A multiscaling equation in the Fourier domain accommodates a trigonometric matrix polynomial. This trigonometric matrix polynomial is known as the symbol function. The existence and properties of a multiscaling function, which is the solution of a multiscaling equation, depend on the symbol function. It is possible to construct symbol functions corresponding to compactly supported and symmetric multiscaling functions from standard pairs. A standard pair carries the spectral information about the symbol function. In this paper, we briefly explain the construction of compactly supported and symmetric multiscaling functions and the corresponding mulitwavelets using standard pairs. We derive the necessary as well as sufficient condition, on the eigenspace of the square matrix in the standard pair, for the existence of a symbol function corresponding to a multiscaling equation with a compactly supported solution. We create a pseudo bi-orthogonal pair of symmetric and compactly supported multiscaling functions and the corresponding multiwavelets using standard pairs.