Karachi, November 11, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for today, providing insight into the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
(more…)Author: Faisal Shahnawaz
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PKR slips to dollar as foreign exchange reserves fall sharply
KARACHI: Pakistani Rupee (PKR) slipped against the US dollar on Friday owing to massive decline in foreign exchange reserves of the country.
The exchange rate witnessed a decline of 22 paisas in rupee value to end at PKR 221.64 to the dollar from previous day’s closing of PKR 221.42 in interbank foreign exchange market.
READ MORE: Rupee makes recovery as limit imposed on dollar cash movement
Currency experts said that the devaluation in rupee value came after significant decline in foreign exchange reserves was recorded.
Pakistan foreign exchange reserves slipped sharply by $958 million by week ended November 08, 2022 owing to external payments, State Bank of Pakistan (SBP) said a day earlier.
The foreign exchange reserves of the country have been recorded at $13.721 billion by week ended November 04, 2022 as compared with $14.679 billion a week ago i.e. October 28, 2022.
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 $13.507 billion.
READ MORE: PKR ends stable against US dollar in interbank
The official foreign exchange reserves of the State Bank plunged by $958 million to $7.957 billion by week ended November 04, 2022 as compared with $8.913 billion a week ago.
The SBP attributed the decline to external debt servicing. “Major external debt repayments executed during the week includes repayment of government commercial loans. Refinancing of these loans is in process which will improve foreign exchange reserves in coming weeks,” the central bank added.
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 $12.189 billion.
The central bank has taken 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: SBP limits cash up to USD 5,000 taking out of Pakistan
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.
As per the revised limits individuals with age 18 years and above (adults) can now take out of Pakistan foreign currency (FCY) equivalent to USD5,000 per visit, while those below the age of 18 years (minors) can carry out foreign currency equivalent to USD2,500 per visit. Further, the annual ceiling to take out FCY for adults and minors shall be USD30,000 and USD15,000, respectively.
READ MORE: US Dollar falls by 26 paisas to PKR 221.66 in interbank market
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Bitcoin to PKR, USD on November 11, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 11, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,839,230.84 on November 11, 2022 at 01:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,707,547.81 at closing on November 10, 2022.
The rate of Bitcoin in US Dollar (USD) is $17,337.73 on November 11, 2022 at 01:56 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,684.15 at closing on November 10, 2022.
READ MORE: Bitcoin to PKR, USD on November 10, 2022
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Ripple to PKR, USD on November 11, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 11, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.00 on November 11, 2022 at 01:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs80.33 at closing on November 10, 2022.
The rate of Ripple in US Dollar (USD) is $0.36 on November 11, 2022 at 01:56 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 10, 2022.
READ MORE: Ripple to PKR, USD on November 10, 2022
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Dogecoin to PKR, USD on November 11, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 11, 2022.
One Dogecoin to PKR is Rs18.09 on November 11, 2022 at 01:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.73 at closing on November 10, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.08 on November 11, 2022 at 01:56 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 10, 2022.
READ MORE: Dogecoin to PKR, USD on November 10, 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.
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Ripple to PKR, USD on November 11, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 11, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.00 on November 11, 2022 at 01:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs80.33 at closing on November 10, 2022.
The rate of Ripple in US Dollar (USD) is $0.36 on November 11, 2022 at 01:56 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 10, 2022.
READ MORE: Ripple to PKR, USD on November 10, 2022
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Dogecoin to PKR, USD on November 11, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 11, 2022.
One Dogecoin to PKR is Rs18.09 on November 11, 2022 at 01:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.73 at closing on November 10, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.08 on November 11, 2022 at 01:56 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 10, 2022.
READ MORE: Dogecoin to PKR, USD on November 10, 2022
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Bitcoin to PKR, USD on November 11, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 11, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,839,230.84 on November 11, 2022 at 01:56 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,707,547.81 at closing on November 10, 2022.
The rate of Bitcoin in US Dollar (USD) is $17,337.73 on November 11, 2022 at 01:56 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,684.15 at closing on November 10, 2022.
READ MORE: Bitcoin to PKR, USD on November 10, 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.
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Dogecoin to PKR, USD on November 11, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 11, 2022.
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Saudi Arabia launches insurance program for Umrah performers
Saudi Arabia has launched an insurance program for Umrah performers coming from all over the world.
Under the insurance program pilgrims and visitors can benefit from more than 2,764 facilities providing health services in various cities and regions of the Kingdom during the current Umrah season.
The Saudi Arabia’s Ministry of Hajj and Umrah has announced the insurance program.
A selection of 151 public and private sector hospitals will provide services to pilgrims and visitors coming to Makkah and Madinah, in addition to 773 health centers and polyclinics, as well as 1,840 medical laboratories and pharmacies all over the Kingdom.
The insurance program aims to enhance the quality of living of Umrah pilgrims and visitors while they are in Saudi Arabia to perform Umrah and pray in the Prophet’s (PBUH) Mosque.
The program was launched by the Ministry to improve quality of service provided to pilgrims and to enrich their religious and cultural experience within the objectives of the Kingdom’s Vision 2030, Saudi Gazette reported.
The insurance policy provides healthcare and travel protection and harnesses all capabilities and efforts to serve pilgrims and fulfill all their requirements from the moment they arrive in the Kingdom and until their departure after performing the rituals.
This comes within the objectives of Vision 2030 to improve the experience of pilgrims by enabling them to perform Umrah utilizing swift solutions and options, and to make it easier for them to perform the rituals in peace and comfort until they return to their country safely.
The Ministry recently announced a set of facilities for pilgrims, which include allowing the Umrah pilgrimage for all types of visas, canceling age requirements, and procedural restrictions related to the presence of a mahram for women, in addition to facilitating the movement of pilgrims between cities and regions of the Kingdom, and extending the period of the Umrah visa from 30 days to 90 days, with the aim of facilitating the arrival of pilgrims with ease and tranquility , raising the quality of services provided, and enriching the religious and cultural experience of the pilgrims.
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Reducing foreign currency cash carrying limits to half criticized
KARACHI: Syed Usman Ali Chairman Towel Manufactures Association (TMA) of Pakistan has strongly criticized the State Bank of Pakistan (SBP) for reducing cash carrying limits of foreign currency for international travel.
While expressing deep concern over decreasing of limit of foreign currency as Travelling Cash, urged the State Bank of Pakistan (SBP) to enhance the limit to US$. 15,000/- per visit and US$ 90,000/- Annually.
The State Bank of Pakistan (SBP) had halved the cash-carrying limits on foreign currency for international travel to $5,000 from $10,000 per visit.
In a letter to the Governor of State Bank of Pakistan, Chairman TMA pointed out that revised limits for travelers will provide huge distress to the Business Professionals especially the Exporters, those who were visiting abroad to bring Foreign Exchange into the country.
These Business Professionals/ Exporters usually stay in Hotels of various cities through extensive travelling to bring export contracts in Pakistan which is not possible through this short limit of foreign currencies.
“In view of the support of the Business Professionals/ Exporters, Chairman TMA requested the Governor State Bank to enhance the limit to US$. 15,000/- per visit and US$ 90,000/- Annually (Equivalent Foreign Exchange) rather than decreasing in travelling cash to distress them.”
Syed Usman Ali also requested the Ministry of Finance and Prime Minister of Pakistan to take immediate action and facilitate the business community in strengthening the trade and economy of Pakistan.
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Karachi Interbank Offered Rates KIBOR – November 10, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on November 10, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.80 15.30 2 – Week 14.90 15.40 1 – Month 15.02 15.52 3 – Month 15.48 15.73 6 – Month 15.58 15.83 9 – Month 15.61 16.11 1 – Year 15.64 16.14 READ MORE: Karachi Interbank Offered Rates KIBOR – November 08, 2022
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State Bank issues foreign exchange rates on November 10, 2022
Karachi, November 10, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for today, offering valuable information about the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
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FBR Member PR holds meetings to create return filing awareness
KARACHI: Sardar Ali Khawaja, Member Public Relations, Federal Board of Revenue (FBR) has held meetings with heads of corporate entities, businessmen and government authorities to create awareness about filing of income tax return.
On directions of Special Assistant to Prime Minister on Revenue Mr. Tariq Mehmood Pasha and Chairman FBR Asim Ahmad, Member Public Relations (FBR), Sardar Ali Khawaja visited Karachi and met senior management of various big organizations and institutions to impress upon the importance of filing tax returns before the extended due date of November 30, 2022.
READ MORE: FBR chairman heads compliance risk management committee
The visit was undertaken as part of FBR’s goodwill gesture and intensive awareness and facilitation drive to urge eligible taxpayers across the country to file their income tax returns within the due date.
During his visit, Member PR met Amir Ghaziani, CFO, K-Electric Limited, Arif Akmal Saifee, CFO, United Bank Limited, Abdul Wahid Sethi, CFO, National Bank of Pakistan Limited and Muhammad Mureed Rahimoon, Secretary University Board/Higher Education/Colleges, Government of Sindh at their respective office premises.
READ MORE: FBR approves setting up directorate for risk profiling of main sectors
During the series of meetings, Member PR listened to the issues and problems related to taxation faced by the tax paying entities and assured of all possible cooperation for their resolution.
The Heads of Finance of the Organizations committed to get their employees, receiving annual taxable salary, to file their income tax returns for tax year 2022 within the due date. Member PR expressed gratitude on the positive response and assurances by the companies to facilitate their employees to file their returns in time.
Separately, Member PR also held meeting with trade bodies and counsels of taxpayers having jurisdiction at Regional Tax Office II Karachi. Touqeer Memon, Chief Commissioner RTO II Karachi and senior officials also attended the meeting.
READ MORE: National Tax Council discusses GST harmonization
Representatives of various Trade bodies including Federal B Area Small and Medium Enterprises, Towel Manufacturers Association of Karachi, State Bank of Pakistan, K Electric Limited, FPCCI, Association of Pakistan Paper and Packages and a number of tax consultants attended the meeting.
Member PR stressed upon them to file tax returns to fulfil their national obligation and responsibility and thus contribute to the growth of the country’s economy.
READ MORE: Definitions under Pakistan Income Tax Laws updated up to June 30, 2022
The trade bodies also apprised about the issues related to Iris and claims of tax credits. Member PR assured that FBR will continue to extend facilitation for redressal of their issues.