The State Bank of Pakistan (SBP) has issued the foreign exchange rates for August 24, 2022, providing crucial information on the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
(more…)Author: Faisal Shahnawaz
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Hascol Petroleum announces rehabilitation plan
KARACHI: Hascol Petroleum Limited on Wednesday announced a rehabilitation plan for the company through settlement of liabilities.
In a communication sent to Pakistan Stock Exchange (PSX), Hascol Petroleum said that the Board of Directors of the company, in its meeting held on August 23, 2022, approved the plan for rehabilitation of the company through restructuring and settlement of liabilities of the company as per proposal prepared by the management.
READ MORE: Shell Pakistan stops aviation operations across country
The board has also approved the draft of letter to be sent to all secured creditors/banks/financial institutions conveying the rehabilitation plan and the process intended to be followed by the company for implementing the same i.e. through a Scheme of Arrangement to be presented to the High Court of Sindh at Karachi.
The board has further given the management a go-ahead to prepare the scheme on the basis of the rehabilitation plan in consultation with the transaction legal counsel and auditors/accountants engaged by the company for such purpose and present the same for approval of the board for submission before the relevant competent court.
READ MORE: Businessmen express shock over petroleum price hike in Pakistan
The scheme is, however, subject to its approval by the creditors and shareholders and sanction of the competent court as per requirement of the relevant law and requisite approvals to be obtained from competent authorities.
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NetSol opens sales point in Dubai
KARACHI: NetSol Technologies Limited on Wednesday announced opening of a sales and delivery center in Duabi, United Arab Emirates (UAE).
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Bitcoin to Pakistani Rupee on August 24, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,605,198.63 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,609,494.68 at closing on August 23, 2022.
The rate of Bitcoin in US Dollar (USD) is $21,272.41 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $21,381.87 at closing on August 23, 2022.
READ MORE: Bitcoin to Pakistani Rupee on August 23, 2022
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Ripple to Pakistani Rupee on August 24, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs73.55 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs74.31 at closing on August 23, 2022.
The rate of Ripple in US Dollar (USD) is $0.34 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.34 at closing on August 23, 2022.
READ MORE: Ripple to Pakistani Rupee on August 23, 2022
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Dogecoin to Pakistani Rupee on August 24, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs14.69 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.69 at closing on August 23, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.07 at closing on August 23, 2022.
READ MORE: Dogecoin to Pakistani Rupee on August 23, 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.
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Ripple to Pakistani Rupee on August 24, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs73.55 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs74.31 at closing on August 23, 2022.
The rate of Ripple in US Dollar (USD) is $0.34 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.34 at closing on August 23, 2022.
READ MORE: Ripple to Pakistani Rupee on August 23, 2022
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Dogecoin to Pakistani Rupee on August 24, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs14.69 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.69 at closing on August 23, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.07 at closing on August 23, 2022.
READ MORE: Dogecoin to Pakistani Rupee on August 23, 2022
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Bitcoin to Pakistani Rupee on August 24, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,605,198.63 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,609,494.68 at closing on August 23, 2022.
The rate of Bitcoin in US Dollar (USD) is $21,272.41 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $21,381.87 at closing on August 23, 2022.
READ MORE: Bitcoin to Pakistani Rupee on August 23, 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.
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Dogecoin to Pakistani Rupee on August 24, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs14.69 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.69 at closing on August 23, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.07 at closing on August 23, 2022.
READ MORE: Dogecoin to Pakistani Rupee on August 23, 2022
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Ripple to Pakistani Rupee on August 24, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs73.55 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs74.31 at closing on August 23, 2022.
The rate of Ripple in US Dollar (USD) is $0.34 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.34 at closing on August 23, 2022.
READ MORE: Ripple to Pakistani Rupee on August 23, 2022
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Bitcoin to Pakistani Rupee on August 24, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,605,198.63 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,609,494.68 at closing on August 23, 2022.
The rate of Bitcoin in US Dollar (USD) is $21,272.41 on August 24, 2022 at 09:34 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $21,381.87 at closing on August 23, 2022.
READ MORE: Bitcoin to Pakistani Rupee on August 23, 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.
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Pakistan stocks gain 540 points on unchanged policy rate
KARACHI: Pakistan stocks gained 540 points on Tuesday as investors posed confidence on central bank’s decision to leave policy rate unchanged.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,367 points from previous day’s closing of 42,827 in the interbank foreign exchange market.
READ MORE: Pakistan equities fall by 444 points on political noise
Analysts at Arif Habib Limited said that the stock market witnessed a bullish session today.
The benchmark KSE-100 index traded in the green zone throughout the day as investors’ confidence boosted due to policy rate being unchanged, they added.
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) a day earlier decided to keep the policy rate unchanged at 15 per cent.
READ MORE: Weekly Review: monetary policy decision likely to dictate market
Cement sector remained in the limelight. Hefty volumes were witnessed in the main board and 3rd tier stocks.
The Index closed at 43,366.78 points, up by 540.1 points (+1.26 per cent DoD). Sectors contributing to the performance include Fertilizer (+124.8 points), Cement (+121.7 points), E&P’s (72.2 points), Technology (+62.2 points) and Banks (+43.9 points).
READ MORE: Weekly Review: stock market likely to move in positive zone
Volumes increased from 194.7 million shares to 324.4 million shares (+66.7 per cent DoD). Average traded value also increased by 81.1 per cent to reach US$ 44.4 million as against US$ 24.5 million.
Stocks that contributed significantly to the volumes are HASCOL, KEL, WTL, PRL and CNERGY.
READ MORE: Weekly Review: market likely to continue positive sentiments
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SBP issues KIBOR rates – August 23, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on August 23, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 15.02 15.52 2 – Week 15.04 15.54 1 – Month 15.09 15.59 3 – Month 15.65 15.90 6 – Month 15.75 16.00 9 – Month 15.78 16.28 1 – Year 15.83 16.33 -
MCB Bank decides not to acquire Easypaisa
KARACHI: MCB Bank, one of the largest financial institutions in Pakistan, has decided not to acquire a stake in Easypaisa, as confirmed during an analyst briefing held on Tuesday. The management of MCB shared that the due diligence process for Easypaisa had been completed, but after careful consideration, the bank opted not to pursue the acquisition.
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Dollar climbs up to PKR 217.66 at interbank closing
KARACHI: The US dollar rose for the second straight day against the Pakistani Rupee (PKR) on Tuesday and ended at Rs217.66 at interbank foreign exchange market.
The exchange rate recorded a decline of one rupee to end at Rs217.66 to the dollar from previous day’s closing of Rs216.66 in the interbank foreign exchange market.
READ MORE: Dollar jumps to PKR 216.66 amid political crisis
It was second straight day of the week when the dollar made gain against the local currency.
Currency experts said that ongoing political crisis pressured the demand for the greenback during the day.
A day earlier, the government lodged an FIR against PTI chairman Imran Khan for threatening institutions. Further unconfirmed report suggested that the government attempted to arrest the former prime minister, which aggravated the security situation in the country.
READ MORE: Rupee gains 30 paisas to dollar at closing on August 19, 2022
The currency experts said that besides, falling foreign exchange reserves and higher demand for import payments also resulted in devaluation of rupee value.
The rupee recorded all-time low of Rs239.94 against the dollar on July 28, 2022.
Previously, the rupee made gain on reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market. Further decline in international oil prices also helped the rupee to make gain.
Besides, the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
READ MORE: Pakistani Rupee eases against dollar; Interbank ends at Rs214.88
Pakistan’s foreign exchange reserves have increased by $52 million by week ended August 12, 2022. The foreign exchange reserves of the country have recorded at $13.613 billion by week ended August 12, 2022 as compared with $13.561 billion a week ago i.e. August 05, 2022.
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.615 billion.
READ MORE: Dollar ends losing streak against Pakistani Rupee; closes at Rs214.88
The official foreign exchange reserves of the State Bank witnessed an increase of $67 million to $7.897 billion by week ended August 12, 2022 as compared with $7.83 billion a week ago.
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.249 billion.