Author: Faisal Shahnawaz

  • Karachi Interbank Offered Rates KIBOR – September 16, 2022

    Karachi Interbank Offered Rates KIBOR – September 16, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on September 16, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.9415.44
    2 – Week14.9915.49
    1 – Month15.0915.59
    3 – Month15.8316.08
    6 – Month15.8516.10
    9 – Month15.8816.38
    1 – Year15.9016.40

    READ MORE: Karachi Interbank Offered Rates KIBOR – September 15, 2022

  • Stocks remain range bound on PKR erosion

    Stocks remain range bound on PKR erosion

    KARACHI: Pakistan stocks remained range bound on Friday owing to continuous erosion in Pakistani Rupee (PKR) value against the US dollar.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,679 points from previous day’s closing of 41,772 points, showing a decline of 93 points.

    READ MORE: Stocks shed 240 points on continuous PKR devaluation

    Analysts said that the investors were shaky due to uncertainties in the currency market as the local currency witnessed a continuous decline against the greenback.

    The US Dollar made gain for 11th straight day against PKR to reach 236.84 at closing of interbank foreign exchange market on Friday.

    The exchange rate recorded a decline of 96 paisas in rupee value to end at Rs236.84 to the dollar from previous day’s closing of Rs235.88 in the interbank foreign exchange market.

    READ MORE: Stocks end flat in volatile trading session

    The local currency recorded a decline of Rs18.24 or 8.34 per cent during the past 11 sessions from Rs218.60 against the dollar on September 01, 2022.

    Analysts at Topline Securities said range bound session was observed at the bourse today, as the index juggled between intraday high of 145 points and intraday low of -169 points.

    READ MORE: Stock market gains 139 points amid weak sentiments

    Major contribution to the index came from TRG, COLG, ENGRO, HUBC & LOTCHEM, as they cumulatively contributed 125 points to the index, on the flip side MEBL, HBL, POL, PAKT and BAHL lost value to weigh down on the index by 112 points.

    Investor participation declined on DoD basis as traded volume and volume for the day stood at 219 million shares (-15 per cent on DoD basis) and Rs8.88 billion (down 11 per cent on DoD basis) respectively.

    TRG again led the volumes at the exchange, as about 27.6 million shares of the tech company exchanged hands today.

    READ MORE: Pakistan stocks shed 86 points in range bound trading

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

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

    KARACHI: The US Dollar made gain for 11th straight day against Pakistani Rupee (PKR) to reach 236.84 at closing of interbank foreign exchange market on Friday.

    The exchange rate recorded a decline of 96 paisas in rupee value to end at Rs236.84 to the dollar from previous day’s closing of Rs235.88 in the interbank foreign exchange market.

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

    The local currency recorded a decline of Rs18.24 or 8.34 per cent during the past 11 sessions from Rs218.60 against the dollar on September 01, 2022.

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

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

    It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

    READ MORE: Pakistani Rupee declines for ninth straight session; Dollar ends at PKR 234.32

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

    The rupee made 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: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

    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.

    READ MORE: PKR losing streak continues; Dollar ends Rs231.92 at interbank

  • Ferrari launches its first ever four-door car

    Ferrari launches its first ever four-door car

    Ferrari launched its first ever four-door car in the company’s history namely Ferrari Purosangue. The car is powered by a V12 naturally-aspirated engine, the hallmarks of the Prancing Horse’s most powerful sports cars are present and correct, this time coupled with practicality and a raised driving height.

    The car is named Purosangue after the Italian for ‘thoroughbred’, the car has been the subject of rumour and conjecture for many years, as the public and media alike speculated on what Maranello might have up its sleeves.

    One feature of design that is likely to have everyone talking is the fact that the Purosangue features rear-hinged passenger doors, or welcome doors, crafted in order to allow people to get in and out of the car as smoothly as possible without needing to increase the size of the vehicle.

    Elsewhere, customers will find the largest boot ever on a Ferrari, heated seats front and back and a Burmester high-end audio system as standard.

    Four-wheel drive, front-engine glory, with more power than any other car in the Crossover segment. Designed to be as aerodynamic as possible, the Purosangue features a raft of innovations, from the latest in vehicle dynamic control systems to the world debut of Ferrari active suspension technology using Multimatic’s True Active Spool Valve (TASV) System.

    The performance numbers are staggering; 0-62mph is seen off in just 3.3 seconds, while the Purosangue will rocket from 0-125mph in an incredible 10.2 seconds.

    The 6.5 litre, V12 engine has been painstakingly designed to offer the driver a seemingly never-ending amount of power under their right foot, with the eight-speed, dual clutch transmission and cylinder heads derived from the fearsome 812 Competizione. The soundtrack produced is nothing short of jaw-dropping.

    Sustainability was key for Ferrari in designing the Purosangue, in fact, 85 percent of the launch trim for the car was sustainably produced: the fabric roof-lining is made from recycled polyester, the lush carpet is made from polyamide recycled from fishing nets salvaged from the oceans and newly formulated Alcantara, is also derived from recycled polyester.

  • State Bank’s foreign exchange rates – September 16, 2022

    State Bank’s foreign exchange rates – September 16, 2022

    The State Bank of Pakistan (SBP) released the foreign exchange rates for September 16, 2022, shedding light on the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

    (more…)
  • Dollar rises to PKR 236.50 in midday interbank trading

    Dollar rises to PKR 236.50 in midday interbank trading

    KARACHI: The US dollar continued to rise on Friday and went to Pakistani Rupee (PKR) 236.50 during midday interbank foreign exchange market.

    The exchange rate witnessed a decline of 62 paisas in rupee value to reach Rs236.50 to the dollar during intraday trading from previous day’s closing of Rs235.88 in the interbank foreign exchange market.

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

    Currency experts said that lack of dollar inflows pressurized the rupee. They said that the reports of delay or no inflows from friends of Pakistan further created panic in the currency market.

    On September 15, 2022, the local currency recorded a decline of Rs16.08 or 8 per cent during the past 10 sessions from Rs218.60 against the dollar on September 01, 2022.

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

    READ MORE: Pakistani Rupee declines for ninth straight session; Dollar ends at PKR 234.32

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

    It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

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

    READ MORE: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

    The rupee made 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: PKR losing streak continues; Dollar ends Rs231.92 at interbank

    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.

  • GSK confirms raid related to Panadol shortage

    GSK confirms raid related to Panadol shortage

    KARACHI: GlaxoSmithKline (GSK) on Friday confirmed that government authorities raided one of its warehouses related to shortage of Panadol.

    According to information received by Pakistan Stock Exchange (PSX), the company confirmed the raid to one of its warehouses. “We firmly reject the claims related to the hoarding of Panadol intentionally to create shortage,” said Farhan Muhammad Haroon, Chief Executive Officer of GSK.

    GSK said that the stocks at the warehouse were intended to be released and distributed in the country in the normal course of business. As GlaxoSmithKline Consumer Healthcare Pakistan Limited (member of the Haleon Group), we are led by our purpose of delivering everyday health with humanity, the company added.

    It further said that this has been shown through our commitment to the people of Pakistan throughout challenging times. “We continue to supply Panadol products in the country and have adjusted our production capacity to ensure some product availability, despite market obstacles,” it added.

  • Bitcoin to PKR, USD on September 16, 2022

    Bitcoin to PKR, USD on September 16, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 16, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,673,099.90 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,656,615.49 at closing on September 15, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,748.84 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,670.81 at closing on September 15, 2022.

    Bitcoin to Pakistani Rupee on September 15, 2022

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    Dogecoin to PKR, USD on September 16, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 16, 2022.

    One Dogecoin to PKR is Rs13.96 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.96 at closing on September 15, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 16, 2022 at 09:15 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 15, 2022.

    Dogecoin to Pakistani Rupee on September 15, 2022

    —————————————————————————–

    Ripple to PKR, USD on September 16, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 16, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs76.80 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs77.07 at closing on September 15, 2022.

    The rate of Ripple in US Dollar (USD) is $0.32 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.33 at closing on September 15, 2022.

    Ripple to Pakistani Rupee on September 15, 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.

  • Ripple to PKR, USD on September 16, 2022

    Ripple to PKR, USD on September 16, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 16, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs76.80 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs77.07 at closing on September 15, 2022.

    The rate of Ripple in US Dollar (USD) is $0.32 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.33 at closing on September 15, 2022.

    Ripple to Pakistani Rupee on September 15, 2022

    —————————————————————————

    Bitcoin to PKR, USD on September 16, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 16, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,673,099.90 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,656,615.49 at closing on September 15, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,748.84 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,670.81 at closing on September 15, 2022.

    Bitcoin to Pakistani Rupee on September 15, 2022

    —————————————————————————

    Dogecoin to PKR, USD on September 16, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 16, 2022.

    One Dogecoin to PKR is Rs13.96 on September 16, 2022 at 09:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.96 at closing on September 15, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 16, 2022 at 09:15 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 15, 2022.

    Dogecoin to Pakistani Rupee on September 15, 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.

  • Ford unveils seventh generation of Mustang

    Ford unveils seventh generation of Mustang

    DETROIT, Michigan: Ford Motor Company on Wednesday unveiled the seventh generation of Mustang. The seventh generation is the most exhilarating and visceral yet, from its fighter jet-inspired digital cockpit to new advanced turbocharged and naturally aspirated engines to its edgier yet timeless exterior design.

    The new Mustang adds another chapter to an icon, delivering the looks, sound and appeal of the world’s best-selling sports coupe for seven years running. Whether convertible or coupe, V8 or turbocharged 4-cylinder, manual or automatic, Mustang has options at multiple price points and performance levels.

    The fighter jet-inspired cockpit offers the driver two flowing and curved displays that can be quickly customized to show information the driver wants or needs to see.

    When choosing personalized drive mode settings, the car’s current setup is displayed on the center stack as real-time graphical renderings. Settings can be adjusted by simply swiping the graphic to rotate the car virtually in true gamified style. 

    Mustang’s default instrument gauge setting has shifted from traditional, cool blue and light grey tones to an ultra-modern, copper appearance theme also shared with Mustang Mach-E. From there, almost everything in the displays – and the ambient interior lighting – can be configured to selected tones, while instrument clusters adapt to drive mode selection.

    This digital instrument cluster can be optionally configured to flow seamlessly into a 13.2-inch SYNC® 4 center stack behind a single piece of integrated glass that’s angled toward the driver.  

    Beyond the screen, an all-new race-inspired flat-bottomed steering wheel provides more space when getting seated.

    Outside the vehicle, animated welcome lighting greets drivers as they approach and, upon entry, Mustang splash screens come to life. And for those who enjoy the sound of a revving engine, Mustang introduces Remote Rev, providing the ability to rev the car’s engine remotely using the key fob. 

    Mustang has a standard cloth interior featuring all-cloth seats with optional Micro Suede vinyl inserts and black seat belts, while Premium models benefit from upgraded wrapped and accent stitched across the instrument panel and door trim. EcoBoost models feature Ford’s ‘ActiveX’ synthetic leather upholstery with multiple color options, while GT models gain leather seat inserts.

    Higher series models offer an upgraded, full-leather steering wheel, as well as a choice of color accent stitching and a unique upholstery perforation across the seat inserts, complemented by color-coordinated, asymmetric accent striping on the seat belts.

    The center console can also incorporate an available wireless mobile phone charging pad while new overhead USB ports are installed above the cockpit, conveniently placed for track cameras and other devices, helping prevent wires from draping across the cabin.

    The available B&O Sound System is optimized for the car’s interior, contributing to the visceral experience of Mustang ownership. Customers can share the ultimate driving playlist through Apple CarPlay and Android Auto, both of which are fully compatible with SYNC 4.

    Amazon Alexa Built-In with Ford Streaming allows music and podcasts to be played with simple voice commands. Like the all-electric Mustang Mach-E SUV, the all-new Mustang features Ford Power-Up software update capability.

    The seventh generation adds modern chiseled looks to its heritage-inspired design, which sets out to appeal to the broadest Mustang customer mindset yet.  

    Its low, horizontal brow across the front emphasizes overall frontal width, while the upper grille design shape is influenced by the original 1960s design. The Tri-Bar LED headlamps continue the Mustang’s classic lighting signature. Its sleek roofline, broad sprinting stance and shortened rear overhang are also true to the authentic proportions of the first generation, while the widened rear haunches point to the power over the wheels in true Mustang style. 

    The roofline is optimized for driver entry and exit without removing their helmet on the track, and an extended rear deck houses a new crisp signature tri-bar lighting and redesigned diffuser for improved aerodynamic balance in the rear.

    Each model in the Mustang lineup carries its own unique front end. GT is differentiated from EcoBoost models by larger, more aggressive grille openings, engineered to allow increased airflow, reflecting the increase in power and performance. The car’s aerodynamics are optimized further with the addition of new hood vents and redesigned front splitter.

    “Both the EcoBoost and Mustang GT have unique styling cues that deliver on their promise of Mustang Performance,” said Christopher Walter, Ford Mustang design manager. “The new Mustang is more chiseled and edgier, leaning into Mustang’s classic brawniness and timelessness.”

    Mustang convertible continues its drop-top legacy offering maximum open-air freedom. A simple, one-touch activation with a single-handle center latch opens and closes the fully lined and insulated fabric roof. The compact roof design and independent rear suspension also contribute toward segment-leading trunk space that can accommodate up to two golf bags.  

    The all-new Mustang launches with 11 exterior color options including two new shades, Vapor Blue and Yellow Splash, complemented by new stripe colors and designs. Customers also can choose from three Brembo brake caliper color options: Black, Red and Grabber Blue, plus an all-new lineup of alloy wheels, ranging from 17-inch standard size on base models to 19-inch for GT with optional 20-inch alloy wheels.

    New for the 2024 model year is the Mustang Design Series, providing further customization options straight from the factory. The Bronze Design Series Appearance Package adds Sinister Bronze alloy wheels with bronze badges, and is available on both EcoBoost and GT models, with or without the optional Performance Pack. 

    The way Mustang looks, drives and sounds is key to the experience that makes customers want to get in the driver’s seat and hit the road. The all-new Mustang delivers an even more exciting drive experience with new and advanced engine technologies.

    It starts with Mustang GT, now powered by an advanced, 5.0-liter Coyote V8 engine. The fourth-generation 5.0-liter is set to deliver the most naturally aspirated horsepower of any Mustang GT thanks to an innovative dual air intake box and dual-throttle body design, that helps minimize induction loss by enabling higher air flow rates.

    “This is the most athletic and confidence-inspiring Mustang EcoBoost and GT to drive yet,” said Ed Krenz, Ford Mustang chief nameplate engineer. “Whether driving an automatic or manual transmission, thanks to drive modes combined with fine-tuned digital engine, suspension and steering controls, we’re now able to give drivers peak performance everywhere, from their favorite roads to their local track.”

    Ford has saved the manual transmission for a new generation and the 5.0-liter V8 continues to offer a standard six-speed manual transmission for customers who want an uncompromised connection to eight-cylinder power. Ford’s advanced 10-speed automatic transmission is available, and it almost instantaneously reconfigures its shift patterns to match the selected drive mode.

    Customers who desire Mustang’s fun-to-drive feeling with fuel efficiency benefits can opt for the EcoBoost model, powered by an all-new, four-cylinder turbocharged 2.3-liter powertrain.

    The feeling of freedom and confidence Mustang instills in its drivers is amplified when they take control of how the car behaves.

    On a twisty back road or a weekend track day, the driver can quickly adjust steering effort, engine response, and transmission and electronic stability control settings through six available Drive Modes to create the perfect Mustang at any time. These are Normal, Sport, Slippery, Drag, Track plus a customizable setting with up to six individual profiles, tailored to the driver’s view ahead of them. As each mode is selected, high-fidelity graphics in the digital instrument panel bring the mode to life.

    Mustang GT and EcoBoost models are both available with an optional Performance Pack, which adds a host of track-focused features, including a front Tower Brace, Torsen® Limited Slip differential and optional MagneRide active suspension, wider rear wheels and tires, and larger, 390-millimeter front and 355-millimeter rear Brembo brakes. The GT Performance Pack adds brake ducts for even more enhanced cooling and a standard auxiliary engine oil cooler. Performance Pack also offers optional Recaro® seats and active exhaust.

    Mustang GT with manual transmission includes standard rev-matching that helps hold engine RPM when the clutch is engaged. This retains peak torque between manual gear changes, delivering even more precision, thrill and better refinement.  

    Quicker steering ratios and minimal compliance from steering wheel to tire significantly enhances the car’s cornering dynamics, with increased straight-line power.

    A segment-first electronic drift brake takes new technology to the racetrack, unlocking the rear-wheel-drive drifting capability of Mustang with the visual appeal and functionality of a traditional, mechanical hand brake. The Performance Electronic Parking Brake comes standard with the Performance Pack on all Mustang models, engineered for novice drivers to learn and improve their drift skills while also providing expert drivers with a competition-ready system.

    The new Mustang comes equipped with Ford Co-Pilot360™ features, including Speed Sign Recognition, Intelligent Adaptive Cruise Control with Stop-and-Go, Lane Centering Assist, Evasive Steer Assist and Reverse Brake Assist. Another key feature is Active Pothole Mitigation, included with the Performance Package, which continually monitors suspension, body, steering and braking input and adjusts suspension response accordingly.

    Owners can stay connected with their car via the FordPass™ app in other ways, utilizing free remote features such as remote vehicle start and stop, door locking and unlocking, scheduling a start time, locating the vehicle, and vehicle health and status checks. The FordPass app provides important vehicle information available to users, including fuel and oil levels, service history and warranty information. 

    The all-new Mustang goes on sale in the U.S. starting in the summer of 2023 and is assembled at Flat Rock Assembly Plant in Flat Rock, Mich.