Pkrevenue.com

Author: Faisal Shahnawaz

  • Rupee rebounds amid high oil prices

    Rupee rebounds amid high oil prices

    KARACHI: The Pak Rupee (PKR) edged up 21 paisas against the dollar, the first gain during the current week, on Thursday amid rise in international oil prices and fall in foreign exchange reserves.

    The rupee ended Rs176.77 to the dollar from previous day’s gain in Rs176.98 in the interbank foreign exchange market.

    READ MORE: Rupee ends firmer amid rising international oil prices

    The local unit cumulatively declined by 74 paisas during first three trading sessions of the current week from closing of Rs176.24 on January 21, 2022. The rupee ended flat on January 27 and now made recovery today.

    Currency experts attributed the rupee depreciation to fall in foreign exchange reserves of the country and surge in dollar demand for import payments.

    READ MORE: Rupee sinks for third straight day against dollar

    Pakistan’s liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022, the central bank said on Thursday.

    The country’s foreign exchange reserves were at $23.35 billion by week ended January 14, 2022.

    The official reserves of the central bank sharply declined by $846 million to $16.19 billion by week ended January 21, 2022 as compared with $17.036 billion a week ago. The SBP attributed the decline to external and other repayments.

    READ MORE: Rupee falls 23 paisas on dollar demand surge

    On the other hand the oil prices also at record high levels. The benchmark Brent touched over $91 per barrel a day earlier.

    The oil bill of Pakistan jumped by 113.4 per cent during first half of the current fiscal year. The bill surged to $10.18 billion during July – December 2021/2022 as compared with $4.77 billion in the corresponding period of the last fiscal year.

    Currency experts said that the passage of State Bank bill from the Senate would pave way for the release of over a one billion dollar tranche by the International Monetary Fund (IMF) during the next week.

    READ MORE: Rupee plummets on high oil prices

  • Customers’ exchange rates on January 28, 2022

    Customers’ exchange rates on January 28, 2022

    Karachi, Pakistan – The State Bank of Pakistan (SBP) announced the official exchange rates for January 28, 2022, based on the weighted average rates of commercial banks.

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  • Bitcoin to Pak Rupee on January 28, 2022

    Bitcoin to Pak Rupee on January 28, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs6,607,031.50 on January 28, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,410,291.47 on January 27, 2022.

    The rate of Bitcoin in US Dollar (USD) is $37,338.41 on January 28, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $36,240.92 on January 27, 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 27, 2022
  • Ripple to Pak Rupee on January 28, 2022

    Ripple to Pak Rupee on January 28, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs107.76 on January 28, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs107.33 on January 27, 2022.

    The rate of Ripple in US Dollar (USD) is $0.61 on January 28, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.61 on January 27, 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 Pak Rupee on January 27, 2022
  • Dogecoin to Pak Rupee on January 28, 2022

    Dogecoin to Pak Rupee on January 28, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs24.97 on January 28, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs24.93 on January 27, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.14 on January 28, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.14 on January 27, 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.

    Dogecoin to Pak Rupee on January 27, 2022
  • Pandamart achieves milestone with opening 50th store

    Pandamart achieves milestone with opening 50th store

    KARACHI: Pandamart, the country’s leading online groceries delivery platform has achieved a major milestone of establishing over 50 stores within just over a year since the first store was opened in Bahadurabad, Karachi in November 2020.

    The 50th store was opened in DHA Phase 8, Karachi on the eve of the new year, on December 31, 2021.

    This exponential growth means that a new store was opened practically every week of the past 12 months or so.

    READ MORE: foodpanda demonstrates Pandafly drone at Dubai Expo

    Online groceries shopping through pandamart is accessible on the foodpanda app.

    Today, pandamart stores are spread across Karachi, Lahore, Rawalpindi, Islamabad and Hyderabad, with this countrywide network of stores catering to about 85 to 90 percent of the population within the cities covered.

    There are now aggressive plans in place to further increase the number of stores and also expand into several other cities during this year.

    READ MORE: Foodpanda welcomes PRA tax concession to homechefs

    The present stores cover more than 350,000 square feet of floor space, stock more than 10,000 products of over 200 suppliers and vendors, employ over 1,250 people directly and create economic opportunities for the freelance rider community.

    Speaking about pandamart’s rapid growth, foodpanda’s CEO, Nauman Sikandar Mirza said, “Q-commerce is definitely the future and pandamart is pioneering this sector boldly as is obvious from the growth we have achieved in such a short time period. Our mission is to vigorously support the government’s goal of realizing a digital Pakistan and documenting the economy, while offering unprecedented convenience and benefits to the public through online groceries shopping that is available 20 hours out of 24 every single day.”

    READ MORE: CCP initiates probe against Foodpanda for discriminatory practices

    Benefits of online groceries shopping include convenience of ordering from home instead of physically visiting shops particularly important during the covid panedmic, extremely fast delivery, assured high quality of products, especially of perishables like fruits and vegetables, competitive prices, and particularly relevant during Covid times, the minimizing of human contact and avoidable movement of people.

  • Pakistan stocks gain amid concerns over rising oil prices

    Pakistan stocks gain amid concerns over rising oil prices

    KARACHI: Pakistan stocks gained 128 points on Thursday amid concerns over rising oil prices and surge in coronavirus cases.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 45,083 points as against previous day’s closing of 44,955 points, showing an increase of 128.0 points.

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

    Analysts at Arif Habib Limited said that range bound session was witnessed today due to the concerns over mounting international oil prices and rising Covid-19 cases.

    Oil touched $90 a barrel for the first time in seven years supported by tight supply and rising political tensions between Russia and Ukraine that added to concerns about further disruption in an already-tight market.

    READ MORE: Stocks fall on rising COVID cases

    Market opened on a positive note but soon after profit taking was witnessed across the board. Main board activity remained gloomy.

    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, value buying was observed due to announcement of corporate results.

    Sectors contributing to the performance include Technology (+62.7 points), Power (+28.4 points),

    READ MORE: Stocks fall 94 points amid policy announcement

    Commercial Banks (+22.1 points), Misc. Sectors (+20.9 points) and E&P (+17.4 points).

    Volumes increased from 137.3 million shares to 173.6 million shares (+26.4 per cent DoD). Traded value also increased by 22.5 per cent to reach US$ 37.1 million as against US$ 30.3 million.

    Stocks that contributed significantly to the volumes include TRG, HUMNL, UNITY, WTL and CNERGY.

    READ MORE: Stocks gain on unchanged policy rate expectations

  • NBP lends Rs18.8bn in Hascol’s Rs54bn scam

    NBP lends Rs18.8bn in Hascol’s Rs54bn scam

    KARACHI: National Bank of Pakistan (NBP) has lent an amount of Rs18.8 billion out of Rs54 billion scam in Hascol Petroleum Limited.

    National Assembly Standing Committee on Finance and Revenue on Thursday reviewed the performance of NBP.

    The committee also discussed the recent Hescol loan scam of Rs 54 billion; of this NBP had lent Rs18.8 billion. MNAs expressed their reservations on loan security procedures, mainly when the amount of loan was so big.

    READ MORE: NBP directed to pay Rs0.5 million to fraud victim

    The committee expressed dissatisfaction over the performance of the bank and emphasized on more corrective steps on administrative and financing sides; especially for financial inclusion in rural and remote areas of the country.

    Headed by MNA Faizullah, NA standing committee members included Abdul Wasay, Chaudhry Khalid Javed, Dr. Nafisa Shah, Ali Pervaiz Malik, Muhammad Israr Tareen, Qaiser Ahmed Sheikh, Faheem Khan and Jamil Ahmed Khan.

    READ MORE: No disruption in transactions post cyber-attack on NBP

    The chairman formed a sub-committee to look into the issues/queries raised by the standing committee members, and the discrepancies surfaced in the bank’s lending and administrative matters.

    It will submit its detailed report to the main NA standing committee at the earliest for its recommendations to the concerned government authorities through the National Assembly.

    Earlier, NBP’s Group Heads gave sector-wise presentations to the Committee.

    The committee members desired that NBP President, who was on leave, would have been present and could better respond to their queries.

    A day earlier, the bank said it was cooperating with the Federal Investigation Agency (FIA) in the multibillion scam.

    READ MORE: NBP announces Rs17.04 billion as half year profit

    The FIA arrested Mumtaz Hasan, founder of the Hascol Petroleum Limited (HPL), on January 23, 2022. It said a total of 30 suspects — including present and former top officials of the NBP, HPL and other organisations — had been booked in the case and that efforts were under way to arrest the remaining suspects.

    “As has been reported in the press, the FIA is conducting an inquiry on Hascol Petroleum’s banking arrangements with the NBP as well as several private and other public sector banks,” the NBP said.

    The bank said it had been and continued to cooperate fully with the FIA on this investigation and made available all relevant records and transactional history, including arranging meetings with its employees who have managed Hascol’s relationship with the bank.

    READ MORE: Probe in Hascol financials underway: SECP

  • SBP issues KIBOR rates on January 27, 2022

    SBP issues KIBOR rates on January 27, 2022

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of January 27, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7410.24
    2 – Week9.7810.28
    1 – Month9.8210.32
    3 – Month10.0810.33
    6 – Month10.4910.74
    9 – Month10.6311.13
    1 – Year10.7711.27
    SBP issues KIBOR rates on January 26, 2022
  • Customers’ exchange rates on January 27, 2022

    Customers’ exchange rates on January 27, 2022

    Karachi, Pakistan – On Thursday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for January 27, 2022, providing customers with crucial information based on the weighted average rates of commercial banks.

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