KARACHI: The State Bank of Pakistan (SBP) has renewed the status of credit rating agencies operating in the country.
(more…)Author: Hamza Shahnawaz
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Pakistan stocks up 384 points ahead FATF decision
KARACHI: Pakistan stocks witnessed an increase of 384 points on Wednesday on expectations of coming out of grey list of FATF.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,439 points from previous day’s closing of 41,055 points, showing an increase of 384 points.
READ MORE: Pakistan stocks recover 175 points
Analysts at Arif Habib Limited said that bullish momentum was witnessed at PSX today due to expectation of Pakistan’s exclusion from the grey list of Financial Action Task Force (FATF).
KSE-100 index stayed in the green zone as investors opted for value hunting in the OMCs, cements and E&P sectors.
READ MORE: Stocks plunge 1,135 points on adverse budget measures
Volumes remained sluggish in the main board whereas 3rd tier stocks witnessed hefty volumes.
The Index closed at 41,438.79 points, up by 384.11 points (+0.94 per cent DoD). Sectors contributing to the performance include Cement (+73.6 points), Banks (+70.6 points), Fertilizer (+70.0 points), E&P (+54.7 points) and Power (+34.5 points).
READ MORE: Stocks gain 279 points on budgetary concessions
Volumes increased from 120.1 million shares to 141.7 million shares (+18.0 per cent DoD). Average traded value also increased by 41.6 per cent to reach US$ 23.1 million as against US$ 16.3 million.
Stocks that contributed significantly to the volumes are TPLP, BGL, PRL, WTL and SNGP.
READ MORE: Pakistan stocks gain 183 points on rupee appreciation
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Free-fall in rupee continues, dollar touches new high at Rs206.46
KARACHI: Free-fall in Pakistan Rupee (PKR) continued on Wednesday as the US dollar hit another record high of Rs206.46 in the interbank foreign exchange market.
The exchange rate witnessed a decline of Rs1.30 to end at Rs206.46 to the dollar from last day’s closing of Rs205.16, the previous record low of the rupee, in the interbank foreign exchange market.
READ MORE: Dollar peaks at Rs206 in interbank midday trading
Analysts said that surge in international oil prices and massive decline in foreign exchange reserves had escalated the dollar demand.
The official foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.
Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.
READ MORE: Rupee’s erosion continues as dollar closes at Rs205.16
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by the week ended August 27, 2021. Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $10.92 billion by the week ended June 03, 2022 from touching the peak.
Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by the week ended June 03, 2022 as compared with $15.771 billion a week ago.
READ MORE: Pakistani rupee falls to historic low of Rs203.86 to dollar
They said that usually import payments are high in the last month of a fiscal year, especially for oil imports.
It is pertinent to mention that the government had twice increased the prices of petroleum products since May 26, 2022 in order to satisfy the International Monetary Fund (IMF) for the release of next tranche of about $1 billion.
READ MORE: Rupee recovers to Rs201.52 to dollar in volatile trading
Although the since announcement of raising petroleum prices the rupee witnessed a recovery. However, the falling foreign exchange reserves of the central bank once again put pressure on the local unit.
The government on May 26, 2022 decided partially withdraw the subsidy to get the next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during the past five sessions.
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.
The 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.
READ MORE: Dollar hits record high at Rs202.83 in interbank
Recently the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.
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Dollar peaks at Rs206 in interbank midday trading
KARACHI: The US dollar made a new record high against the Pakistan Rupee (PKR) at Rs206 during midday trading at interbank foreign exchange market on Wednesday.
The exchange rate recorded a decline of 84 paisas in rupee value to trade at Rs206 to the dollar during midday trading. The dollar ended at Rs205.16 on June 14, 2022, which is the latest record high of the foreign currency at interbank closing.
READ MORE: Rupee’s erosion continues as dollar closes at Rs205.16
Analysts said that surge in international oil prices and massive decline in foreign exchange reserves had escalated the dollar demand.
The official foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.
Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.
READ MORE: Pakistani rupee falls to historic low of Rs203.86 to dollar
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by the week ended August 27, 2021. Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $10.92 billion by the week ended June 03, 2022 from touching the peak.
Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by the week ended June 03, 2022 as compared with $15.771 billion a week ago.
READ MORE: Rupee recovers to Rs201.52 to dollar in volatile trading
They said that usually import payments are high in the last month of a fiscal year, especially for oil imports.
It is pertinent to mention that the government had twice increased the prices of petroleum products since May 26, 2022 in order to satisfy the International Monetary Fund (IMF) for the release of next tranche of about $1 billion.
Although the since announcement of raising petroleum prices the rupee witnessed a recovery. However, the falling foreign exchange reserves of the central bank once again put pressure on the local unit.
The government on May 26, 2022 decided partially withdraw the subsidy to get the next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during the past five sessions.
READ MORE: Dollar hits record high at Rs202.83 in interbank
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.
The 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.
Recently the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.
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Foreign currency rates in Pak Rupee – June 15, 2022
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on June 15, 2022 (The rates are updated at 09:50 AM (Pakistan Standard Time):
Currency Buying Selling Australian Dollar (AUD) 141.70 142.95 Bahrain Dinar (BHD) 542.79 547.29 Canadian Dollar (CAD) 158.75 160.10 China Yuan (CNY) 29.50 29.75 Danish Krone (DNK) 28.62 28.97 Euro (EUR) 214.00 216.00 Hong Kong Dollar (HKD) 27.00 27.35 Indian Rupee (INR) 2.61 2.69 Japanese Yen (JPY) 1.47 1.51 Kuwaiti Dinar (KWD) 663.29 668.29 Malaysian Ringgit (MYR) 46.33 46.78 NewZealand $ (NZD) 128.02 129.22 Norwegians Krone (NOK) 20.63 20.93 Omani Riyal (OMR) 530.79 535.29 Qatari Riyal (QAR) 56.07 56.57 Saudi Riyal (SAR) 54.00 54.70 Singapore Dollar (SGD) 146.41 147.71 Swedish Korona (SEK) 20.06 20.36 Swiss Franc (CHF) 204.74 206.49 Thai Bhat (THB) 5.84 5.94 U.A.E Dirham (AED) 56.00 56.70 UK Pound Sterling (GBP) 252.00 254.50 US Dollar (USD) 204.50 206.50 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 – June 14, 2022
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Pakistani Rupee to US Dollar on June 15, 2022
KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on June 15, 2022:
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Pakistani Rupee to UAE Dirham on June 15, 2022
KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on June 15, 2022:
Buying: Rs 56.00 to the UAE Dirham
Selling: Rs 56.70 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 09:38 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.
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Pakistani Rupee to Euro on June 15, 2022
KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on June 15, 2022:
Buying: Rs 214.00 to the Euro
Selling: Rs 216.00 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 09:35 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.
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Pakistani Rupee to UK Pound Sterling on June 15, 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 June 15, 2022:
Buying: Rs 252.00 to the UK Pound Sterling
Selling: Rs 254.50 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 09:31 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 June 14, 2022
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Pakistani Rupee to Saudi Riyal on June 15, 2022
KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on June 15, 2022:
Buying: Rs 54.00 to the Saudi Riyal
Selling: Rs 54.70 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 09:28 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.
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.