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Author: Faisal Shahnawaz

  • Ripple to PKR, USD on September 30, 2022

    Ripple to PKR, USD on September 30, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 30, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs110.70 on September 30, 2022 at 11:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs110.51 at closing on September 29, 2022.

    The rate of Ripple in US Dollar (USD) is $0.49 on September 30, 2022 at 11:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.48 at closing on September 29, 2022.

    READ MORE: Ripple to PKR, USD on September 29, 2022

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    Bitcoin to PKR, USD on September 30, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 30, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,405,732.63 on September 30, 2022 at 11:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,476,321.61 at closing on September 29, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,457.64 on September 30, 2022 at 11:35 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,444.05 at closing on September 29, 2022.

    READ MORE: Bitcoin to PKR, USD on September 29, 2022

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    Dogecoin to PKR, USD on September 30, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 30, 2022.

    One Dogecoin to PKR is Rs13.74 on September 30, 2022 at 11:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.87 at closing on September 29, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 30, 2022 at 11:35 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 September 29, 2022.

    READ MORE: Dogecoin to PKR, USD on September 29, 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 September 30, 2022

    Dogecoin to PKR, USD on September 30, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 30, 2022.

    One Dogecoin to PKR is Rs13.74 on September 30, 2022 at 11:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.87 at closing on September 29, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 30, 2022 at 11:35 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 September 29, 2022.

    READ MORE: Dogecoin to PKR, USD on September 29, 2022

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    Ripple to PKR, USD on September 30, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 30, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs110.70 on September 30, 2022 at 11:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs110.51 at closing on September 29, 2022.

    The rate of Ripple in US Dollar (USD) is $0.49 on September 30, 2022 at 11:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.48 at closing on September 29, 2022.

    READ MORE: Ripple to PKR, USD on September 29, 2022

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    Bitcoin to PKR, USD on September 30, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 30, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,405,732.63 on September 30, 2022 at 11:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,476,321.61 at closing on September 29, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,457.64 on September 30, 2022 at 11:35 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,444.05 at closing on September 29, 2022.

    READ MORE: Bitcoin to PKR, USD on September 29, 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.

  • State Bank’s forex reserves shrink to $8 billion

    State Bank’s forex reserves shrink to $8 billion

    KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $340 million to $8 billion by week ended September 23, 2022, according to a statement issued on Thursday.

    The official foreign exchange reserves of the central bank were at $8.346 billion a week ago i.e. September 16, 2022.

    READ MORE: Pakistan’s forex reserves slip to $14.07 billion

    The SBP attributed the decline in foreign exchange reserves to external debt repayments.

    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 $12.146 billion.

    Experts said that falling foreign exchange reserves would reverse the recent gain in value of the Pakistani Rupee (PKR).

    The PKR on Thursday continued its winning streak and gained PKR 10.08 against the dollar during past five straight sessions owing to assumption of Ishaq Dar the portfolio of the finance minister of the country.

    READ MORE: Pakistan FX reserves slip to $14.32 billion

    The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 229.63 on September 29, 2022.

    Earlier this month, SBP received US$ 1,166 million from IMF under EFF program, which increased the official reserves to $8.8 billion

    READ MORE: Pakistan’s FX reserves increase by $1.07bn after IMF inflows

    The total liquid foreign exchange reserves of the country also fell by $308 million to $13.762 billion by week ended September 23, 2022 as compared with $14.07 billion a week ago.

    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 $13.466 billion.

    The foreign exchange reserves held by commercial banks however increased by $32 million to $5.756 billion by week ended September 23, 2022 as compared with $5.724 billion a week ago.

    READ MORE: Pakistan FX reserves drop to $13.4 billion

  • Pakistan stocks witness bloodbath on HBL terror probe

    Pakistan stocks witness bloodbath on HBL terror probe

    KARACHI: Pakistan stocks witnessed bloodbath on Thursday following reports circulated regarding scrutiny of Habib Bank Limited (HBL) regarding assisting terror organizations.

    The benchmark KSE-100 index of Pakistan Stock (PSX) ended 41,014 points from previous day’s closing of 41,435 points, showing a decline of 421 points.

    READ MORE: Stocks shed 83 points on rising political noise

    Analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed a bloodbath session today due to current political clamor and the negative news pertaining to HBL.

    Habib Bank Limited (HBL) came under scrutiny once again and has been alleged to provide financial support to the terrorist organizations.

    As per the Justice Against Sponsors of Terrorism Act (JASTA), HBL Bank has repeated misconduct and revealed a pattern of funding terrorism at various occasions in the last decade as of 2006.

    READ MORE: Stocks gain 367 points amid clarity on political ground

    Plaintiffs in these consolidated cases are 370 individuals who were injured or whose family members were injured or killed in terrorist attacks, who bring this action against HBL Bank under the Anti- Terrorism Act (ATA), as amended by the Justice Against Sponsors of Terrorism Act (“JASTA”).

    Recall that HBL Bank and HBL’s New York Branch were previously implicated in money laundering and terrorist financing back in 2017.

    READ MORE: Stocks climb 531 points over PKR recovery

    As investors opted to remain on side line from the market because of hazy economic forecast, the market opened in the red and remained under pressure for the rest of the day making an intra-day low of -524.31 points.

    The volumes declined significantly across the main board on the contrary decent volumes were observed in the 3rd tier stocks.

    Sectors contributing to the performance include Banks (-246.8 points), Technology (-53.0 points), E&Ps (-26.8 points), Chemicals (-21.7 points) and Fertilizers (-17.8 points).

    READ MORE: Weekly Review: Stocks may return to positive

    Volumes decreased from 220.6 million shares to 127.4 million shares (-42.2 per cent DoD). The average traded value also decreased by 31.3 per cent to US$ 24.0 million as against US$ 35.0 million.

    Stocks that contributed significantly to the volumes are KEL, TPLP, TRG, NCL and FCCL.

  • HBL comes under scrutiny for assisting terror organizations

    HBL comes under scrutiny for assisting terror organizations

    KARACHI: Habib Bank Limited (HBL) has come under scrutiny once again and has been alleged to provide financial support to the terrorist organizations.

    According to KTrade Alert issued on Thursday, shortly after the news had hit the market, HBL’s stock hit the lower circuit.

    READ MORE: HBL declares 108 percent growth in quarterly profit

    As per the Justice Against Sponsors of Terrorism Act (JASTA), HBL Bank has repeated misconduct and revealed a pattern of funding terrorism at various occasions in the last decade as of 2006.

    Plaintiffs in these consolidated cases are 370 individuals who were injured or whose family members were injured or killed in terrorist attacks, who bring this action against HBL Bank under the Anti- Terrorism Act (ATA), as amended by the Justice Against Sponsors of Terrorism Act (“JASTA”).

    Recall that HBL Bank and HBL’s New York Branch were previously implicated in money laundering and terrorist financing back in 2017.

    The bank was penalized USD225 million and lost its NY banking license for non-compliance with and violation of NY’s state laws and regulations.

    Therefore, the bank recognized a penalty of PkR 23.72  billion (EPS impact of PkR16.2) in CY17 that wiped majority of the profits.

    To recall, HBL’s CET1 and Tier1 CAR deteriorated to 12.1 per cent each in CY17 vis-à-vis 13.1 per cent in CY15.

    As a reminder, HBL has one of the lowest CAR in the banking industry. As per June 2022 accounts, the Tier1 and CET1CAR stands at 11.39 per cent and 10.69 per cent, respectively against the requirement of 11.0 per cent and 9.5 per cent.

    As per the court, HBL’s motion to dismiss primary liability claims has been granted as none of the alleged banking services were acts of international terrorism.

    Meanwhile, secondary liability claims have been denied because HBL allegedly supported and aided campaign of terrorism.

    The parties are expected to meet on October 19, 2022 to file a proposed civil case management plan and scheduling order.

  • Pakistani rupee recovers PKR 10.08 against dollar in five sessions

    Pakistani rupee recovers PKR 10.08 against dollar in five sessions

    KARACHI: The Pakistani Rupee (PKR) on Thursday continued its winning streak and gained PKR 10.08 against the dollar during past five straight sessions owing to assumption of Ishaq Dar the portfolio of the finance minister of the country.

    The local currency gained PKR 10.08 against the dollar during the last five sessions. The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 229.63 on September 29, 2022.

    READ MORE: PKR makes recovery against dollar for fourth straight session

    On Thursday, the exchange rate witnessed a gain of PKR 2.49 to end at PKR 229.63 to the dollar from previous day’s closing of PKR 232.12 in interbank foreign exchange market.

    Market analysts said that the assumption of the charge of the finance minister by Ishaq Dar impacted the market positively.

    A day earlier Ishaq Dar took oath as federal minister. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.

    READ MORE: PKR strengthens sharply to dollar during last three sessions

    Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.

    It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.

    During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

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

    READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination

    Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.

    Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

    However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    READ MORE: PKR ends 15-day losing streak; recovers against dollar

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

    The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

    The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

  • State Bank’s foreign exchange rates – September 29, 2022

    State Bank’s foreign exchange rates – September 29, 2022

    The State Bank of Pakistan (SBP) released the foreign exchange rates for September 29, 2022, offering a snapshot of the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

    (more…)
  • Ripple to PKR, USD on September 29, 2022

    Ripple to PKR, USD on September 29, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 29, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs102.83 on September 29, 2022 at 08:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs99.71 at closing on September 28, 2022.

    The rate of Ripple in US Dollar (USD) is $0.44 on September 29, 2022 at 08:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.42 at closing on September 28, 2022.

    READ MORE: Ripple to PKR, USD on September 28, 2022

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    Bitcoin to PKR, USD on September 29, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 29, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,530,952.30 on September 29, 2022 at 08:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,401,818.26 at closing on September 28, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,443.90 on September 29, 2022 at 08:00 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,723.32 at closing on September 28, 2022.

    READ MORE: Bitcoin to PKR, USD on September 28, 2022

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    Dogecoin to PKR, USD on September 29, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 29, 2022.

    One Dogecoin to PKR is Rs14.16 on September 29, 2022 at 08:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.93 at closing on September 28, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 29, 2022 at 08:00 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 September 28, 2022.

    READ MORE: Dogecoin to PKR, USD on September 28, 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 September 29, 2022

    Dogecoin to PKR, USD on September 29, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 29, 2022.

    One Dogecoin to PKR is Rs14.16 on September 29, 2022 at 08:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.93 at closing on September 28, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 29, 2022 at 08:00 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 September 28, 2022.

    READ MORE: Dogecoin to PKR, USD on September 28, 2022

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    Ripple to PKR, USD on September 29, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 29, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs102.83 on September 29, 2022 at 08:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs99.71 at closing on September 28, 2022.

    The rate of Ripple in US Dollar (USD) is $0.44 on September 29, 2022 at 08:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.42 at closing on September 28, 2022.

    READ MORE: Ripple to PKR, USD on September 28, 2022

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    Bitcoin to PKR, USD on September 29, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 29, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,530,952.30 on September 29, 2022 at 08:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,401,818.26 at closing on September 28, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,443.90 on September 29, 2022 at 08:00 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,723.32 at closing on September 28, 2022.

    READ MORE: Bitcoin to PKR, USD on September 28, 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.

  • KCAA’s managing committee assumes charge in 15th AGM

    KCAA’s managing committee assumes charge in 15th AGM

    KARACHI: The newly elected (unopposed) managing committee of Karachi Customs Agents Association (KCAA) on Wednesday assumed the charge at 15th Annual General Meeting (AGM).

    The list of the newly inducted Office Bearers and Members Managing Committee is as follows:

    Office Bearers:

    01. Nadeem Kamil (President)

    02. Gulzar Shah Meshwani (S. Vice President)

    03. Akhter Ali Sherwani (Vice President)

    04. Hasan Sheikh Vohra (Vice President)

    05. Rana Zahid Farooq (Vice President)

    06. Sh. Muddasir Rafiq Magoon (Vice President)

    07. Zahid Sharif (Vice President)

    08. Zahid Tanveer (Vice President)

    09. Zqhid Bashir Chaudhry (General Secretary)

    10.0Junaid Mahmood (Joint Secretary)

    11. Mirza Muhammad Shariq (Information Secretary)

    12. Muhammad Munaf Jangda (Finance Secretary)

    Member Managing Committee:

    13. Abid Hussain Choudhry

    14. Ashhad Jamal

    15. Danish Riaz

    16. Faraz Ahmed Tanoli

    17. Hassan Shams Dar

    18 Islah Ali Ansari

    19. Malik Muhammad Shabbir

    20. Muhammad Abdul Mateen

    21. Muhammad Bilal Ahmed

    22. Muhammad Mansha

    23. Muhammad Mansoor Bhagwani

    24. Muhammad Mubashir Hussain

    25. Muhammad Rizwan Meer

    26. Noor Ali

    27. Raheel Gohar

    28. Rana Tonveer Hussain

    29. Syed Faisal Kamran Kamal

    30. Tariq Mehmood Malik