Author: Faisal Shahnawaz

  • Angelina Jolie visits Pakistan to support flood affected communities

    Angelina Jolie visits Pakistan to support flood affected communities

    International humanitarian Angelina Jolie is visiting Pakistan to support communities affected by the devastating floods, according to a statement issued on Wednesday.

    Heavy rains and floods across the country have impacted 33 million people and submerged one third of the country under water.

    Ms Jolie is visiting to witness and gain understanding of the situation, and to hear from people affected directly about their needs, and about steps to prevent such suffering in the future.

    Ms Jolie, who previously visited victims of the 2010 floods in Pakistan, and the 2005 earthquake, will visit the IRC’s emergency response operations and local organisations assisting displaced people including Afghan refugees. 

    Pakistan, which has contributed just 1% of global carbon emissions, is also the second largest host of refugees globally, its people having sheltered Afghan refugees for over forty years.

    Ms Jolie will highlight the need for urgent support for the Pakistani people and long-term solutions to address the multiplying crises of climate change, human displacement and protracted insecurity we are witnessing globally.

    Ms Jolie will see first hand how countries like Pakistan are paying the greatest cost for a crisis they did not cause. The IRC hopes her visit will shed light on this issue and prompt the international community – particularly states contributing the most to carbon emissions – to act and provide urgent support to countries bearing the brunt of the climate crisis.

    Shabnam Baloch, Pakistan Country Director at the IRC said: “The climate crisis is destroying lives and futures in Pakistan, with severe consequences especially for women and children.

    “The resulting economic loss from these floods will likely lead to food insecurity and an increase in violence against women and girls. We need immediate support to reach people in urgent need, and long term investments to stop climate change from destroying our collective futures. With more rains expected in the coming months, we hope Angelina Jolie’s visit will help the world wake up and take action.”

    IRC’s latest needs assessment shows people are in urgent need of food, drinking water, shelter, and healthcare. Every person surveyed reported women and girls have no access to menstrual hygiene products. So far, the IRC has reached more than 50,000 women and girls with humanitarian assistance, including dignity and hygiene kits to address the need for sanitation and menstrual items.

    We have been providing lifesaving services to flood-affected communities in Balochistan, Khyber Pakhtunkhwa and Sindh since early July and have reached almost 950,000 people with emergency supplies, food, healthcare and safe spaces.

  • Karachi Interbank Offered Rates KIBOR – September 21, 2022

    Karachi Interbank Offered Rates KIBOR – September 21, 2022

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on September 21, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.7815.28
    2 – Week14.8815.38
    1 – Month15.0515.55
    3 – Month15.8416.09
    6 – Month15.8716.12
    9 – Month15.9116.41
    1 – Year15.9216.42

    Karachi Interbank Offered Rates KIBOR – September 20, 2022

  • Pakistan stocks dip for 4th straight session as PKR fall continues

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

    KARACHI: Pakistan stocks continued to fall for 4th straight session on Wednesday due to negative sentiments in the wake of devaluation in Pakistani Rupee (PKR).

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) recorded a decline of 255 points to end at 40,966 points from previous day’s closing of 41,221 points.

    READ MORE: Pakistan stocks extend losses on PKR free-fall to dollar

    The stock market has lost over 1,000 points during last four sessions after closing at 42,012 points on September 14, 2022.

    Analysts at Arif Habib Limited said another down-close session today after a positive open zone.

    “Continued pressure on the PKR softened sentiment to take the KSE-100 below 41k,” the analysts said, adding all eyes now on the FED tonight and the quantum of rate increase.

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

    PKR on Wednesday continued its losing streak for 14th consecutive session against the dollar and ended near to the historic low of PKR 239.65 in the interbank foreign exchange market.

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

    The exchange rate recorded a decline of 74 paisas to end at PKR 239.64 to the dollar from previous day’s close of PKR 238.91 in the interbank foreign exchange market.

    READ MORE: Weekly Review: PKR free fall to haunt stock market

    The local currency has maintained the free-fall for the last 14 sessions. During this period the local currency depreciated by PKR 21.04 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    Sectors contributing to the performance include E&P (-91.9 points), Cement (-39.3 points), Technology (-26.9 points), Banks (-24.3 points) and OGMCs (-22.2 points).

    READ MORE: Stocks remain range bound on PKR erosion

    Volumes increased from 156.2 million shares to 170.4 million shares (+8.8 per cent DoD). The average traded value decreased by 14.8 per cent to US$ 20.1 million as against US$ 23.7 million.

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

  • State Bank’s foreign exchange rates – September 21, 2022

    State Bank’s foreign exchange rates – September 21, 2022

    On Wednesday, September 21, 2022, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for customers, outlining the buying and selling prices of various currencies against the Pakistani Rupee (PKR).

    (more…)
  • Rupee ends near historic low; Dollar gains to PKR 239.65

    Rupee ends near historic low; Dollar gains to PKR 239.65

    KARACHI: Pakistani Rupee (PKR) on Wednesday continued its losing streak for 14th consecutive session against the dollar and ended near to the historic low of PKR 239.65 in the interbank foreign exchange market.

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

    READ MORE: PKR falls for 13th session as dollar ends near record high

    The exchange rate recorded a decline of 74 paisas to end at PKR 239.64 to the dollar from previous day’s close of PKR 238.91 in the interbank foreign exchange market.

    The local currency has maintained the free-fall for the last 14 sessions. During this period the local currency depreciated by PKR 21.04 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

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

    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).

    READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

    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 devaluation continues; Dollar jumps to PKR 235.88

    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.

  • Dental practitioners directed to get sales tax registration

    Dental practitioners directed to get sales tax registration

    KARACHI: Sindh Revenue Board (SRB) has directed dental practitioners to get registered for sales tax to avoid penal action.

    The SRB in a circular issued September 21, 2022, said that the services of cosmetic dental surgery, orthodontics, aesthetic dentistry and such other cosmetic and aesthetic dental procedures are taxable services under tariff heading 9842.0000 of the Second Schedule to the Sindh Sales Tax on Services Act 2011 as per the definition provided under section 2 (29A) of the Act, 2011.

    READ MORE: FBR advised to fix glitches for smooth filing of income tax returns

    All Dental Practitioners providing the aforesaid taxable services are therefore advised to get e-registered with SRB by visiting www.e.srb.gos.pk and following the step by step procedure after entering the SNTN.

    The service providers are also directed to charge, levy, and collect due Sindh sales tax at 13 per cent on the aforesaid taxable services and deposit the same in Sindh Government’s head of account “B-02384” in the prescribed manner.

    READ MORE: Tax rates on profit from bank deposits during year 2022/2023

    It further said that e-deposit the due amount of SST in any SRB-authorized branch of NBP by 15th of the month following the tax period to which it relates.

    The dental practitioners are also advised e-file true and correct Sindh sales tax returns in Form SST-03 as prescribed under section 30 of the Act, 2011 by 18th of the month following the tax period to which it relates.

    READ MORE: Up to 70% income tax imposed on dividends for year 2022-2023

    For Example: Return filing and SST payment for the month of September is due on 15th and 18th of October, respectively.

    The SRB said that full and timely compliance of above provision of law is expected and will be appreciated to avoid any penal action and legal consequences by the board.

    READ MORE: FBR updates salary tax card for year 2022-2023

  • Dollar climbs up to PKR 239.50 in midday interbank trading

    Dollar climbs up to PKR 239.50 in midday interbank trading

    KARACHI: The US dollar climbed up against the Pakistani Rupee (PKR) to reach PKR 239.50 during midday interbank foreign exchange trading on Wednesday.

    The foreign currency so far gained 59 paisas by midday trading from last day’s closing of PKR 239.91 in the interbank foreign exchange market.

    READ MORE: PKR falls for 13th session as dollar ends near record high

    A day earlier, the PKR witnessed the fall for 13th consecutive session as the US dollar ended near record high in interbank foreign exchange market.

    The exchange rate recorded a decline of PKR 1 to end at PKR 238.91 to the dollar from previous day’s closing of PKR 237.91 in interbank foreign exchange market.

    The local currency recorded a decline of Rs20.31 or 9.34 per cent during the past 13 sessions from Rs218.60 against the dollar on September 01, 2022.

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    It is pertinent to mention that the local currency recorded the all-time low of PKR 239.94 on July 28, 2022.

    Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

    Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

    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: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

    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 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.

    READ MORE: Rupee devaluation continues; Dollar jumps to PKR 235.88

    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.

  • Bitcoin to PKR, USD on September 21, 2022

    Bitcoin to PKR, USD on September 21, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 21, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,569,718.26 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,533,743.74 at closing on September 20, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,016.47 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,952.37 at closing on September 20, 2022.

    READ MORE: Bitcoin to PKR, USD on September 20, 2022

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    Dogecoin to PKR, USD on September 21, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 21, 2022.

    One Dogecoin to PKR is Rs14.31 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.14 at closing on September 20, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 21, 2022 at 10:10 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 20, 2022.

    READ MORE: Dogecoin to PKR, USD on September 20, 2022

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    Ripple to PKR, USD on September 21, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 21, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs97.27 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs99.47 at closing on September 20, 2022.

    The rate of Ripple in US Dollar (USD) is $0.40 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.42 at closing on September 20, 2022.

    READ MORE: Ripple to PKR, USD on September 20, 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 21, 2022

    Ripple to PKR, USD on September 21, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 21, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs97.27 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs99.47 at closing on September 20, 2022.

    The rate of Ripple in US Dollar (USD) is $0.40 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.42 at closing on September 20, 2022.

    READ MORE: Ripple to PKR, USD on September 20, 2022

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    Bitcoin to PKR, USD on September 21, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 21, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,569,718.26 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,533,743.74 at closing on September 20, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,016.47 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,952.37 at closing on September 20, 2022.

    READ MORE: Bitcoin to PKR, USD on September 20, 2022

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    Dogecoin to PKR, USD on September 21, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 21, 2022.

    One Dogecoin to PKR is Rs14.31 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.14 at closing on September 20, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 21, 2022 at 10:10 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 20, 2022.

    READ MORE: Dogecoin to PKR, USD on September 20, 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 21, 2022

    Dogecoin to PKR, USD on September 21, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 21, 2022.

    One Dogecoin to PKR is Rs14.31 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.14 at closing on September 20, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 21, 2022 at 10:10 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 20, 2022.

    READ MORE: Dogecoin to PKR, USD on September 20, 2022

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    Ripple to PKR, USD on September 21, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 21, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs97.27 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs99.47 at closing on September 20, 2022.

    The rate of Ripple in US Dollar (USD) is $0.40 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.42 at closing on September 20, 2022.

    READ MORE: Ripple to PKR, USD on September 20, 2022

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    Bitcoin to PKR, USD on September 21, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 21, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,569,718.26 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,533,743.74 at closing on September 20, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,016.47 on September 21, 2022 at 10:10 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,952.37 at closing on September 20, 2022.

    READ MORE: Bitcoin to PKR, USD on September 20, 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.