Author: Hamza Shahnawaz

  • Rupee ends month-long losing streak; dollar at Rs199.76

    Rupee ends month-long losing streak; dollar at Rs199.76

    KARACHI: The Pakistan Rupee (PKR) ended its almost month-long losing streak against the dollar on Friday May 27, 2022 by gaining Rs2.25 to end at Rs199.76 in the interbank foreign exchange market.

    The rupee make recovery after the government decided to increase prices of petroleum products to pave way for release of tranche under Extended Fund Facility (EFF) by the International Monetary Fund (IMF).

    READ MORE: Rupee makes historic low at Rs202 against dollar

    The exchange rate was at Rs185.63 on April 29, 2022 and since then the local unit continued its free fall to reach at the historic level of Rs202.01 to the dollar on May 26, 2022.

    The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

    READ MORE: Dollar continues record-breaking journey to reach Rs201.92

    The State Bank of Pakistan (SBP) on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

    Last week the government announced to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

    Currency experts said that massive fall in foreign exchange reserves and high import payments were the major reasons behind rupee fall.

    Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022. The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022. The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.

    READ MORE: Dollar hits record high at Rs201.41 despite monetary tightening

    The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago. The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high. The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.

    READ MORE: Dollar hits fresh high at Rs200.93 as rupee free-fall continues

    The import bill of the country surged by 46.41 per cent to $65.49 billion during the first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the last fiscal year.

    Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s energy bill was $17.03 billion during the first nine 10 months (July – April) 2021/2022 as compared with $8.69 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.

  • Foreign currency rates in Pak Rupee – May 27, 2022

    Foreign currency rates in Pak Rupee – May 27, 2022

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on May 27, 2022 (The rates are updated at 10:48 AM (Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)140.00143.00
     Bahrain Dinar (BHD)533.44537.94
     Canadian Dollar (CAD)154.00156.00
     China Yuan (CNY)23.5023.75
     Danish Krone (DNK)28.7429.09
     Euro (EUR)212.00214.50
     Hong Kong Dollar (HKD)25.5525.90
     Indian Rupee (INR)2.592.67
     Japanese Yen (JPY)1.551.60
     Kuwaiti Dinar (KWD)655.49660.49
     Malaysian Ringgit (MYR)45.6446.09
     NewZealand $ (NZD)129.57130.77
     Norwegians Krone (NOK)20.8421.14
     Omani Riyal (OMR)521.65526.15
     Qatari Riyal (QAR)55.1055.60
     Saudi Riyal (SAR)52.5053.50
     Singapore Dollar (SGD)138.00139.50
     Swedish Korona (SEK)20.2920.59
     Swiss Franc (CHF)208.18209.93
     Thai Bhat (THB)5.845.94
     U.A.E Dirham (AED)53.5054.50
     UK Pound Sterling (GBP)249.00253.00
     US Dollar (USD)201.50203.50

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Foreign currency rates in Pak Rupee – May 26, 2022

  • Pakistani Rupee to US Dollar on May 27, 2022

    Pakistani Rupee to US Dollar on May 27, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on May 27, 2022:

    Buying: Rs 201.50 to the US Dollar

    Selling: Rs 203.50 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 10:41 AM Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Pakistani Rupee to US Dollar on May 26, 2022

  • Pakistani Rupee to UAE Dirham on May 27, 2022

    Pakistani Rupee to UAE Dirham on May 27, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on May 27, 2022:

    Buying: Rs 53.50 to the UAE Dirham

    Selling: Rs 54.50 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 10:32 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Pakistani Rupee to UAE Dirham on May 26, 2022

  • Pakistani Rupee to UK Pound Sterling on May 27, 2022

    Pakistani Rupee to UK Pound Sterling on May 27, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on May 27, 2022:

    Buying: Rs 249.00 to the UK Pound Sterling

    Selling: Rs 253.00 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 10:29 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Pakistani Rupee to UK Pound Sterling on May 26, 2022

  • Pakistani Rupee to Euro on May 27, 2022

    Pakistani Rupee to Euro on May 27, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on May 27, 2022:

    Buying: Rs 212.00 to the Euro

    Selling: Rs 214.50 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 10:22 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Pakistani Rupee to Euro on May 26, 2022

  • Pakistani Rupee to Saudi Riyal on May 27, 2022

    Pakistani Rupee to Saudi Riyal on May 27, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on May 27, 2022:

    Buying: Rs 52.50 to the Saudi Riyal

    Selling: Rs 53.50 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 09:23 PM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Pakistani Rupee to Saudi Riyal on May 26, 2022

  • FBR empowered to prohibit goods for import, export

    FBR empowered to prohibit goods for import, export

    The Federal Board of Revenue (FBR) has been granted enhanced authority to regulate the importation and exportation of goods under section 16 of the Customs Act, 1969.

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  • Pakistan’s forex reserves ease to $16.15 billion

    Pakistan’s forex reserves ease to $16.15 billion

    KARACHI: Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022.

    READ MORE: Pakistan’s forex reserves fall to $16.37 billion

    The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.

    READ MORE: Pakistan’s forex reserves dip to $16.55 billion

    The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago.

    The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high.

    READ MORE: SBP forex reserves shrink to 1.69 months import cover

    The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.

    The foreign exchange reserves of held by commercial banks however inched up by $64 million to $6.061 billion by week ended May 20, 2022 as compared with $5.997 billion a week ago.

    Pakistan forex reserves inch up to $17.045 billion

  • Goods prohibited for customs clearance

    Goods prohibited for customs clearance

    Section 15 of Customs Act, 1969 explains prohibitions made for importing and exporting of goods.

    The Federal Board of Revenue (FBR) issued updated Customs Act, 1969 up to June 30, 2021. The act has been updated by making amendments brought through Finance Act, 2021.

    Following is the text of section 15 of the Customs Act, 1969:

    15. Prohibitions.- No goods specified in the following clauses shall be brought into or taken out of Pakistan, namely:-

    (a) counterfeit coins, forged or counterfeit currency notes, and any other counterfeit product;

    (b) any obscene book, pamphlet, paper, drawing, painting, representation, figure, photograph, film, or, article, video or audio recording, CDs or recording on any other media;

    (c) goods having applied thereto a counterfeit trade mark within the meaning of the Pakistan Penal Code, 1860 (Act XLV of 1860), or a false trade description within the meaning of the Copyright Ordinance, 1962 (XXXIV of 1962), the Registered Layout-Designs of Integrated Circuits Ordinance, 2000 (XLIX of 2000), the Registered Designs Ordinance, 2000 (XLV of 2000), the Patents Ordinance, 2000 (LXI of 2000), and the Trade Marks Ordinance, 2001 (XIX of 2001);

    (d) goods made or produced outside Pakistan and having applied thereto any name or trade mark, being or purporting to be the name or trade mark of any manufacturer, dealer or trader in Pakistan, unless,-

    (i) the name or trade mark is, as to every application thereof, accompanied by a definite indication of the goods having been made or produced in a place outside Pakistan; and

    (ii) the country in which that place is situated is in that indication shown in letters as large and conspicuous as any letter in the name or trade mark, and in the same language and character as the name or trade mark;

    (e) goods involving infringement of copyright, layout-design of integrated circuits, industrial designs, patents within the meaning of the Copyright Ordinance, 1962 (XXXIV of 1962), the Registered Designs Ordinance, 2000 (XLV of 2000), and the Patents Ordinance, 2000 (LXI of 2000), respectively; and

    (f) goods made or produced outside Pakistan and intended for sale, and having applied thereto, a design in which copyright exists under the Copyright Ordinance, 1962 (XXXIV of 1962), the Registered Layout –Designs of Integrated Circuits Ordinance, 2000 (XLV of 2000), the Patents Ordinance, 2000 (LXI of 2000), and the Trade Marks Ordinance, 2001 (XIX of 2001), in respect of the class to which the goods belong or any fraudulent or obvious imitation of such design, patent, copyright except when the application of such design has been made with the license or written consent of the registered proprietor, right holder of the design, patent or copyright, as the case may be:

    Provided that offences relating to goods imported or exported in violation of Intellectual Property Rights shall, notwithstanding any thing contained in any other law for the time being in force, be adjudicated under section 179 by the appropriate officer of customs.

    (Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

    READ MORE: Facilitations to officers for customs clearance