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Author: Faisal Shahnawaz

  • Bitcoin to Pak Rupee on February 1, 2022

    Bitcoin to Pak Rupee on February 1, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs6,772,920.76 on February 1, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,800,269.64 on January 31, 2022.

    The rate of Bitcoin in US Dollar (USD) is $38,581.50 on February 1, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $38,483.28 on January 31, 2022.

    Disclaimer: All data and information is 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.

    Bitcoin to Pak Rupee on January 31, 2022
  • Ripple to Pak Rupee on February 1, 2022

    Ripple to Pak Rupee on February 1, 2022

    The exchange rate of Ripple (XRP) in Pakistani Rupees (PKR) experienced a slight uptick, reaching Rs109.63 on February 1, 2022, in the open exchange market.

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  • Dogecoin to Pak Rupee on February 1, 2022

    Dogecoin to Pak Rupee on February 1, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs25.21 on February 1, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs24.90 on January 31, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.14 on February 1, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.14 on January 31, 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.

  • KSE-100 index gains 297 points

    KSE-100 index gains 297 points

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 297 points on Monday.

    The index closed at 45,375 points as against last Friday’s closing of 45,078 points, showing an increase of 297 points.

    READ MORE: Weekly Review: market to stay positive on IMF talks

    Analysts at Arif Habib Limited said that bulls ruled over the bears today as Pakistan eyes $3 billion loan from China.

    Market opened on a positive note and stayed in the green zone throughout the day. Main board activity remained gloomy.

    READ MORE: Stocks end flat amid profit taking

    On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, profit taking was witnessed due to rising Covid-19 cases.

    Sectors contributing to the performance include Banks (+65.0 points), Fertilizer (+40.9 points), Technology (+32.9 points), E&P (29.6 points) and Chemical (+22.6 points).

    READ MORE: Pakistan stocks gain amid concerns over rising oil prices

    Volumes decreased from 258.9 million shares to 251.7 million shares (-2.8 per cent DoD). Traded value increased by 5.4 per cent to reach US$ 48.5 million as against US$ 45.9 million.

    Stocks that contributed significantly to the volumes include TREET, WTL, TRG, WAVES and HUMNL.

    READ MORE: Stocks end up 67 points amid range bound trading

  • SBP issues KIBOR rates on January 31, 2022

    SBP issues KIBOR rates on January 31, 2022

    KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of January 31, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7610.26
    2 – Week9.7910.29
    1 – Month9.8410.34
    3 – Month10.1110.36
    6 – Month10.4910.74
    9 – Month10.6211.12
    1 – Year10.7311.23
    SBP issues KIBOR rates on January 28, 2022
  • Ghais Khan elected OICCI president

    Ghais Khan elected OICCI president

    KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has elected Ghais Khan as president for the term 2022.

    Ghias Khan is President & Chief Executive Officer, Engro Corporation Limited.

    The election of Ghais Khan announced at the 162nd Annual General Meeting of the OICCI held at the Chamber on Monday. Amir Rasool Paracha, Chairman & Chief Executive Officer, Unilever Pakistan Limited, was elected as the Vice President.

    The other elected members of the OICCI Managing Committee for 2022 are included: Ahmed Zahid Zaheer, Chevron Pakistan Lubricants (Pvt) Limited; Ali Ahmed Khan, FriesLandCampina Engro Pakistan Limited; Erum Shakir Rahim, GhaxoSmithKline Pakistan Limited; Ali Asghar Jamali, Indus Motor Company Limited; Samer Chedid, Nestle Pakistan Limited; Waqar Irshad Siddiqui, Shell Pakistan Limited; Markus Strohmeier, Siemens Pakistan Engineering Company Limited; and Rehan Muhammad Shaikh, Standard Chartered Bank (Pakistan) Limited.

    In his message to the members, Incoming President Ghias Khan said he strongly believes that Pakistan offers considerable growth potential for existing and new foreign investors.

    He lauded OICCI’s role in promoting Pakistan to potential foreign investors. He further appreciated the quality of OICCI Business surveys and the Chamber’s focused and continuing advocacy efforts for streamlining the taxation system, pragmatic policy input for increasing the efficiency of energy sector, initiatives on women empowerment, gender equality, climate and sustainability, and the Chamber’s role in pursuing an effective Intellectual Property Rights regime in Pakistan.

    Ghias Khan holds an MBA from the Institute of Business Administration, Karachi and also serves as Chairman on the Boards of Engro Fertilizers Limited, Engro Polymer & Chemicals Limited, Engro Enfrashare (Pvt) Limited, and Engro Energy Limited.

  • Customers’ exchange rates on January 31, 2022

    Customers’ exchange rates on January 31, 2022

    Karachi – The State Bank of Pakistan (SBP) released the latest exchange rates for customers on Monday, shedding light on the currency landscape for January 31, 2022.

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  • Dollar slips five paisas to PKR

    Dollar slips five paisas to PKR

    KARACHI: The US dollar slipped by five paisas against the Pak Rupee (PKR) on Monday as sufficient supply of the foreign currency was seen during the day.

    The rupee ended Rs176.72 to the dollar from last Friday’s closing of Rs176.77 in the interbank foreign exchange market.

    READ MORE: Rupee rebounds amid high oil prices

    Currency experts said that the market witnessed inflows of export receipts and remittances during the day. It helped the rupee to make gain against the foreign currency.

    The experts said that the rupee witnessed decline earlier in the day due to reports of massive fall in foreign exchange reserves of the country.

    READ MORE: Rupee ends firmer amid rising international oil prices

    Pakistan’s liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022 as against $23.35 billion by week ended January 14, 2022.

    READ MORE: Rupee sinks for third straight day against dollar

    The experts said that the rupee may come under pressure during coming days as global oil prices escalating gradually.

    Pakistan is the net importer of petroleum products. The rise in prices may increase oil import bill of the country.

    READ MORE: Rupee falls 23 paisas on dollar demand surge

  • SRB implements verification system for utility invoices

    SRB implements verification system for utility invoices

    KARACHI: The Sindh Revenue Board (SRB) has implemented online verification system for invoices issued by utility companies.

    The SRB in a communication issued on Monday stated that STRIVe (Sales Tax Real-time Invoice Verification) System has been implemented for Sindh Sales Tax return filing since July, 2019.

    READ MORE: KTBA identifies anomaly in SRB’s appellate system

    However, keeping in view taxpayers’ demand, the system was not made applicable to the invoices issued by utility companies such as electricity / gas distribution companies and telephone / telecom companies.

    Since, considerable time has elapsed and other tax administrations such as FBR and other provincial sales tax authorities have long ago implemented STRIVe for utility invoices, SRB has decided to discontinue the practice of allowing input tax adjustment against manual entry of utility invoices.

    READ MORE: SRB extends last date for payment, filing return

    Accordingly, it is intimated that starting from Sindh sales tax returns for the tax period February, 2022, to be filed in March 2022, the input tax against utility invoices (i.e. electricity, gas and phone / telecom services) shall only be allowed if the supplier / utility company has declared such supplies / services specifically in the name of Sindh registered person in the respective monthly tax returns submitted with Federal Board of Revenue.

    READ MORE: Dr. Wasif Memon appointed as SRB chairman

    It is added that the input tax deduction / adjustment, so availed, shall be subject to admissibility criteria as laid down in or under the Sindh Sales Tax on Services Act, 2011.

    READ MORE: SRB invites proposals for Budget 2022-2023

  • Bitcoin to Pak Rupee on January 31, 2022

    Bitcoin to Pak Rupee on January 31, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs6,514,705.11 on January 31, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,722,189.17 on January 30, 2022.

    The rate of Bitcoin in US Dollar (USD) is $36,948.52 on January 31, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $38,097.61 on January 30, 2022.

    Disclaimer: All data and information is 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.

    Bitcoin to Pak Rupee on January 30, 2022