In a significant development, the Sindh Government’s decision to unilaterally increase the minimum wage from Rs17,500 to Rs25,000 has stirred discontent and alarm within the industrial sector, particularly in Karachi.
(more…)Author: Faisal Shahnawaz
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KIBOR rates on July 27, 2021
The Karachi Interbank Offered Rate (KIBOR) held relatively steady across various tenors on July 28, 2024, reflecting cautious sentiment in the financial markets amid macroeconomic uncertainty and expectations surrounding future monetary policy decisions.
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Tax exemption allowed on import of 30 million face masks
In a proactive move to support the ongoing efforts in the fight against the COVID-19 pandemic, the Federal Board of Revenue (FBR) has granted a significant tax exemption on the import of 30 million face masks.
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Dollar advances by 57 paisas in interbank
KARACHI: The Pak Rupee fell by 57 paisas against the dollar on Wednesday as demand for the foreign currency remained higher during the day.
The rupee ended at Rs161.90 to the dollar from the previous day’s closing of Rs161.33 in the interbank foreign exchange market.
Currency experts said that the market witnessed higher demand for dollars due to rise in international oil prices.
The local unit has remained under pressure since the start of the current fiscal year due to higher fiscal deficit posted for the month of June 2021.
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SBP issues customers exchange rates for July 28
The State Bank of Pakistan (SBP) on Wednesday released the latest exchange rates for customers, based on the weighted average rates provided by commercial banks. This data, compiled and disseminated for informational purposes, reflects the estimated rates quoted by various commercial banks to their clients for commercial transactions.
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Initial allowance adjustment in computing income tax
Section 23 of Income Tax Ordinance, 2001 has explained initial allowance for person who places eligible depreciable assets into Pakistan.
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FBR officials ordered strictly follow COVID SOPs
The Federal Board of Revenue (FBR) has issued a stern directive to its officials, emphasizing the strict adherence to Standard Operating Procedures (SOPs) to prevent the spread of COVID-19.
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KIBOR rates on July 27, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued following Karachi Interbank Offered Rates (KIBOR) on July 27, 2021.
Tenor BID OFFER 1 – Week 6.95 7.45 2 – Week 6.98 7.48 1 – Month 7.03 7.53 3 – Month 7.16 7.41 6 – Month 7.36 7.61 9 – Month 7.45 7.95 1 – Year 7.53 8.03 -
Stocks make marginal gain in narrow range trading
KARACHI: Pakistan Stock Exchange (PSX) made a marginal gain on Tuesday while trading in narrow range. The benchmark KSE-100 Index closed at 47,687 points as against previous day’s closing of 47,673 points, showing an increase of 14 points.
Analysts at Arif Habib Limited said that the market traded narrow range today, oscillating between -56 points and +237 points.
The investors were anticipating monetary tightening. Resultantly, Banking sector stocks moved up, particularly MCB, HBL and UBL.
Technology sector on the other hand saw profit booking after making an uptick in the past couple of sessions. Similar activity was witnessed in Textile sector. Cement, O&GMCs and E&P sectors saw selling activity that brought the prices below LDCPs. Among scrips, WTL led the table with 36.6 million shares, followed by BYCO (34.2 million) and KASBM (17.8 million).
Sectors contributing to the performance include Banks (+119 points), Textile (+40 points), Fertilizer (+29 points), O&GMCs (-43 points), Inv Banks (-35 points) and Cement (-32 points).
Volumes declined from 450.2 million shares to 432.6 million shares (-4 per cent DoD). Average traded value increased by 3 per cent to reach US$ 86.3 million as against US$ 84.2 million.
Stocks that contributed significantly to the volumes include WTL, BYCO, KASBM, TPL and ASC, which formed 28 per cent of total volumes.
Stocks that contributed positively to the index include HBL (+44 points), KTML (+30 points), SYS (+30 points), UBL (+27 points) and MCB (+25 points). Stocks that contributed negatively include DAWH (-37 points), PSO (-27 points), TRG (-22 points), NRL (-14 points) and COLG (-12 points).
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Rupee falls by 10 paisas against dollar
KARACHI: The Pak Rupee ended down by 10 paisas against the dollar on Tuesday. High dollar demand for import payments brought down the rupee value.
The rupee ended at Rs161.33 to the dollar from previous day’s closing of Rs161.23 in the interbank foreign exchange market.
Currency experts said dollar demand kept the rupee under pressure. Importers placed demand for dollar purchase. .
PkRevenue.com obtains rates from State Bank of Pakistan (SBP).
These Exchange Rates are issued for Authorized Dealers to revalue their books daily on Mark-to-Market basis. M2M rate of USD is compiled as weighted average of closing interbank exchange rate collected through Brokerage Houses.