The Pakistan Stock Exchange (PSX) witnessed a significant downturn on Wednesday, with the benchmark KSE-100 index plummeting by 650 points.
(more…)Author: Faisal Shahnawaz
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Rupee slips sharply to dollar on PTI long march
KARACHI: Pakistani Rupee (PKR) slipped by sharp 95 paisas against the US dollar on Wednesday owing to unstable political situation after a long march announced by PTI Chief Imran Khan.
Exchange rate recorded 95 paisas decline in rupee value to end at PKR 220.68 from previous day’s closing of PKR 219.73 in the interbank foreign exchange market.
READ MORE: Rupee recovers to PKR 219.73 against dollar
Currency experts said that the market participants were in panic after expected political instability in the country.
PTI Chief Imran Khan a day earlier announced a country-wide protest with a long march towards the federal capital Islamabad. He announced the rally would begin from Friday October 28, 2022 for an indefinite period.
READ MORE: Dollar slips to PKR 220.41 on improved economic sentiments
PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.
Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).
Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.
READ MORE: Rupee gains 11 paisas to dollar on ADB loan approval
The ADB in a statement on Friday said that it had approved $1.5 billion in financing to help the Government of Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.
Besides, the rupee was also supported by contraction in current account deficit during the first quarter of the current fiscal year.
Pakistan’s current account deficit has recorded a decline of 37 per cent to $2.21 billion during first quarter (July – September) of fiscal year 2022/2023, according to official data released last week.
The current account deficit of the country was $3.53 billion in the same quarter of the last fiscal year.
READ MORE: Dollar inches up to end at PKR 220.95 in interbank market
Contraction in current account deficit can be attributed to significant fall in trade deficit. The trade deficit also contracted by 21.32 per cent to $9.22 billion during first quarter of the current fiscal year as compared with the deficit of $11.72 billion in the same quarter of the last fiscal year.
Furthermore, the local currency also received support as the level of foreign exchange reserves were remained flat.
Pakistan’s weekly foreign exchange reserves increased nominally to $13.251 billion by week ended October 14, 2022 as compared with $13.247 billion a week ago i.e. October 7, 2022.
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State Bank issues foreign exchange rates on October 26, 2022
KARACHI – The State Bank of Pakistan (SBP) continues its regular updates on foreign exchange rates, providing insights into the dynamics of the currency market. On October 26, 2022, the SBP issued the latest exchange rates based on the weighted average rates of commercial banks.
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SBP issues fresh instructions on ATM CCTVs for fraud prevention
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued fresh instructions regarding installation of Closed Circuit Television (CCTVs) in Automated Teller Machines (ATMs) vestibules and preservation period of visual records.
The central bank invited attention to Circular No. 02 of 2007 and No. 05 of 2016, FD Circular Letter No. 04 of 2017 whereby regulatory instructions were prescribed inter alia regarding installation of CCTVs in ATMs vestibules and preservation period of visual records.
READ MORE: Last date extended for exchanging bearer prize bonds to June 30, 2023
In this regard, it has been decided to issue following instructions with an aim to strengthen the regulatory instructions and standardize the installation of CCTVs, in and around the branch premises of Banks/MFBs, quality and preservation period of visual records of such CCTVs:
Banks/MFBs are advised to update their Standard Operating Procedure (SoPs) to prescribe and standardize inter alia installation points of CCTVs, within ATM vestibules and around branch premises, minimum preservation period of visual records, quality of cameras deployed including minimum required resolution standards to enable round the clock recording. The installed CCTVs should at least be of six mega pixels.
READ MORE: SBP announces last date to exchange old design banknotes
CCTVs, installed within the ATM vestibules, must be directed to record the ATMs users’ activities and to enable regulated entities and Law Enforcement Agencies (LEAs) facially recognize users, if so required, in investigations of terrorism, fraud and disputed transactions related cases.
Banks/MFBs, within one month of issuance of this letter, shall update aforesaid SoPs, ensure deployment of CCTVs as prescribed therein and submit a copy of compliance certificate in this regard to the concerned Banking Supervision Department.
READ MORE: Banking Mohtasib provides Rs639 million relief during 9MCY22
Banks/MFBs thereafter on continual basis must maintain, at centralized location, monthly record of operational status of CCTVs. Compliance function shall then certify that CCTVs installed in branch network of regulated entity have operated satisfactorily during preceding month as per standards prescribed in SoPs and submit a quarterly report thereof to concerned Banking Supervision Department.
READ MORE: SBP keeps policy rate unchanged at 15% amid economic deceleration
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Bitcoin to PKR, USD on October 26, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 26, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,401,645.13 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,400,667.41 at closing on October 25, 2022.
The rate of Bitcoin in US Dollar (USD) is $20,223.07 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,055.45 at closing on October 25, 2022.
READ MORE: Bitcoin to PKR, USD on October 25, 2022
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Dogecoin to PKR, USD on October 26, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 26, 2022.
One Dogecoin to PKR is Rs14.43 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.73 at closing on October 25, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on October 25, 2022.
READ MORE: Dogecoin to PKR, USD on October 25, 2022
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Ripple to PKR, USD on October 26, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 26, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs101.02 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs100.97 at closing on October 25, 2022.
The rate of Ripple in US Dollar (USD) is $0.46 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.46 at closing on October 25, 2022.
READ MORE: Ripple to PKR, USD on October 25, 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 October 26, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 26, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs101.02 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs100.97 at closing on October 25, 2022.
The rate of Ripple in US Dollar (USD) is $0.46 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.46 at closing on October 25, 2022.
READ MORE: Ripple to PKR, USD on October 25, 2022
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Bitcoin to PKR, USD on October 26, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 26, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,401,645.13 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,400,667.41 at closing on October 25, 2022.
The rate of Bitcoin in US Dollar (USD) is $20,223.07 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,055.45 at closing on October 25, 2022.
READ MORE: Bitcoin to PKR, USD on October 25, 2022
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Dogecoin to PKR, USD on October 26, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 26, 2022.
One Dogecoin to PKR is Rs14.43 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.73 at closing on October 25, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on October 25, 2022.
READ MORE: Dogecoin to PKR, USD on October 25, 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 October 26, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 26, 2022.
One Dogecoin to PKR is Rs14.43 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.73 at closing on October 25, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on October 25, 2022.
READ MORE: Dogecoin to PKR, USD on October 25, 2022
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Ripple to PKR, USD on October 26, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 26, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs101.02 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs100.97 at closing on October 25, 2022.
The rate of Ripple in US Dollar (USD) is $0.46 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.46 at closing on October 25, 2022.
READ MORE: Ripple to PKR, USD on October 25, 2022
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Bitcoin to PKR, USD on October 26, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 26, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,401,645.13 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,400,667.41 at closing on October 25, 2022.
The rate of Bitcoin in US Dollar (USD) is $20,223.07 on October 26, 2022 at 12:45 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,055.45 at closing on October 25, 2022.
READ MORE: Bitcoin to PKR, USD on October 25, 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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Pakistan equities end down 157 points amid profit taking
KARACHI: Pakistan equities ended down by 157 points on Tuesday owing to profit taking observed during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,190 points from previous day’s closing of 42,347 points, showing a decline of 157 points.
READ MORE: Stocks gain 134 points in range bound trading
Analysts at Topline Securities said that Pakistan equities had a range bound day today.
The KSE-100 index initially opened in a green zone, made an intraday high at 42,524 (+176 points; up 0.42 per cent) where profit taking started and pushed the benchmark index towards intraday low at 42,157 (-191 points; down 0.45 per cent) before eventually settling at 42,190 (-157 points; up 0.37 per cent) for the day.
During the day, many companies announced their quarterly results including followings:
READ MORE: Weekly Review: market to stay positive after Pakistan exit from FATF grey list
FFBL: FFBL: 3Q2022 EPS at Rs -0.46 vs. Rs3.11 in 3Q2021 – Earnings lower than expectations – Dividend: NIL
OGDC: 1QFY23 EPS at Rs12.39 (+58 per cent YoY & +145 per cent QoQ); Earnings higher than industry expectations – Dividend: 1.75
DGKC: 1QFY23 EPS at Rs0.9 (-57 per cent YoY); Earnings lower than industry expectations – Dividend: NIL
POL: 1QFY23 EPS at Rs29.59 (+60 per cent YoY & +0 per cent QoQ); Earnings in line with industry expectations – Dividend: NIL
READ MORE: Pakistan stocks trade range bound amid PTI chief disqualification
During the day, Power, Fertilizer & E&P sector stocks contributed positively to the index where HUBC, DAWH, POL, EFERT & ENGRO added 100 points, cumulatively.
On the flip side, TRG, SYS and DGKC have witnessed some profit taking as they lost 118 points collectively, today.
Around 195 million shares traded today at the bourse while total value clocked in at Rs 6.2 billion. HASCOL led the volumes chart today with trading of 35.2 million shares in it.
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Karachi Interbank Offered Rates KIBOR – October 25, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on October 25, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.82 15.32 2 – Week 14.93 15.43 1 – Month 15.06 15.56 3 – Month 15.54 15.79 6 – Month 15.59 15.84 9 – Month 15.58 16.08 1 – Year 15.59 16.09 READ MORE: Karachi Interbank Offered Rates KIBOR – October 21, 2022
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Rupee recovers to PKR 219.73 against dollar
KARACHI: The Pakistani Rupee (PKR) recovered 68 paisas against the US dollar on Tuesday owing to expected inflows to support balance of payment.
The exchange rate witnessed a gain of 68 paisas in rupee value to end at PKR 219.73 to the dollar from the previous day’s closing of PKR 220.41 in the interbank foreign exchange market.
READ MORE: Dollar slips to PKR 220.41 on improved economic sentiments
Currency experts believed the removal of name from the grey list of the Financial Action Task Force (FATF) would help the country to secure multilateral funding.
FATF, the global watchdog, last Friday formally announced giving clearance to Pakistan by removing the country’s name from its grey list.
Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country.
READ MORE: Rupee gains 11 paisas to dollar on ADB loan approval
Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.
The ADB in a statement on Friday said that it had approved $1.5 billion in financing to help the Government of Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.
Besides, the rupee was also supported by contraction in current account deficit during the first quarter of the current fiscal year.
READ MORE: Dollar inches up to end at PKR 220.95 in interbank market
Pakistan’s current account deficit has recorded a decline of 37 per cent to $2.21 billion during first quarter (July – September) of fiscal year 2022/2023, according to official data released last week.
The current account deficit of the country was $3.53 billion in the same quarter of the last fiscal year.
Contraction in current account deficit can be attributed to significant fall in trade deficit. The trade deficit also contracted by 21.32 per cent to $9.22 billion during first quarter of the current fiscal year as compared with the deficit of $11.72 billion in the same quarter of the last fiscal year.
READ MORE: Rupee plunges to PKR 220.88 against dollar in interbank
Furthermore, the local currency also received support as the level of foreign exchange reserves were remained flat.
Pakistan’s weekly foreign exchange reserves increased nominally to $13.251 billion by week ended October 14, 2022 as compared with $13.247 billion a week ago i.e. October 7, 2022.