PM Imran breaks ground for Islamabad interchanges

Web Desk 08:19 PM | 2 Jul, 2020
PM Imran breaks ground for Islamabad interchanges

ISLAMABAD – Prime Minister Imran Khan performed the ground-breaking of Korang bridge-PWD Interchange at Islamabad' Expressway and Rawal Dam Chowk Interchange on Thursday.

Chairing a meeting on the development projects of Islamabad, the prime minister launched the projects through video-link.

The interchanges will be constructed at Rawal Dam Chowk and the Korang Bridge along with PWD (Pakistan Works Department), the busiest roads of the capital that routinely see traffic melee at peak hours.

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The prime minister also performed ground-breaking of the Phase-One of Development Works at I-15 project.

PM Imran, on the occasion, was briefed on the development works and their significance for the residents of the federal capital.

The groundbreaking ceremony was also attended by the federal cabinet members, Chairman Capital Development Authority and senor officers.

The contract for the three road projects has been won by a joint venture of Maqbool Associates and Calsons.

The construction of Rawal Dam Interchange is crucial in wake of the growing traffic load at Park Road and Murree Road owing to increased population in the adjoining areas.

The PWD and Korang Bridge are the two bottlenecks at the Islamabad Expressway which catered to both local and heavy traffic between Islamabad, Lahore and Azad Kashmir.

The road had already been made signal free from Faisal Mosque till Koral Chowk, the portion between Koral and Rawat is yet to be widened and made signal free. However, after construction of both the PWD Interchange and Korang Underpass would resolve the issue of traffic congestion at the Expressway to a great extent.

The launch of the development work in sector I-15 would help address the agony of those who had been allotted plots in the residential sector launched some two decades ago mainly meant to accommodate the low-income group.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


Rupee gains massive recovery against US dollar after SBP relaxes rules for banks

KARACHI – The Pakistani rupee experienced a significant surge in its value in the open market against the dollar.

This surge came after a recent directive from the State Bank of Pakistan (SBP), allowing banks to purchase dollars at the interbank market rate for international card payments. The objective of this move was to narrow the exchange rate gap between the official and informal markets.

According to the Exchange Companies Association of Pakistan, the currency market witnessed the dollar being traded at Rs298, compared to its previous day’s closing rate of 311.

The SBP’s decision was influenced by the International Monetary Fund’s demand for Pakistan to stabilize its currency market before resuming a $6.5 billion bailout program.

In a circular, the central bank stated, “In response to the feedback received from various stakeholders, Authorized Dealers are now permitted to buy USD from the Interbank market to settle card-based cross border transactions with international payment schemes (IPS).”

Market analysts had predicted a decline in the value of the rupee following the implementation of these new guidelines.

Zafar Paracha, the General Secretary of the ECAP, expressed that the SBP’s decision was timely and appropriate. He anticipated that it would lead to a decrease of 20 to 25 rupees in the open market currency rate. Paracha also noted that aligning the rates in the official and informal markets would bolster remittance inflows.

Pracha further emphasized that significant disparities in rates between the official and informal markets encourage transactions outside of the official banking system.

Today's gold rates in Pakistan – June 1, 2023

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 229,000 on Thursday. The price of 10 grams of 24k gold was recorded at Rs197,620.   

Likewise, 10 grams of 22k gold were being traded for Rs181,150 while a single tola of 22-karat gold was being sold at Rs 211,290.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 229,000 PKR 2125
Karachi PKR 229,000 PKR 2125
Islamabad PKR 229,000 PKR 2125
Peshawar PKR 229,000 PKR 2125
Quetta PKR 229,000 PKR 2125
Sialkot PKR 229,000 PKR 2125
Attock PKR 229,000 PKR 2125
Gujranwala PKR 229,000 PKR 2125
Jehlum PKR 229,000 PKR 2125
Multan PKR 229,000 PKR 2125
Bahawalpur PKR 229,000 PKR 2125
Gujrat PKR 229,000 PKR 2125
Nawabshah PKR 229,000 PKR 2125
Chakwal PKR 229,000 PKR 2125
Hyderabad PKR 229,000 PKR 2125
Nowshehra PKR 229,000 PKR 2125
Sargodha PKR 229,000 PKR 2125
Faisalabad PKR 229,000 PKR 2125
Mirpur PKR 229,000 PKR 2125


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