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Author: Faisal Shahnawaz

  • Dogecoin to PKR, USD on November 19, 2022

    Dogecoin to PKR, USD on November 19, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 19, 2022.

    One Dogecoin to PKR is Rs18.17 on November 19, 2022 at 09:03 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.14 at closing on November 18, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on November 19, 2022 at 09:03 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on November 18, 2022.

    READ MORE: Dogecoin to PKR, USD on November 18, 2022

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    Ripple to PKR, USD on November 19, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 19, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.37 on November 19, 2022 at 09:03 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs80.25 at closing on November 18, 2022.

    The rate of Ripple in US Dollar (USD) is $0.36 on November 19, 2022 at 09:03 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on November 18, 2022.

    READ MORE: Ripple to PKR, USD on November 18, 2022

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    Bitcoin to PKR, USD on November 19, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 19, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,694,525.26 on November 19, 2022 at 09:03 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,715,236.76 at closing on November 18, 2022.

    The rate of Bitcoin in US Dollar (USD) is $16,608.34 on November 19, 2022 at 09:03 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,725.49 at closing on November 18, 2022.

    READ MORE: Bitcoin to PKR, USD on November 18, 2022

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    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Stocks remain negative in ongoing political chaos

    Stocks remain negative in ongoing political chaos

    KARACHI: Pakistan stocks remained traded in negative zone on Friday owing to ongoing political chaos.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,730 points from previous day’s closing of 42,819 points, showing a decline of 89 points.

    READ MORE: Stocks shed 164 points on IMF review delay

    Analysts at Arif Habib Limited said that the negative session was witnessed at the PSX during the day.

    The market opened in the negative zone and continued to trade in the same range as a lackluster opening session concluded.

    READ MORE: Pakistan equities gain 187 points in mixed trading session

    Investors’ participation in the market remained low due to the ongoing political chaos. The second session began with the same momentum and remained negative until the closing bell.

    The mainboard’s volumes remained decent, as third-tier companies continued to dominate the volume board.

    READ MORE: Pakistan stocks end down amid profit taking

    Sectors contributing to the performance include Commercial Banks (-27.4 points), Technology & Communication (-24.3 points), E&P’s (-22.4 points), Textile Composite (-12.0 points), Vanaspati & Allied Industries (-8.2 points).

    READ MORE: Pakistan stocks shed 242 points over delay in IMF talks

    Volumes increased from 181.2 million shares to 189.3 million shares (+4.4 per cent DoD). The average traded value decreased by 18 per cent to $22.7 million as against $27.6 million.

    Stocks that contributed significantly to the volumes are UNITY, WTL, HASCOL, GCIL and FCCL.

  • Karachi Interbank Offered Rates KIBOR – November 18, 2022

    Karachi Interbank Offered Rates KIBOR – November 18, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on November 18, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.9415.44
    2 – Week15.0015.50
    1 – Month15.0615.56
    3 – Month15.5615.81
    6 – Month15.6115.86
    9 – Month15.6216.12
    1 – Year15.6416.14

    READ MORE: Karachi Interbank Offered Rates KIBOR – November 17, 2022

  • SBP suspends two exchange companies namely Orient and Best Way in latest action

    SBP suspends two exchange companies namely Orient and Best Way in latest action

    KARACHI: State Bank of Pakistan (SBP) on Friday suspended authorization of two exchange companies for serious violation of regulatory environment.

    The central bank suspended the authorization of M/s Orient Exchange Company-B (Pvt) Limited and M/s Best Way Exchange Company-B (Pvt) Limited.

    READ MORE: Poll suggests SBP to keep benchmark policy rate unchanged at 15pc

    The SBP suspended the companies for three months due to serious violations of regulatory instructions.

    SBP has advised both the companies to strengthen their Internal Control Functions and submit a report, of corrective measures to be taken in this regard, to SBP.

    Both Exchange Companies, their Head Offices, all branches/outlets have been restricted from undertaking any kind of business activity during the suspension period.

    The central bank had initiated harsh action against the exchange companies in order to ensure legal mode of transactions for foreign currencies.

    REAR MORE: Action against banks for overcharging on LCs by month-end

    On October 27, 2022, the SBP suspended the authorization of M/s Mega Currency Exchange Company – B (Pvt) Limited.

    Similarly, on September 13, 2022, the central bank suspended the authorization of two Exchange Companies, namely, Swiss International Exchange Company-B (Pvt.) Limited and Great Union Exchange Company-B (Pvt.) Limited.

    On March 25, 2022, the SBP suspended with immediate effect the authorization of an Exchange

    Company namely M/s Noble Exchange International (Pvt) Limited till further orders for violation of SBP rules and regulations.

    Recently, the SBP and Federal Investigation Agency (FIA) have agreed to take joint action against illegal exchange companies.

    It was agreed by the both that concerted joint effort is required to apprehend and implicate the illegal foreign exchange operators and speculators across the country.

    READ MORE: SBP introduces reporting system for illegal foreign exchange activity

    SBP and FIA have jointly initiated action against illegal foreign exchange operators in Pakistan. To this effect, joint teams from SBP and FIA shall identify and take penal/legal action against the perpetrators so as to curb speculation and the grey market.

    The teams, while remaining within the legal mandate allowed to them by the relevant laws, would crack down on all illegal foreign exchange operators and businesses across Pakistan.

    READ MORE: Pakistan remittances decline by 15.7% in October 2022

    Banks and Exchange Companies are authorized by the SBP to carry out Foreign Exchange business in Pakistan. Involvement of any person or entity, other than banks and Exchange Companies, in foreign exchange business is illegal under the Foreign Exchange Regulation Act, 1947. The illegal foreign exchange business also adversely affects the open market exchange rate and increases the gap between the interbank and open market exchange rate.

  • State Bank issues foreign exchange rates on November 18, 2022

    State Bank issues foreign exchange rates on November 18, 2022

    Karachi, November 18, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for today, providing a comprehensive overview of the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).

    (more…)
  • Bitcoin to PKR, USD on November 18, 2022

    Bitcoin to PKR, USD on November 18, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 18, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,715,236.76 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,683,816.64 at closing on November 17, 2022.

    The rate of Bitcoin in US Dollar (USD) is $16,725.49 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,513.76 at closing on November 17, 2022.

    READ MORE: Bitcoin to PKR, USD on November 17, 2022

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    Ripple to PKR, USD on November 18, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 18, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.25 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs80.59 at closing on November 17, 2022.

    The rate of Ripple in US Dollar (USD) is $0.36 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on November 17, 2022.

    READ MORE: Ripple to PKR, USD on November 17, 2022

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    Dogecoin to PKR, USD on November 18, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 18, 2022.

    One Dogecoin to PKR is Rs18.14 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.22 at closing on November 17, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on November 17, 2022.

    READ MORE: Dogecoin to PKR, USD on November 17, 2022

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    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Ripple to PKR, USD on November 18, 2022

    Ripple to PKR, USD on November 18, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 18, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.25 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs80.59 at closing on November 17, 2022.

    The rate of Ripple in US Dollar (USD) is $0.36 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on November 17, 2022.

    READ MORE: Ripple to PKR, USD on November 17, 2022

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    Dogecoin to PKR, USD on November 18, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 18, 2022.

    One Dogecoin to PKR is Rs18.14 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.22 at closing on November 17, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on November 17, 2022.

    READ MORE: Dogecoin to PKR, USD on November 17, 2022

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    Bitcoin to PKR, USD on November 18, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 18, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,715,236.76 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,683,816.64 at closing on November 17, 2022.

    The rate of Bitcoin in US Dollar (USD) is $16,725.49 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,513.76 at closing on November 17, 2022.

    READ MORE: Bitcoin to PKR, USD on November 17, 2022

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    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Dogecoin to PKR, USD on November 18, 2022

    Dogecoin to PKR, USD on November 18, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 18, 2022.

    One Dogecoin to PKR is Rs18.14 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.22 at closing on November 17, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on November 17, 2022.

    READ MORE: Dogecoin to PKR, USD on November 17, 2022

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    Ripple to PKR, USD on November 18, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 18, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.25 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs80.59 at closing on November 17, 2022.

    The rate of Ripple in US Dollar (USD) is $0.36 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on November 17, 2022.

    READ MORE: Ripple to PKR, USD on November 17, 2022

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    Bitcoin to PKR, USD on November 18, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 18, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,715,236.76 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,683,816.64 at closing on November 17, 2022.

    The rate of Bitcoin in US Dollar (USD) is $16,725.49 on November 18, 2022 at 03:56 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,513.76 at closing on November 17, 2022.

    READ MORE: Bitcoin to PKR, USD on November 17, 2022

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    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Rupee plummets on mounting default risk; dollar advances to PKR 223.17

    Rupee plummets on mounting default risk; dollar advances to PKR 223.17

    KARACHI: Pakistani Rupee (PKR) plummeted against the US dollar on Friday owing to rising default credit risk on securities issued by the country.

    The local currency fell by 50 paisas to PKR 223.17 to the dollar in the interbank foreign exchange market as compared with previous day’s closing of PKR 222.67 in the interbank foreign exchange market.

    READ MORE: Rupee devaluation continues; dollar reaches PKR 222.67

    The exchange rate recorded a fall in rupee value against the dollar for the sixth consecutive session.

    Currency experts said that scarcity of foreign exchange and delay in pledged created panic in the market. The 5-year Credit Default Swap (CDS) increased to 80 per cent, which showed the foreign investors had lost faith in the securities issued by the country.

    They said that falling foreign exchange reserves in these conditions further aggravated the situation.

    Foreign exchange (forex) reserves of Pakistan were at $13.796 billion by week ended November 11, 2022 as compared with $13.721 billion a week ago i.e. November 04, 2022.

    READ MORE: Dollar climbs to PKR 222.41 amid foreign payment demand

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.432 billion.

    The official foreign exchange reserves of the State Bank nominally increased by $3 million to 7.96 billion by week ended November 11, 2022 as compared with $7.957 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $12.185 billion.

    READ MORE: Dollar end up to PKR 221.91 in interbank on November 15, 2022

    The central bank took various measures to monitor outflow of the foreign currency in order to stabilize the rupee value.

    Currency experts said that the latest measures of the government to limit the cash dollar taking out of Pakistan supported the local currency to make gain.

    READ MORE: Dollar extends gain to PKR amid falling foreign exchange reserves

    On November 08, 2022, the SBP issued a circular to restrict the amount of foreign currency in cash up to equivalent to USD 5,000 from USD 10,000.

    The central bank issued a circular stating that it had reviewed the existing foreign currency cash carrying limits for travel purposes, and decided to further rationalize the same.

  • Industries threaten mass protest against gas supply shutdown

    Industries threaten mass protest against gas supply shutdown

    KARACHI: Industries have threatened the government of across the board protests against suspension of gas supply, which halted industrial activities and is affecting exports.

    Karachi Chamber of Commerce & Industry (KCCI) and Industrial Town Associations, while expressing deep concerns over suspension of gas supply to the industries in Karachi, stated that all the industries were almost closed and the pressure was zero, resulting in bringing the production activities to a complete standstill which would give a serious blow to the exports by terribly affecting the performance of export-oriented as well as general industries, besides triggering massive unemployment and creating chaos.

    READ MORE: Pakistan organizes first international housing expo next month

    In a joint statement, KCCI along with Site Association (SAI), Korangi Association (KATI), F.B Area Association (FBATI), North Karachi Association (NKATI), Site Superhighway Association (SSAI) and Bin Qasim Association (BQATI) appealed Prime Minister Shehbaz Sharif and Energy Minister Shahid Khaqan Abbasi to take notice of the situation and look into the possibility of supplying RLNG to SSGC for domestic usage as being done in case of SNGPL so that the gas crisis being suffered by the industries in Karachi could be averted.

    They stated that the business & industrial community totally rejects gas supply curtailment announced by the SSGC and the Karachi Chamber along with Industrial Town Associations will shortly announce the future plan of action if relief was not provided immediately which may even lead to triggering across the board protests.

    READ MORE: APTMA urges PM to save textile industry from total closure

    Referring to SSGC’s statement in response to a joint press release issued on November 11, 2022 by KCCI and all seven industrial town associations, they said that a meeting was held between SSGC and federally constituted committee comprising representatives of industries from Karachi who gave numerous suggestions, of which one of the suggestion was to either close down gas supply to industries for two day a week or carry out gas load shedding for eight hours a day so that SSGC could maintain its line pack and the industries receive gas for 16 hours a day at required pressure so that they could keep on operating efficiently.

    However, this unfortunately, was not done and later on, without taking the stakeholders on board, SSGC issued a notification/ letter to industries about suspension of gas supply which contained several ambiguities as in the said letter, SSGC has issued a caution for future as well by saying that every year gas supply will remain suspended. Subsequently, it has also been notified that 50 percent of gas supply to captive power plants will also be curtailed without explaining that what will happen to those industries who do not have KE connection or any other source and the process of gas supply suspension to general industries has also not been properly explained.

    READ MORE: Reducing foreign currency cash carrying limits to half criticized

    SSGC must refrain from giving misleading statements in the media by sharing those decisions which were neither discussed nor agreed upon by the federally constituted committee in any of the meetings held to discuss gas crisis, KCCI and Industrial Town Associations urged, adding that several meetings were held in this regard but without taking us into confidence, SSGC has issued improper notification.

    KCCI and Industrial Town Associations, while once again urging the government to take notice, stated that the overall situation was really alarming in Karachi which would terribly affect industrial performance, exports and have a deep negative impact on the economy due to rampant unemployment as suspension of gas for three consecutive months would obviously cause massive layoffs and massive reduction in exports.

    READ MORE: KATI suggests Pakistan, Sri Lanka trade in local currency