchard Scheme. The case hearing has been adjourned indefinitely. Overview of Court Proceedings A two-member bench, led by Justice Aamir Farooq, conducted the proceedings. CDA counsel Qasim Chauhan explained that the plot was initially allocated in 2010. This allocation was cancelled three months later due to non-payment. Currently, the plot has an estimated market value of around Rs1 billion. Justice Farooq’s Key Remarks Justice Farooq emphasized that a review petition should only address judgment errors, not reopen entire cases. He stated, “There are limits imposed by law; this is not a monarchy.” The plot owner’s lawyer mentioned his client was an overseas Pakistani. Justice Farooq noted the property was purchased after its cancellation. Arguments and Concerns Raised The CDA counsel argued that the parties involved acted independently regarding the allotment. Justice Farooq stated that if there was corruption, necessary actions should be taken against those responsible. He highlighted that the court’s role is not to rectify governmental administrative errors. The court concluded by issuing notices to the involved parties and decided to adjourn the case indefinitely.

Sports

Rickshaw Driver Killed, Three Injured in Faisalabad Accident

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FAISALABAD — A tragic accident near Salooni Jhall on Samundri Road under Batala Colony police jurisdiction claimed the life of a rickshaw driver and injured three passengers late Monday night. Collision Overview The accident occurred when a speeding tractor-trolley collided with a rickshaw. Sana Ullah, the rickshaw driver, sustained severe injuries and died at the scene. Rescue 1122 confirmed his death. Passenger Injuries Rescue teams quickly provided first aid to the injured passengers. The injured include: Sarfraz, aged 30 Urooj, aged 20 Nisar, aged 28 Fortunately, their injuries were minor. Investigation Status As of now, no arrests or charges have been reported concerning this accident.

Business

Govt Authorises Rs835.64 Billion in Development Funds for 2025-26

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ISLAMABAD — The government has authorised Rs835.64 billion in development funds for the first 11 months of the fiscal year 2025-26. This significant allocation is part of the Public Sector Development Programme (PSDP). Fiscal Allocation and Progress From July to May, the authorised funds nearly reached the full federal allocation of Rs837.16 billion. This substantial financial input illustrates the considerable progress in the government’s development initiatives. Strategic Economic Objectives The PSDP plays a vital role in the government’s strategy to enhance infrastructure and execute various key projects. These initiatives are crucial for achieving the nation’s strategic economic goals.

Sports

PTF President Discusses Tennis Development with PSB Director General

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ISLAMABAD — Aisam-ul-Haq Qureshi, the President of the Pakistan Tennis Federation (PTF), met with Yawar Hussain, the newly appointed Director General of the Pakistan Sports Board (PSB), on Tuesday. The meeting was held at the PSB office, concentrating on advancing tennis development across Pakistan. Nationwide Tennis Promotion During the discussion, Qureshi congratulated Hussain on his recent appointment and expressed optimism for a successful term. They highlighted initiatives aimed at promoting tennis throughout the nation and strengthening support for athletes. Fostering Athlete Support Hussain committed to providing complete backing for sports development, particularly focusing on nurturing young talent in the country. Col. (retd) Gul Rehman, the Director of Coaches and Services (C&S) at the PTF, also participated in the meeting. Together, they emphasized collaborative efforts for the future of tennis in Pakistan.

Pakistan

Budget 2026-27 Allocates Rs40,500 Million for Youth Programme

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ISLAMABAD — The federal government has allocated a significant budget of Rs40,500 million for the Prime Minister’s Youth Programme (PMYP) in the 2026-27 fiscal year. This initiative focuses on providing employment and skills development opportunities for young people throughout Pakistan. Goals of the Youth Programme The PMYP aims to boost education, foster entrepreneurship, and stimulate innovation among the nation’s youth. The substantial funding evidences the government’s dedication to creating economic opportunities for younger generations. Daanish Schools Network Expansion Alongside the youth programme, Rs24,483 million has been set aside to expand the Daanish Schools network. These institutions are dedicated to offering high-quality education to underprivileged students. This financial commitment is central to the government’s strategy to enhance educational access and promote educational development nationwide.

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