Pkrevenue.com

Author: Hamza Shahnawaz

  • Jazz announces free calls to calamity hit Balochistan

    Jazz announces free calls to calamity hit Balochistan

    KARACHI: Jazz, the leading cellular service provider in Pakistan, on Monday announced free calls to facilitate the people of calamity hit Balochistan.

    In a statement, the operator said that in order to facilitate the people of Balochistan during this calamity, all Jazz to Jazz and PTCL calls are free.

    READ MORE: Floods affect telecom services: PTA

    Despite extremely challenging conditions, all efforts are being made to ensure the provision of essential telecom services in flood-affected areas.

    Earlier, Pakistan Telecommunication Authority (PTA) had said that the recent flash floods in Balochistan have caused multiple optic fiber breaks impacting voice and data services in Lasbela, Kech, Panjgoor, Gwadar, Awaran, Ziarat, Mastung and adjoining areas.

    READ MORE: Norwegian envoy calls on PTA Chairman

    About 343 cell sites of three cellular mobile operators (Telenor, Ufone and Zong) and PTCL had been affected due to floods.

    Efforts are being made to resolve this unprecedented situation. PTA is working with the concerned operators for early restorations of affected communication channels.

    READ MORE: FBR, PTA introduce temporary registration of cell phones

  • Hyundai Motors announced 4% growth in July global sales

    Hyundai Motors announced 4% growth in July global sales

    SEOUL: Hyundai Motor Company on Monday announced that its July 2022 global sales registered an increase of 4 per cent to 325,999 units.

    READ MORE: Hyundai, Kia sign pact to develop mobility to explore moon

    In markets outside of Korea, Hyundai Motor sold a total of 269,694 units, a 6.3 percent increase from a year earlier.

    Despite global component shortages and ongoing geopolitical issues, the sales in global markets have recovered steadily this year.

    READ MORE: Hyundai announces second quarter financial results

    Sales in Korea were down by 5.9 percent year-over-year to 56,305 units. However, the company maintained solid sales of SUV models and Genesis luxury brand vehicles, selling 15,371 units and 10,512 units, respectively.

    Amid fiercer competition in the global electric vehicle (EV) market, the company is solidifying its position as an EV leader. In July, Hyundai sold over 16,000 EVs on a retail sales basis, a 24 percent increase from a year earlier, with more than 8,000 units of IONIQ 5 leading the way.

    READ MORE: Chevrolet unveils all-electric 2024 Blazer EV

    In spite of unfavorable external conditions, including ongoing components shortages and cost fluctuations of raw materials, Hyundai will continue to alleviate business uncertainties by optimizing production and inventory status while diversifying business strategies tailored for each region.

    READ MORE: Pakistan reintroduces capital value tax on motor vehicles

  • Foreign currency rates in Pak Rupee – August 01, 2022

    Foreign currency rates in Pak Rupee – August 01, 2022

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on August 01, 2022 (The rates are updated at 08:50 AM (Pakistan Standard Time):

    CURRENCY NAMEBUYINGSELLING
       
    US DOLLAR $ (USD)240.00243.00
    SAUDI RIYAL (SAR)64.0065.00
    UAE DIRHAM (AED)65.3066.30
    EURO (EUR)245.00248.00
    UK POUND (GBP)292.00296.00
    JAPANESE YEN (JPY)1.761.78
    SWISS FRANC (CHF)249.62250.62
    DANISH KRONE (DKK)32.5333.63
    NORWEGIAN KRONE (NOK)24.3324.43
    SWEDISH KRONA (SEK)23.1923.29
    AUSTRALIAN DOLLAR (AUD)167.00169.00
    CANADIAN DOLLAR (CAD)187.00190.00
    INDIAN RUPEE (INR)2.402.70
    CHINESE YUAN (CNY)33.5035.00
    AFGHAN AFGHANI (AFN)1.702.00

    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.

  • Pakistani Rupee to US Dollar on August 01, 2022

    Pakistani Rupee to US Dollar on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 240.00 to the US Dollar

    Selling: Rs 243.00 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 08:30 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.

    READ MORE: Pakistani Rupee to US Dollar on July 31, 2022

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    Pakistani Rupee to Saudi Riyal on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 64.00 to the Saudi Riyal

    Selling: Rs 65.00 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 08:30 AM 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.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 31, 2022

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    Pakistani Rupee to Euro on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 245.00 to the Euro

    Selling: Rs 248.00 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 08:30 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.

    READ MORE: Pakistani Rupee to Euro on July 31, 2022

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    Pakistani Rupee to UK Pound Sterling on August 01, 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 August 01, 2022:

    Buying: Rs 292.00 to the UK Pound Sterling

    Selling: Rs 296.00 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 08:30 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.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 31, 2022

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    Pakistani Rupee to UAE Dirham on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 65.30 to the UAE Dirham

    Selling: Rs 66.30 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 08:30 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.

    READ MORE: Pakistani Rupee to UAE Dirham on July 31, 2022

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    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.

  • Pakistani Rupee to UAE Dirham on August 01, 2022

    Pakistani Rupee to UAE Dirham on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 65.30 to the UAE Dirham

    Selling: Rs 66.30 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 08:30 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.

    READ MORE: Pakistani Rupee to UAE Dirham on July 31, 2022

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    Pakistani Rupee to US Dollar on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 240.00 to the US Dollar

    Selling: Rs 243.00 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 08:30 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.

    READ MORE: Pakistani Rupee to US Dollar on July 31, 2022

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    Pakistani Rupee to Saudi Riyal on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 64.00 to the Saudi Riyal

    Selling: Rs 65.00 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 08:30 AM 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.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 31, 2022

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    Pakistani Rupee to Euro on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 245.00 to the Euro

    Selling: Rs 248.00 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 08:30 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.

    READ MORE: Pakistani Rupee to Euro on July 31, 2022

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    Pakistani Rupee to UK Pound Sterling on August 01, 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 August 01, 2022:

    Buying: Rs 292.00 to the UK Pound Sterling

    Selling: Rs 296.00 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 08:30 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.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 31, 2022

    ————————————————-

    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.

  • Pakistani Rupee to UK Pound Sterling on August 01, 2022

    Pakistani Rupee to UK Pound Sterling on August 01, 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 August 01, 2022:

    Buying: Rs 292.00 to the UK Pound Sterling

    Selling: Rs 296.00 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 08:30 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.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 31, 2022

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    Pakistani Rupee to UAE Dirham on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 65.30 to the UAE Dirham

    Selling: Rs 66.30 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 08:30 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.

    READ MORE: Pakistani Rupee to UAE Dirham on July 31, 2022

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    Pakistani Rupee to US Dollar on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 240.00 to the US Dollar

    Selling: Rs 243.00 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 08:30 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.

    READ MORE: Pakistani Rupee to US Dollar on July 31, 2022

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    Pakistani Rupee to Saudi Riyal on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 64.00 to the Saudi Riyal

    Selling: Rs 65.00 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 08:30 AM 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.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 31, 2022

    ————————————————-

    Pakistani Rupee to Euro on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 245.00 to the Euro

    Selling: Rs 248.00 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 08:30 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.

    READ MORE: Pakistani Rupee to Euro on July 31, 2022

    ————————————————-

    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.

  • Pakistani Rupee to Euro on August 01, 2022

    Pakistani Rupee to Euro on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 245.00 to the Euro

    Selling: Rs 248.00 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 08:30 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.

    READ MORE: Pakistani Rupee to Euro on July 31, 2022

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    Pakistani Rupee to UK Pound Sterling on August 01, 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 August 01, 2022:

    Buying: Rs 292.00 to the UK Pound Sterling

    Selling: Rs 296.00 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 08:30 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.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 31, 2022

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    Pakistani Rupee to UAE Dirham on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 65.30 to the UAE Dirham

    Selling: Rs 66.30 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 08:30 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.

    READ MORE: Pakistani Rupee to UAE Dirham on July 31, 2022

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    Pakistani Rupee to US Dollar on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 240.00 to the US Dollar

    Selling: Rs 243.00 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 08:30 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.

    READ MORE: Pakistani Rupee to US Dollar on July 31, 2022

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    Pakistani Rupee to Saudi Riyal on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 64.00 to the Saudi Riyal

    Selling: Rs 65.00 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 08:30 AM 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.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 31, 2022

    ————————————————-

    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.

  • Pakistani Rupee to Saudi Riyal on August 01, 2022

    Pakistani Rupee to Saudi Riyal on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 64.00 to the Saudi Riyal

    Selling: Rs 65.00 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 08:30 AM 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.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 31, 2022

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    Pakistani Rupee to Euro on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 245.00 to the Euro

    Selling: Rs 248.00 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 08:30 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.

    READ MORE: Pakistani Rupee to Euro on July 31, 2022

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    Pakistani Rupee to UK Pound Sterling on August 01, 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 August 01, 2022:

    Buying: Rs 292.00 to the UK Pound Sterling

    Selling: Rs 296.00 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 08:30 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.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 31, 2022

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    Pakistani Rupee to UAE Dirham on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 65.30 to the UAE Dirham

    Selling: Rs 66.30 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 08:30 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.

    READ MORE: Pakistani Rupee to UAE Dirham on July 31, 2022

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    Pakistani Rupee to US Dollar on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 240.00 to the US Dollar

    Selling: Rs 243.00 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 08:30 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.

    READ MORE: Pakistani Rupee to US Dollar on July 31, 2022

    ————————————————-

    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.

  • Pakistani rupee falls 36% to Saudi Riyal in seven months

    Pakistani rupee falls 36% to Saudi Riyal in seven months

    KARACHI: The Pakistani Rupee (PKR) has recorded a sharp decline by Rs16.79 or 36 per cent against the Saudi Riyal during the past seven months January – July 2022, according to official data.

    According to weighted average customer exchange rates issued by the State Bank of Pakistan (SBP), the selling rate by exchange companies opened at Rs47.08 to the Saudi Riyal on January 04, 2022 [the first trading day of the year] as compared with closing of Rs63.87 to the Saudi Riyal on July 29, 2022.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 31, 2022

    The rupee recorded a massive decline during the year against a basket of foreign currencies. As the local unit recorded a massive decline of 34.35 per cent against the US dollar in the interbank foreign exchange market.

    The US dollar was at Rs178.17 at opening on January 04, 2022 and closed at Rs239.37 on July 29, 2022 in the interbank foreign exchange market.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 30, 2022

    Experts believed that the downgrade of the rating of Pakistan by three top credit rating agencies deteriorated the outlook of the country. Furthermore, the political conflict further aggravated the situation.

    Further the Rupee declined against SAR because of the exchange of currency for pilgrimage to Saudi Arabia. The Hajj began on July 7, 2022, when the SAR closed at Rs55.49.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 29, 2022

    The rupee also declined against the Saudi Riyal on account of the massive fall of the local currency against the US Dollar after the country has been trapped in foreign exchange reserves shortage.

  • Rupee fall to continue till IMF fund realization: Pakistan’s top bank

    Rupee fall to continue till IMF fund realization: Pakistan’s top bank

    KARACHI: Pakistani Rupee likely to continue its falling spree until the country receives funds from the International Monetary Fund (IMF), according to an analyst briefing by the Habib Bank of Pakistan (HBL), the top bank of the country.

    “The bank management believes that the rupee would continue to depreciate until Pakistan receives $1.2 billion from IMF,” according to the Topline Securities quoting the bank.

    READ MORE: HBL ordered to compensate bank fraud victim

    The HBL conducted its second quarter of 2022 analyst briefing on July 29, 2022 where the management discussed financial results of the bank and its future outlook.

    The asset repricing of the loan book is likely to re-price by 3Q2022 and 4Q2022. As a result, Net Interest Income (NII) and Net Interest Margins (NIMs) of the bank are likely to remain strong in 2H2022 as per the management. The management expects further hike in policy rate in the upcoming monetary policy meeting.

    READ MORE: SBP takes measures for prevention of digital bank fraud

    On loan growth the management indicates that HBL will continue to grow and remain in double digit. Deposits are also expected to grow in an ongoing year where HBL is targeting to maintain its market share of 14 per cent.

    Foreign exchange income jumped to Rs7.8 billion in the first half of 2022 vs Rs1.4 billion 1H2021 primarily due to (1) Rs1.3 billion from the revaluation of overseas banking due to rupee devaluation, (2) Rs3.2 billion generated from the long derivative FX position, and (3) Rs1.9 billion treasury activities.

    The bank offered Voluntary Separation Scheme (VSS) to its employees amounting to Rs2.6 billion in 1Q2022 and Rs0.6 billion in 2Q2022.

    READ MORE: SBP directs banks to report digital fraud cases

    Out of the total PIB portfolio, around 55 per cent of PIBs are floater rates with average yield of around 11 per cent and T-bill yields of 10.75 per cent. Fixed PIB worth of Rs50 billion is maturing in July however no other PIBs are maturing in 2H2022.

    HBL continues to focus on improving its customer experience in the digital space which is also evident from its improving numbers. Total mobile app monthly active users reached 1.8 million in 1H2022 vs. 1.3 million in 1H2021.

    READ MORE: Habib Bank, Meezan Bank directed to pay fraud victims

    The management highlighted that in the current economic scenario, stress is seen in Autos, Cement, Steel and few other customers but with current provisions HBL is at a comfortable levels. Total coverage of the bank now stands at 101 per cent in June 2022 vs. 100 per cent in March 2022.

    Bank’s cost to income ratio in 1H2022 stood at 52.1 per cent vs. 51.3 per cent in 1H2021. Management targets to maintain the current cost to income ratio where the growth in operating expenses are in line with the inflation.

    HBL posted strong financial results, but due to higher taxation which hits bottom-line resulting into ROE of 9.2 per cent and ROA of 0.5 per cent.

    READ MORE: President Alvi rejects MCB Bank’s appeal in fraud case