Author: Faisal Shahnawaz

  • Dollar slips to PKR 218.35 in early interbank trading on Oct 10, 2022

    Dollar slips to PKR 218.35 in early interbank trading on Oct 10, 2022

    KARACHI: The US dollar slipped to Pakistani Rupee (PKR) by 1.57 to PKR 218.35 in early day trade on Monday October 10, 2022 in interbank foreign exchange market.

    The dollar is being traded at PKR 218.35 as compared with last Friday’s closing of PKR 219.92 in interbank foreign exchange market.

    READ MORE: Rupee gains for 11th session; dollar falls to PKR 219.92

    The exchange rate witnessed an appreciation of 19.79 in rupee value against the dollar during the last 11 straight sessions ended on Friday October 7, 2022.

    The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 219.92 on October 07, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

    The experts further said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

    READ MORE: Dollar weakens by PKR 17.77 in 10 sessions amid tight monitoring on transactions

    Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

    In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

    Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

    READ MORE: PKR recovers against dollar for ninth consecutive session

    However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

    Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

    READ MORE: PKR maintains winning streak against dollar on 8th straight session

    This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

    Meanwhile, the international oil prices also softened which helped the rupee to make gains.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

  • Bitcoin to PKR, USD on October 10, 2022

    Bitcoin to PKR, USD on October 10, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 10, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,300,148.70 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,299,115.84 at closing on October 09, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,449.72 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,417.25 at closing on October 09, 2022.

    READ MORE: Bitcoin to PKR, USD on October 07, 2022

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    Dogecoin to PKR, USD on October 10, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 10, 2022.

    One Dogecoin to PKR is Rs13.75 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.75 at closing on October 09, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on October 07, 2022 at 09:45 AM 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 06, 2022.

    READ MORE: Dogecoin to PKR, USD on October 07, 2022

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    Ripple to PKR, USD on October 10, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 10, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs117.38 on October 07, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs118.38 at closing on October 09, 2022.

    The rate of Ripple in US Dollar (USD) is $0.53 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.53 at closing on October 09, 2022.

    READ MORE: Ripple to PKR, USD on October 07, 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 October 10, 2022

    Ripple to PKR, USD on October 10, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 10, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs117.38 on October 07, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs118.38 at closing on October 09, 2022.

    The rate of Ripple in US Dollar (USD) is $0.53 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.53 at closing on October 09, 2022.

    READ MORE: Ripple to PKR, USD on October 07, 2022

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    Bitcoin to PKR, USD on October 10, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 10, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,300,148.70 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,299,115.84 at closing on October 09, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,449.72 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,417.25 at closing on October 09, 2022.

    READ MORE: Bitcoin to PKR, USD on October 07, 2022

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    Dogecoin to PKR, USD on October 10, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 10, 2022.

    One Dogecoin to PKR is Rs13.75 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.75 at closing on October 09, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on October 07, 2022 at 09:45 AM 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 06, 2022.

    READ MORE: Dogecoin to PKR, USD on October 07, 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 October 10, 2022

    Dogecoin to PKR, USD on October 10, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 10, 2022.

    One Dogecoin to PKR is Rs13.75 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.75 at closing on October 09, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on October 07, 2022 at 09:45 AM 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 06, 2022.

    READ MORE: Dogecoin to PKR, USD on October 07, 2022

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    Ripple to PKR, USD on October 10, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 10, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs117.38 on October 07, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs118.38 at closing on October 09, 2022.

    The rate of Ripple in US Dollar (USD) is $0.53 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.53 at closing on October 09, 2022.

    READ MORE: Ripple to PKR, USD on October 07, 2022

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    Bitcoin to PKR, USD on October 10, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 10, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,300,148.70 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,299,115.84 at closing on October 09, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,449.72 on October 10, 2022 at 09:45 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,417.25 at closing on October 09, 2022.

    READ MORE: Bitcoin to PKR, USD on October 07, 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.

  • Weekly Review: stocks likely to move in green zone

    Weekly Review: stocks likely to move in green zone

    KARACHI: Pakistan stocks likely to trade in green zone during the next week starting October 10, 2022.

    Analysts at Arif Habib Limited said that the market is expected to remain positive in the upcoming week.

    With the Monetary Policy Committee (MPC) meeting scheduled on Monday October 10 2022, the market is expecting a status quo.

    While indication of a stable parity will also aid sentiment at the index.

    READ MORE: Pakistan stocks end down in mixed trading session

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.2x (2023) compared to Asia Pac regional average of 12.1x while offering a dividend yield of 9.8 per cent versus 2.9 per cent offered by the region.

    In the outgoing week the market continued its upward trend as China agreed to refinance a $2.24 billion loan and the government is in talks of rolling over of SAFE China deposits of $ 2 billion.

    Additionally the trade deficit shrank 21.4 per cent YoY from $ 11.72 billion to $ 9.2 billion, which helped the index sustain momentum during the week.

    READ MORE: Pakistan stocks gain 549 points on ADB aid announcement

    Furthermore, Pakistani Rupee (PKR) appreciated against the green back, closing at 219.92 (up by PKR 8.53 | 3.7 per cent WoW).

    Moreover, Asian Development Bank (ADB) announced it would provide aid of around $ 2.3-2.5 billion for relief in wake of the current natural disaster that occurred.

    However, on Thursday Moody’s cut Pakistan’s sovereign credit rating from B3 to Caa1 due to increased liquidity and external vulnerability risks, keeping the bourse in check.

    That said, the market closed 42,085points, gaining 956points (up by 2.3 per cent).

    READ MORE: Stocks rally as PKR continues recovery against dollar

    Sector-wise positive contributions came from i) Technology & Communication (360 points), ii) Power Generation & Distribution (251 points), iii) Cement (129 points), iv) Fertilizer (115 points) and v) Chemical (44 points).

    Whereas, sectors which contributed negatively were i) Miscellaneous (44 points), and Paper & Board (6 points). Scrip-wise positive contributors were HUBC (227 points), TRG (171 points), SYS (170 points), ENGRO (66 points) and EFERT (61 points).

    Meanwhile, scrip-wise negative contribution came from PPL (48 points), PSEL (41 points), MCB (26 points), UBL (24 points) and FATIMA (11 points).

    READ MORE: Pakistan stocks gain 139 points on contraction in trade deficit

    Foreigners buying continued during this week, clocking in at $ 4.7 million compared to a net buy of $ 0.15 million last week.

    Major buying was witnessed in Technology ($ 6.0 million), Power ($ 0.4 million) and Cement ($ 0.3 million). On the local front, selling was reported by Insurance ($ 5.7 million) followed by Banks/DFI’s ($ 4.4 million).

    Average volumes clocked in at 434 million shares (up by 118 per cent WoW) while average value traded settled at $ 48 million (up by 32 per cent WoW).

  • FBR directs IR offices to avoid recovery in pending appeals

    FBR directs IR offices to avoid recovery in pending appeals

    KARACHI: Federal Board of Revenue (FBR) has directed the offices of Inland Revenue (IR) to avoid undue recovery proceedings until a case has passed the test of appeal at first appellate.

    In an official note circulated to all chief commissioners of Large Taxpayers Offices, Corporate Tax Offices, Medium Taxpayers’ Office and Regional Tax Offices regarding undue recover proceedings under Section 138 at first appellate.

    READ MORE: FBR directs 85 big retailers to integrate businesses

    The revenue body previously on October 12, 2021 issued directives to field formations and instructed to avoid coercive measures until case has passed the test of appeal at the level of Commissioner (Appeals).

    “Coercive measures, until case has passed the test of appeal at the level of Commissioner IR (Appeals), may avoided. Moreover, in order to utilize collective wisdom, a committee comprising of senior commissioner IR headed by Chief Commissioner IR may be constituted at formation level to deliberate on the cases before according approval for coercive measures.”

    READ MORE: FBR issues one million tax notices to enforce compliance

    The FBR said it had come to its knowledge that the instructions contained in the FBR’s letter were not being followed.

    “In this regard, it is clarified that the instructions/directions issued by FBR aforementioned letter have not been withdrawn and to be followed in letter and spirit,” the FBR added.

    The FBR issued these directives on the issue raised by Karachi Tax Bar Association (KTBA) regarding undue recovery proceedings.

    READ MORE: FBR unveils plan to achieve Rs7.47 trillion revenue collection target

    The tax bar in its letter dated September 29, 2022 to the FBR chairman stated that it had received queries from bar members and taxpayers that different officers of FBR issuing notices of alleged recovery under section 138(1) of the Income Tax Ordinance, 2001 irrespective of the fact that the, appeal is pending before the first appellate authority and yet to be finalized.

    KTBA President Syed Rehan Hasan Jafri informed the FBR that there was already a circular sent to all chief commissioners IR that ‘coercive measures until case has passed the test of appeal at the level of commissioner IR (Appeals) may be avoided’ in respect of measures to avoid unnecessary litigation.

    READ MORE: Customs officer awarded major penalty of rank demotion

    The KTBA urged the FBR chairman to issue directives to all the officers of the IR to follow the instructions which were binding on the officers of the FBR to avoid unnecessary harassment to the taxpayers.

  • SBP revokes EMI approval to TAG Innovation

    SBP revokes EMI approval to TAG Innovation

    KARACHI: State Bank of Pakistan (SBP) has revoked approval granted to M/s. TAG Innovation to operate as Electronic Money Institution (EMI) in the country.

    (more…)
  • Pakistan stocks end down in mixed trading session

    Pakistan stocks end down in mixed trading session

    KARACHI: Pakistan stocks ended down on Friday by 75 points in a mixed trading session observed during the day.

    (more…)
  • Ford reveals Mustang GT race car

    Ford reveals Mustang GT race car

    BATHURST: Ford Motor Company revealed its first race prepared seventh generation Mustang, along with the 2023 Mustang GT ‘Gen 3’ Supercar at the Mount Panorama.

    The road-going variants of the seventh-generation Mustang were revealed in Detroit last month, with computer-generated images of the race cars shown at the same time.

    Ford’s challenger for the 2023 Australian Supercars Championship was shown in pit lane this afternoon, in a global first appearance of the seventh-generation Mustang in racing guise.

    The Gen3 Mustang GT Supercar more closely resembles its road-going counterpart, with production-based Coyote V8 engine, low roofline and long hood that makes Mustang the world’s favourite sports car.

    Mark Rushbrook, Global Director, Ford Performance Motorsports said, “It is fantastic to be able to show, for the very first time globally, the seventh-generation Mustang in racing form.”

    He added that, “The reveal of the Mustang Supercar is the first of many, with Mustang to race in GT3, GT4, NASCAR and NHRA competition globally.

    He also said, “Mustang has been an iconic brand on and off the track for 58 years and its legend will continue around the world. We always say Mustang was born to race, and that is more true today than ever. The Mustang GT Supercar is ready to race in 2023.”

    The Mustang Supercar has been built by Ford’s homologation team Dick Johnson Racing, in conjunction with Ford Performance, in preparation for the 2023 season when a new era of Supercars racing begins.

    “We’re very proud to be showing the world our new Mustang Supercar, and what better place to do it than at the Great Race here at Mount Panorama,” said Andrew Birkic, president and CEO, Ford Australia and New Zealand.

    He also said that, “It’s a special moment to be able to uncover this car in front of passionate Ford fans, alongside all of our Supercars drivers. It’s very fitting that Dick will take the car for its first laps this afternoon. He’s a legend of the sport, and an incredible ambassador for Ford.

  • Hyundai IONIQ 6 travels 614 km per charge

    Hyundai IONIQ 6 travels 614 km per charge

    SEOUL: Hyundai Motor Company declared that IONIQ 6 can travel 614 km (about 382 miles) in one time charge, according to the Worldwide Harmonized Light Vehicle Test Procedure (WLTP).

    The press release issued by Hyundai Motors stated that IONIQ 6’s superb all-electric range performance is made possible in large part by Hyundai Motor Group’s dedicated architecture for EVs, Electric Global Modular Platform (E-GMP), and the electrified streamliner’s ultra-low wind resistance.

    E-GMP delivers optimal electric performance and provides 800V ultra-fast charging from 10 to 80 percent in just 18 minutes and supports 400V charging without the need for additional components or adapters.  

    IONIQ 6 customers will benefit from Hyundai Motor Group’s commitment to develop advanced battery technology that enables stress-free driving performance and long range.

    With WLTP-rated energy consumption of 13.9 kWh/100 km, IONIQ 6 will be one of the most energy-efficient electric vehicles (EV) on the market when it goes on sale later this year in select markets in Europe and next year in North America. 

    “From the start of IONIQ 6’s development, we set our sights on making it the leading all-electric range EV,” said Jae Ho Huh, Head of Sub-Mid Project Management Center at Hyundai Motor Company.

    He also added that, “To become the global leader in electric vehicles, we are committed to providing the best possible EV performance and ownership experience.” 

    Having a platform specifically for EVs also means Hyundai Motor is better able to design vehicles to best meet passengers’ needs. With E-GMP, IONIQ 6 can be a workstation or a portable power bank on wheels, creating new usage scenarios to fit customers’ diverse, on-the-go lifestyles. 

    Hyundai Motor maximized IONIQ 6’s all-electric driving range through extensive aerodynamic design and engineering work. The vehicle’s drag coefficient of 0.21 is the lowest in the company’s vehicle lineup and one of the lowest in the industry.

    The model’s streamlined appearance and various design elements, such as an active air flap, wheel air curtains, integrated rear spoiler and wheel gap reducers, significantly enhanced IONIQ 6’s aerodynamics performance, placing it among the sleekest vehicles worldwide.

    In particular, wheel gap reducers minimize the empty space between the front bumper and tires to improve aerodynamic performance around the wheel wells.

    This Hyundai invention made it possible for the electrified streamliner to provide a longer wheelbase for passengers’ riding comfort while simultaneously overcoming the aerodynamics challenges caused by its short front overhang.

    “We put every effort into designing the most efficient car in the EV segment,” said Byung Hoon Min, Head of Total Vehicle Performance Development Center at Hyundai Motor Company.

     He also added that, “Our focus on improving aerodynamics helped to achieve one of the longest all-electric range vehicles available, which will reduce customers’ EV range anxiety and help grow the segment.”