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Author: Faisal Shahnawaz

  • Dogecoin to Pak Rupee on April 01, 2022

    Dogecoin to Pak Rupee on April 01, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs24.75 on April 01, 2022 at 11:33 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs25.31 at closing on March 31, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.13 on April 01, 2022 at 11:33 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.14 at closing on March 31, 2022.

    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 Pak Rupee on March 31, 2022
  • Dollar touches Rs184 in midday interbank trading

    Dollar touches Rs184 in midday interbank trading

    KARACHI: The US Dollar continues record breaking journey against the Pakistan Rupee (PKR) and reached Rs184 for the first time in interbank foreign exchange market.

    The dollar gained 52 paisas in midday trading from previous day’s closing of Rs183.48 in the interbank foreign exchange market.

    READ MORE: Rupee continues falling spree; dollar at Rs183.48

    The rupee last day closing fell non-stop against the dollar for the last 13 trading sessions. The local currency recorded Rs178.51 at interbank closing on March 11, 2022 and since then the dollar run was unabated.

    The recent fall may be attributed to significant fall to foreign exchange reserves. Pakistan’s foreign exchange reserves have depleted by $2.88 billion in a week to $18.554 billion by week ended March 25, 2022, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were $21.44 billion by week ended March 18, 2022.

    READ MORE: Rupee falls to new historic low to dollar at 182.64

    This is seventh consecutive week when the country’s foreign exchange reserves have witnessed consistent decline. The liquid foreign exchange reserves of Pakistan have declined by $5.167 billion since February 04, 2022, when the reserves were at $23.721 billion.

    READ MORE: Rupee deteriorates record low to dollar at 182.34

    The ballooning current account deficit escalated the dollar value. Pakistan’s current account deficit ballooned to $12 billion during first eight months (July – February) 2021/2022 against a surplus of $994 million in the corresponding months of the last fiscal year.

    READ MORE: Dollar jumps to new record high at PKR 182.19

    Although the current account deficit narrowed to $545 million in February 2022 as compared with the deficit of $2.53 billion in January 2022, scheduled external repayments are still a threat to balance of payment.

  • Lucky Cement installs 34MW solar power project

    Lucky Cement installs 34MW solar power project

    KARACHI: Lucky Cement Limited and Reon Energy on Thursday announced a 34 MW captive solar power project with a 5.589 MWh Reflex energy storage.

    •The project was announced in partnership with Reon Energy Pakistan’s leading Solar and Storage Solutions Specialist

    •The project is set to be installed at Lucky Cement’s Pezu plant in Khyber Pakhtunkhwa.

    •The project will cut around 29,569 Tonnes of CO2 equivalent emissions annually.

    The project set to be installed at Lucky Cement’s Pezu plant in Khyber Pakhtunkhwa will hold not only Pakistan’s largest on-site captive solar plant but also the largest ever energy storage solution.

    READ MORE: Lucky Cement announces Rs17.15 billion earnings for first half

    The 34MW solar PV project is expected to produce approximately 48 GWh (Gigawatt hours) annually. The output energy will be used on-site resulting in substantial savings for the company in cost of energy and will also cut around 29,569 Tonnes of CO2 equivalent emissions annually.

    Speaking about the project, Noman Hasan, Executive Director, Lucky Cement Limited: “The company has always ensured to introduce and adopt the latest technologies in line with its vision of promoting sustainable business practices.

    “This advancement will not only enhance our plant’s efficiency but will also support in curtailing Carbon emissions.”

    READ MORE: Lucky Cement wins corporate excellence award

    Considering the global environmental challenges, it is important to invest in such technologies, especially on the industrial level. Being an industry leader we understand our responsibility towards the environment and through such investments, we are committed to ensuring a sustainable future, he added.

    Lucky Cement Limited becomes the third such company in Pakistan to install Reflex energy storage. This will improve the reliability of the power system by absorbing the variations of the Solar Plant and improve the overall generation efficiency by shutting down 20 MW of fossil fuel generation during the daytime whilst keeping the critical spinning reserve intact. Furthermore, storage will build flexibility into the cement plant’s power system, and allow quick response in case of any power faults enabling 24/7 operations.

    Lucky Cement Limited’s contribution to conservation falls into two categories: the efforts of the Company to preserve and enrich the environment in and around its areas of operation, and the philanthropic thrust of the Company, which supports society with the management of natural resources, community development, and livelihoods.

    The company has extensively invested in implementing projects that reduce energy consumption and address issues of environmental degradation. These projects not only bring production efficiencies but have significantly reduced carbon emissions.

  • Pakistan’s weekly forex reserves deplete by $2.88 billion

    Pakistan’s weekly forex reserves deplete by $2.88 billion

    KARACHI: Pakistan’s foreign exchange reserves have depleted by $2.88 billion in a week to $18.554 billion by week ended March 25, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were $21.44 billion by week ended March 18, 2022.

    READ MORE: Pakistan’s foreign exchange reserves fall to $21.44 billion

    This is seventh consecutive week when the country’s foreign exchange reserves have witnessed consistent decline. The liquid foreign exchange reserves of Pakistan have declined by $5.167 billion since February 04, 2022, when the reserves were at $23.721 billion.

    READ MORE: Pakistan’s forex reserves dip to $22.283 billion

    The official foreign exchange reserves of the State Bank recorded a decline of $2.915 billion to $12.047 billion by week ended March 25, 2022 as compared with $14.962 billion a week ago i.e. March 18, 2022.

    READ MORE: SBP’s reserves slip by $250 million on foreign payments

    The SBP attributed the decline to repayment of external debt, including repayment of a major syndicated loan facility from China. The rollover of this syndicated facility is being processed and is expected shortly.

    The foreign exchange reserves held by commercial banks however recorded a nominal increase of $30 million to $6.507 billion by week ended March 25, 2022 as compared with $6.477 billion a week ago.

    READ MORE: Pakistan’s forex reserves decline to $22.875 billion

  • Pakistan stocks gain 591 points amid political unrest

    Pakistan stocks gain 591 points amid political unrest

    KARACHI: Pakistan stocks have gained 591 points on Thursday amid political uncertainty due to no-confidence motion against the prime minister.

    The benchmark KSE-100 index of Pakistan Stock Exchange closed at 44,929 points as against previous day’s closing of 44,337, up by 591 points.

    READ MORE: Pakistan equities shed 101 points on political uncertainty

    Analysts at Arif Habib Limited said that the market witnessed positive momentum along with improved trading volumes today.

    READ MORE: Pakistan stocks gain 505 points amid buying activity

    The KSE-100 index stayed in green zone. As investors seems to be optimistic on ground of decline in international oil prices and expectation of upcoming good financial results in cement stocks. On the flip side activity remained healthy in 3rd tier stocks

    Sectors contributing to the performance include Technology (+118.2 points), Fertilizer (+87.1 points), Banks (+67.7 points) and Cement (+41.0 points).

    READ MORE: Equities gain 382 points amid easing political tensions

    Volumes increased from 344.1 million shares to 415.6 million shares (+20.8 per cent DoD). Average traded value also increased by 24.4 per cent to reach US$ 52.7 million as against US$ 42.4 million.

    Stocks that contributed significantly to the volumes are KEL, TREET, TELE, GGL, and AGL.

    READ MORE: Weekly Review: political unrest may impact market

  • SBP issues KIBOR rates on March 31, 2022

    SBP issues KIBOR rates on March 31, 2022

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of March 31, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.9410.44
    2 – Week10.1210.62
    1 – Month10.9111.41
    3 – Month11.7011.95
    6 – Month12.2712.52
    9 – Month12.3012.80
    1 – Year12.3412.84
    SBP issues KIBOR rates on March 30, 2022
  • Rupee continues falling spree; dollar at Rs183.48

    Rupee continues falling spree; dollar at Rs183.48

    KARACHI: The Pakistan Rupee (PKR) witnessed major fall of 84 paisas against the dollar on Thursday to continue its spree of making new historic lows.

    The rupee ended Rs183.48 to the dollar from the last day’s closing of Rs182.64 in the interbank foreign exchange market.

    READ MORE: Rupee falls to new historic low to dollar at 182.64

    The rupee has fallen non-stop against the dollar for the last 13 trading sessions. The local currency recorded Rs178.51 at interbank closing on March 11, 2022 and since then the dollar run was unabated.

    Currency experts said that the dollar demand remained high during the day due to falling foreign exchange reserves, volatiles commodity prices in international markets and political uncertainty.

    READ MORE: Rupee deteriorates record low to dollar at 182.34

    Large external payments against foreign debts depressed the rupee value. Pakistan’s foreign exchange reserves fell by $2.28 billion to $21.44 billion by March 18, 2022 as compared with $23.72 billion as of February 4, 2022.

    READ MORE: Dollar jumps to new record high at PKR 182.19

    The foreign exchange reserves of the country hit record high at $27.23 billion on August 27, 2021.

    The ballooning current account deficit escalated the dollar value. Pakistan’s current account deficit ballooned to $12 billion during first eight months (July – February) 2021/2022 against a surplus of $994 million in the corresponding months of the last fiscal year.

    READ MORE: Dollar continues historic journey; tops at PKR 181.78

    Although the current account deficit narrowed to $545 million in February 2022 as compared with the deficit of $2.53 billion in January 2022, scheduled external repayments are still a threat to balance of payment.

  • Customers’ exchange rates on March 31, 2022

    Customers’ exchange rates on March 31, 2022

    KARACHI, March 31, 2022 – The State Bank of Pakistan (SBP) has issued the exchange rates for customers on Thursday, March 31, 2022.

    (more…)
  • Supernet set to raise Rs475 million through initial offering

    Supernet set to raise Rs475 million through initial offering

    KARACHI: Supernet Limited has planned to raise Rs475 million through Initial Offering of its 18.81 per cent of post-offering share capital.

    The capital being raised by listing the firm on the GEM Board of the Pakistan Stock Exchange (PSX) will consist of fresh equity of Rs275 million in Supernet and ‘Offer for Sale’ by Telecard Limited of Rs200 million.

    Supernet is the first technology company to be listed on GEM Board of PSX.

    READ MORE: Supernet wins ZTBL projects worth Rs450 million

    The issue consists of 21,111,121 Ordinary Shares, representing 18.81 per cent of the total post-offering paid up capital of Supernet of face value of Rs10 each.

    The entire issue will be offered through Book Building on April 12-13 for which registration will Start from April 7 at a Floor Price of Rs22.50 per share, including premium of Rs12.50 per share. The upper limit of the price band will not be more than 40 per cent of the Floor Price.

    READ MORE: Supernet, Avara awarded project for supply, maintenance

    Super Net is being offered at FY22 PE of 6.7 vs Avg. IT sector PE of 22X, offering significant value to the investors.  Out of the total issue, 8,888,889 shares are being offered as Offer for Sale by Telecard and 12,222,232 shares are being offered as fresh equity.

    Founded in 1995, it is one of the country’s leading telecommunications service provider and systems integrator. The company offers a full portfolio of local-to-global integrated communications infrastructure solutions to telecoms, defense, private firms and government sectors/customers and has a pool of highly trained and experienced human resource in wide range of communication and IT technologies spread across Pakistan in more than 200 cities and towns.

    READ MORE: Supernet awarded telecom projects worth Rs100 million

    Recently, Supernet Group is aggressively expanding into Cyber Security, Power Solution and IT & Infrastructure Solutions business. The proceeds from listing will be utilized to finance the expansion plan.

    For expansion into new business segments, SNL has set up two new subsidiaries: Supernet Secure Solutions Private Limited and Supernet Infrastructure Solutions Private Limited . Another subsidiary, Phoenix Global (Supernet Global Solutions), is a UAE based company that offers a wide range of IT & Communication solutions to its international clients. Supernet’s clientele include major banks, mobile operators, leading MNCs, government and defence institutions, etc.

    READ MORE: Suprenet gets project for optic fiber supply

  • Pakistani Rupee to UAE Dirham on March 31, 2022

    Pakistani Rupee to UAE Dirham on March 31, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on March 31, 2022:

    Buying: Rs 49.40 to the UAE Dirham

    Selling: Rs 50.30 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 11:05 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.

    Pakistani Rupee to UAE Dirham on March 30, 2022