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KARACHI:The rupee maintained its downturn on the third successive working day, as it weak
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ened by another 1.20% to close at a new all-time low of Rs149.65 to the US dollar in the inter-bank market on Monday, according to the State Bank of Pakistan (SBP).Before the day s closure, the ru
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pee hit 151.50 to the greenback for the first time in history, it was learnt. Cumulatively in the three days, the local currency has lost 5.84%, or Rs8.26, from Wednesday s close of Rs14
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1.39 under the new round of depreciation.The rupee continued to lose ground against the dollar, as demand for dollars remains higher than supply, Arif Habib Limited Head of Research Samiullah Tariq told The Express Tribune. Market determined (the) exchange rate, he said.To recall, the International Monetary Fund (IMF) had conditioned to let the market forces decide rupee-dollar exchange rate going forward. Implementation of this condition was a must to acquire IMF board s final approval for its 39-month long loan program Vpad Russia s most beautiful poker star electrocuted to death in bathroom
LAHORE:The Lahore Orange Line Metro Train (OLMT) is likely to face more delays as the caretaker government has stopped the payments for all ongoing projects.Earlier, the contractors working on various development projects
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across Punjab, including the metro train, were advised
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to wait till Election Day (July 25). However, it is now being indicated that the fate of all development projects will be decided by the upcoming government.Speaking to The Express Tribune on Tuesday, a civil contractor, working on the metro train project, highlighted that all contractors were facing a serious financial crunch as the government had not made any payments for the past couple of months. He pointed out that bills worth billions of rupees were pending with different government departments. The government has even stopped the payment of cheques that have already been issued.OLMT progress reviewedContractors owe billions of rupees to their subcontractors and vend
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ors. The interim government has withheld