Business

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.

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.

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.

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.

KARACHI — The Financial Markets Association of Pakistan’s Exchange Rates Committee has published the latest foreign exchange rates bulletin. Exchange Rates for June 16, 2026 The conversion rates released for June 16, 2026, are specified for forward cover transactions. They are crucial for both businesses and investors planning their financial activities. These rates do not include FE-25 deposits. The State Bank of Pakistan has set June 18, 2026, as the settlement value date. Key Currency Exchange Rates Major Currency Conversions US Dollar: 278.2728 PKR British Pound: 373.6647 PKR Euro: 322.9356 PKR Japanese Yen: 1.7377 PKR

KARACHI — The National Bank of Pakistan’s Treasury Management Division has announced the latest exchange rates as of Tuesday. These updates are essential for managing currency transactions across all bank branches. Key Exchange Rates The latest exchange rate for the US dollar is PKR 287.70 for TT Selling and PKR 278.20 for TT Buying. The euro currently stands at PKR 322.82 for TT Selling and PKR 322.24 for TT Buying. Exchange Rates for Major Currencies Below are the rates for other significant currencies: British Pound: PKR 373.48 for TT Selling and PKR 372.81 for TT Buying Swiss Franc: PKR 350.48 for TT Selling and PKR 349.85 for TT Buying Canadian Dollar: PKR 199.05 for TT Selling and PKR 198.69 for TT Buying Japanese Yen: PKR 1.7394 for TT Selling and PKR 1.7363 for TT Buying Important Usage Information These exchange rates are critical for financial and trade transactions involving foreign currencies at the National Bank of Pakistan. Please note, these rates are subject to change and may fluctuate during the trading day.

The National Bank of Pakistan (NBP) has released the latest currency exchange rates for significant currencies on Tuesday. These rates apply to both buying and selling in the financial market. US Dollar Exchange Rate The US dollar exchange rate is pivotal for the economy, with a selling rate of 280.09 rupees and a buying rate of 277.09 rupees. British Pound and Euro Rates For corporate investments, the exchange rates of the British pound and euro hold significance. The British pound sells at 375.34 rupees, while the buying rate is 370.92 rupees. The euro stands at a selling rate of 324.44 rupees and a buying rate of 320.62 rupees. Asian and Middle Eastern Currencies Japanese Yen The Japanese yen plays an important role in trade, with a selling rate of 1.7481 rupees and a buying rate of 1.7276 rupees. United Arab Emirates Dirham The UAE dirham, influencing trade and investment, has a selling rate of 74.64 rupees and a buying rate of 73.76 rupees. Saudi Riyal The Saudi riyal, crucial in Middle Eastern markets, is sold at 76.27 rupees with a buying rate of 75.37 rupees.

MUZAFFARGARH — A 1.5-year-old girl named Shahzadi is missing after falling into the Adil Canal near Basti Dhol Wala in Usman Koria, Muzaffargarh. Rescue officials reported the incident on Tuesday. Incident Details Eyewitnesses revealed that the infant was sitting on the bank of the canal when she accidentally slipped and was swept away by the strong current. Search and Rescue Operation The Rescue 1122 teams quickly responded by launching a search operation to locate the child as rapidly as possible. Search Techniques Employed Officials employed the line search technique, covering a three-kilometer stretch of the canal during the initial phase. Despite exhaustive efforts, the child is still missing. The search operation remains active, with further investigations ongoing.

LAHORE — The Punjab Revenue Authority (PRA) has intensified efforts to tackle tax evasion and non-compliance. The authority has sealed 14 business premises and collected millions of rupees in unpaid taxes. These measures are part of a province-wide enforcement initiative. Targeted Business Operations Enforcement teams have targeted businesses accused of record tampering and tax non-payment. The operation focused on: Five outlets of a prominent food chain in the Lahore Division Ten property developers’ offices in the Rawalpindi Division PRA Chairman Moazzam Iqbal Sipra noted that several other taxpayers have received warning notices for tax law violations. Penalties and Consequences Chairman Sipra warned that businesses filing fraudulent tax returns or failing to submit returns will incur significant penalties. Persistent violators risk having their bank accounts frozen to recover outstanding dues and taxes. Enforcement Campaign in Punjab The chairman highlighted a special enforcement campaign across Punjab with an emphasis on immediate tax collection. Notices are being issued to businesses and individuals involved in tax evasion. The PRA is committed to enforcing stringent measures against those evading legal tax obligations.

ISLAMABAD — The National Assembly Standing Committee on Finance and Revenue has called for a detailed fiscal impact assessment of proposed tax relief measures in the Finance Bill 2026. The Ministry of Finance and the Federal Board of Revenue (FBR) are responsible for providing comprehensive revenue estimates. Impact on Revenue Collection Committee members voiced concerns about how tax relief measures might affect revenue collection. They stressed the need for detailed implementation plans to thoroughly evaluate the bill before making any decisions. Assessing National Fiscal Health The committee underlined the importance of understanding the proposed strategies’ impact on national fiscal health. This reflects their commitment to maintaining transparent and sound financial governance.