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Author: Faisal Shahnawaz

  • Stocks climb 531 points over PKR recovery

    Stocks climb 531 points over PKR recovery

    KARACHI: Pakistan stocks gained 531 points on Monday following sharp recovery in Pakistani Rupee (PKR) against the US dollar.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,151 points from last Friday’s closing of 40,620 points, showing a gain of 531 points.

    READ MORE: Weekly Review: Stocks may return to positive

    The bulls dominated at PSX throughout the day. The market opened in the positive zone as Pak rupee made a sharp recovery against US Dollar.

    The US dollar tumbled against the Pakistani Rupee (PKR) by Rs2.63 on Monday on the nomination of Ishaq Dar as finance minister of the country. The exchange rate recorded a gain of Rs2.63 in rupee value to end at Rs237.02 to the dollar from last Friday’s closing of Rs239.65 in the interbank foreign exchange market.

    READ MORE: Pakistan stocks plunge by 308 points on profit taking

    Currency experts said that the market responded positively to nomination of Ishaq Dar as the finance minister by the present coalition government headed by PML (N).

    Investors gained confidence over clarity on the political grounds as volumes climbed significantly in the main board. Hefty volumes were also recorded in the 3rd tier stocks.

    READ MORE: Stocks remain under pressure on political noise

    Sectors contributing to the performance include Technology (+111.8 points), Power (104.4 points), Cement (78.9 points), OMC’s (+34.8 points) and Banks (+33.5 points).

    Volumes increased from 165.3 million shares to 213.0 million shares (+28.9 per cent DoD). The average traded value also increased by 38.5 per cent to US$ 40.2 million as against US$ 29.0 million.

    Stocks that contributed significantly to the volumes are TRG, CNERGY, KEL, UNITY and WTL.

    READ MORE: Pakistan stocks dip for 4th straight session as PKR fall continues

  • Karachi Interbank Offered Rates KIBOR – September 26, 2022

    Karachi Interbank Offered Rates KIBOR – September 26, 2022

    KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on September 26, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.6515.15
    2 – Week14.7815.28
    1 – Month15.0115.51
    3 – Month15.7315.98
    6 – Month15.8016.05
    9 – Month15.8316.33
    1 – Year15.8616.36

    READ MORE: Karachi Interbank Offered Rates KIBOR – September 23, 2022

  • Textile Council recommends cotton import from India

    Textile Council recommends cotton import from India

    KARACHI: Pakistan Textile Council (PTC) in a statement on Monday said the country should import cotton from neighboring India to avoid another balance of payment crisis.

    The country’s textiles industry, which earned more than $19 billion in exports last year, is facing a shortage of raw material as flash floods have damaged about half of the nation’s cotton produce since June, it said.

    “The unprecedented rainfall resulting in floods has caused havoc in Pakistan,” said the PTC.

    One-third of Pakistan is submerged in water, thousands of homes have been destroyed, more than 1,500 people have lost their lives and most importantly about 18,000 sq km of cropland has been ruined, including about 45 per cent of the cotton crop.

    The country will face a cost far greater than $10 billion in damages, with the loss of food crops alone amounting to about $2.3 billion, a particularly heavy burden at a time of rising food prices around the world.

    Pakistan is a major producer of rice and cotton, and both crops have suffered severe damages.

    As part of the devastation, flood damage will likely force Pakistan to increase cotton imports at a time when production in the US is forecasted to plunge by 28 per cent due to drought

    And with restrictions on China, Pakistan will not be able to procure raw materials from there as well, the Council said.

    The outlook for Brazil is also not very encouraging. According to ABRAPA, the drought there has already dried up an estimated 200,000 tons of cotton supply.

    All these factors are causing the price of cotton to increase in local and international markets.

    Given the continuous depreciation of the rupee and a record high shipping freight, importing cotton from far-located countries like the US, Brazil, Egypt, etc. will not be economically viable, the PTC said.

    Last year, 2021-22, Pakistan’s textile exports rose to an all-time high of $19.3 billion but even achieving this mark would be challenging given the no availability of raw material to factories.

    The Council said that it was imperative for Pakistan to keep its export growth momentum to finance the import bill and keep the balance of payment situation manageable and avoid default conditions.

    “Import of raw cotton from India must be immediately allowed to mitigate the raw material shortage,” it said. The move will help Pakistan reduce trade time and curtail heavy logistics costs.

    “The declining textile exports will lead to the balance of payment crisis, and reduced productivity will put millions of jobs at on stake which the country cannot afford,” the Textile Council warned.

    The declining textile exports will lead to the balance of payment crisis, and reduced productivity will put millions of jobs at stake which the country cannot afford,” the Textile Council warned.

  • Dollar tumbles to PKR as market welcomes Dar nomination

    Dollar tumbles to PKR as market welcomes Dar nomination

    KARACHI: The US dollar tumbled against the Pakistani Rupee (PKR) by Rs2.63 on Monday on the nomination of Ishaq Dar as finance minister of the country.

    The exchange rate recorded a gain of Rs2.63 in rupee value to end at Rs237.02 to the dollar from last Friday’s closing of Rs239.65 in the interbank foreign exchange market.

    Currency experts said that the market responded positively to nomination of Ishaq Dar as the finance minister by the present coalition government headed by PML (N).

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

    According to reports Ishaq Dar would assume the charge on Tuesday. A day earlier, Miftah Ismail had announced to resign from the portfolio of the finance minister.

    The experts said that the market was expecting improvement in rupee value on Dar’s return. Previously, Dar had served as finance minister and he was known for controlling the exchange rate. Although, Dar was criticized for stabilizing the local currency artificially.

    Earlier, in the day the dollar slipped by more than four rupees but later it recovered earlier day’s losses.

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

    READ MORE: Rupee slumps for 15th straight session against dollar

    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.

    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.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

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

    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 26, 2022

    State Bank’s foreign exchange rates – September 26, 2022

    The State Bank of Pakistan (SBP) released the foreign exchange rates for September 26, 2022, providing a glimpse into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

    (more…)
  • Dollar falls sharply to PKR 236 in early trade on September 26, 2022

    Dollar falls sharply to PKR 236 in early trade on September 26, 2022

    KARACHI: The US Dollar fell sharply against the Pakistani Rupee (PKR) in early interbank trading Monday September 26, 2022 due to positive sentiments prevailed on reports that Ishaq Dar is assuming the charge of finance minister.

    The US dollar lost around PKR 3.65 and being traded at PKR 236.00 from last Friday’s close of PKR 239.65 in interbank foreign exchange market.

    A day earlier, Miftah Ismail through a Tweet announced that he verbally tendered resignation as finance minister to PML (N) leadership. The report suggested Ishaq Dar would assume the charge as the finance minister.

    Dar served as finance minister during past tenure of the PML (N) government. The market was hoping that Dar would manage the exchange rate as he did during his previous tenure.

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

    It is worth mentioning that the rupee recorded the free-fall for the last 15 sessions. 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.

    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, according to data released by State Bank of Pakistan (SBP) a day earlier.

    The current account deficit during the period under review was at $1.92 billion as compared with $2.37 billion in the corresponding months of the last fiscal year.

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

    READ MORE: Rupee slumps for 15th straight session against dollar

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

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

    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.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    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.

  • Bitcoin to PKR, USD on September 26, 2022

    Bitcoin to PKR, USD on September 26, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 26, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,532,162.56 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,532,678.68 at closing on September 25, 2022.

    The rate of Bitcoin in US Dollar (USD) is $18,839.43 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,841.57 at closing on September 25, 2022.

    READ MORE: Bitcoin to PKR, USD on September 25, 2022

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    Dogecoin to PKR, USD on September 26, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 26, 2022.

    One Dogecoin to PKR is Rs14.79 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.72 at closing on September 25, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 26, 2022 at 07:10 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 25, 2022.

    READ MORE: Dogecoin to PKR, USD on September 25, 2022

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    Ripple to PKR, USD on September 26, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 26, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs118.72 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs118.79 at closing on September 25, 2022.

    The rate of Ripple in US Dollar (USD) is $0.49 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.49 at closing on September 25, 2022.

    READ MORE: Ripple to PKR, USD on September 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.

  • Ripple to PKR, USD on September 26, 2022

    Ripple to PKR, USD on September 26, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 26, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs118.72 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs118.79 at closing on September 25, 2022.

    The rate of Ripple in US Dollar (USD) is $0.49 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.49 at closing on September 25, 2022.

    READ MORE: Ripple to PKR, USD on September 25, 2022

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    Bitcoin to PKR, USD on September 26, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 26, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,532,162.56 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,532,678.68 at closing on September 25, 2022.

    The rate of Bitcoin in US Dollar (USD) is $18,839.43 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,841.57 at closing on September 25, 2022.

    READ MORE: Bitcoin to PKR, USD on September 25, 2022

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    Dogecoin to PKR, USD on September 26, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 26, 2022.

    One Dogecoin to PKR is Rs14.79 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.72 at closing on September 25, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 26, 2022 at 07:10 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 25, 2022.

    READ MORE: Dogecoin to PKR, USD on September 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.

  • Dogecoin to PKR, USD on September 26, 2022

    Dogecoin to PKR, USD on September 26, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 26, 2022.

    One Dogecoin to PKR is Rs14.79 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.72 at closing on September 25, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 26, 2022 at 07:10 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 25, 2022.

    READ MORE: Dogecoin to PKR, USD on September 25, 2022

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    Ripple to PKR, USD on September 26, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 26, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs118.72 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs118.79 at closing on September 25, 2022.

    The rate of Ripple in US Dollar (USD) is $0.49 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.49 at closing on September 25, 2022.

    READ MORE: Ripple to PKR, USD on September 25, 2022

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    Bitcoin to PKR, USD on September 26, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 26, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,532,162.56 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,532,678.68 at closing on September 25, 2022.

    The rate of Bitcoin in US Dollar (USD) is $18,839.43 on September 26, 2022 at 07:10 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,841.57 at closing on September 25, 2022.

    READ MORE: Bitcoin to PKR, USD on September 25, 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.

  • Faysal Bank joins hands for cricket promotion in Pakistan

    Faysal Bank joins hands for cricket promotion in Pakistan

    KARACHI: Faysal Bank Limited (FBL) has joined hands with Pakistan Cricket Board (PCB) for the promotion of Grassroots Cricket Development Program.

    An introduction and promotion event was recently held at a local hotel in Karachi in this regard.

    Faysal Islami, a leading Islamic bank, firmly believes in promoting all initiatives that contribute towards the positive projection of Pakistan, both nationally and internationally.

    Healthy sporting activities in general, and promotion of our current and future sporting stars in particular, is one avenue through which the Bank is actively playing its part towards a bigger national cause.

    “Diversity and Inclusion is a part of our core ethos, which entails grooming young talent and engagement on a positive and sustainable basis. The intent has always been to further strengthen the infrastructure for opportunities and development of the youth across all segments of society as we have immense talent that remains untapped,” said Yousaf Hussain, President & CEO of Faysal Bank Limited.

    Speaking on the occasion, Yousaf Hussain applauded the efforts of PCB towards the nurturing of talent in Pakistan and expressed the Bank’s keen intent to aggressively support PCB in this remarkable initiative also.

    Chairman Pakistan Cricket Board, Ramiz Raja said “I am delighted to welcome Faysal Bank on board. One of the core objective of the Pakistan Cricket Board is to strengthen the cricket base in the country by providing state-of-the-art facilities and the desired knowledge to cricketers from a very young so they groomed into top-notch cricketers, who are ready to serve the country at the international stage.”

    He further said: “Through this partnership, we will develop a strong grassroots structure to help our up and coming cricketers and bring foreign coaches into our domestic cricket who will impart their vast knowledge and depth about the game. It is vital to have coaches – who have coached and played around the world – at domestic level as that is where a player is fine-tuned and graduates to the international level.”

    Along with Ramiz Raja (Chairman PCB), the event was attended by PCB Board of Directors, Senior Management of FBL, dignitaries from the corporate world and other legendary cricketers. The guests were excited at the prospect, potential and promise of the program and hoped to see great outcomes as a result of it.