Author: Faisal Shahnawaz

  • Chevrolet unveils all-electric 2024 Blazer EV

    Chevrolet unveils all-electric 2024 Blazer EV

    DETROIT: Chevrolet revealed the all-electric 2024 Blazer EV on Wednesday expanding the growing electric vehicle (EV) portfolio. The car makes the ownership more accessible and driving Chevy into the heart of the growing midsize electric crossover segment.

    Multiple distinct trims, multiple range options — Including an available GM-estimated range of up to 320 miles on a full charge— and available front, rear- and all-wheel-drive configurations offer customers more choices, and a seamless EV experience designed to complement virtually every lifestyle.

    Those choices include available 1LT, 2LT, RS and Chevy’s first-ever electric SS performance model, along with a pursuit-rated Police Pursuit Vehicle (PPV) model for police fleet applications.

    Scott Bell, vice president of Chevrolet said that, “The 2024 Blazer EV sets a new tone for electric SUVs, with options and intuitive technologies that help position Chevy for leadership in one of the fastest-growing EV segments.”

    He also said that, “Along with the all-new Silverado EV and Equinox EV coming next year, we are making great strides in offering more choices for zero tailpipe-emissions vehicles — choices that make switching to an EV easier than ever.”

    The Blazer EV is based on GM’s innovative Ultium Platform with athletic styling that elevates the heralded design established in 2018 by the gas-powered Chevrolet Blazer, and performance cues inspired by the Camaro and Corvette.

    With design and engineering developed to live up to the legacy of the iconic Super Sport performance designation, the Blazer EV SS offers customers the most powerful experience in the lineup.

    It features an exclusive performance AWD propulsion configuration designed to produce up to 557 horsepower and up to 648 lb-ft of torque, and unique WOW (Wide Open Watts) mode enabling 0-60 sprints of approximately less than 4 seconds (based on GM estimates).

    Additional Blazer EV highlights include:

    Driving range options up to an available GM-estimated 320 mileson a full charge (depending on the trim)

    11.5 kW level 2 (AC) charging and standard DC public fast-charging capability of up to 190 kW, depending on the model, which enables approximately 78 miles of range to be added in 10 minutes, per GM estimates

    Large, intuitive 17.7-inch-diagonal customizable infotainmenttouchscreen

    Full LED exterior lighting, with choreographed walk-up/walk-away animation on RS and SS models

    Beautiful, spacious and sustainably crafted cabin made with soft-touch materials

    Available Super Cruisehands-free driving technology for compatible roads

    Advanced safety features intended to inspire confidence, including Reverse Automatic Brakingand Advanced Park Assist

  • Bitcoin to Pak Rupee on July 20, 2022

    Bitcoin to Pak Rupee on July 20, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,191,952.56 on July 20, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market.

    (more…)
  • Ripple to Pak Rupee on July 20, 2022

    Ripple to Pak Rupee on July 20, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs83.55 on July 20, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market.

    (more…)
  • Dogecoin to Pak Rupee on July 20, 2022

    Dogecoin to Pak Rupee on July 20, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs15.42 on July 20, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market.

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  • Prices of KIA Motors raised up to 19.3% amid rupee devaluation

    Prices of KIA Motors raised up to 19.3% amid rupee devaluation

    KARACHI: Lucky Motors Corporation Limited (LMCL), the manufacturers of KIA Motors in Pakistan, has announced massive increase up to 19.3 per cent in car prices effective from July 19, 2022 due to sharp depreciation in rupee value against the US Dollar.

    According to a press release issued on Tuesday, the car maker stated that due to continuous devaluation of the Pakistani Rupee to the US dollar the company was compelled to increase the prices of KIA products effective from July 19, 2022.

    READ MORE: Rolls-Royce, Hyundai signs pact to lead advanced air mobility market

    Following are the existing and revised prices of various models of KIA Motors:

    Picanto MT has been increased by 19.3 per cent to Rs3.1 million from Rs2.6 million.

    Picanto AT has been increased by 18.52 per cent to Rs3.2 million from Rs2.7 million.

    Stonic EX has been increased by 1.8 per cent to Rs4.55 million from Rs4.47 million.

    Stonic EX+ has been increased by 2 per cent to Rs4.85 million from Rs4.77 million.

    Sportage Alpha has been increased by 16.82 per cent to Rs6.25 million from Rs5.35 million.

    Sportage FWD has been increased by 15.19 per cent to Rs6.75 million from Rs5.86 million.

    Sportage AWD has been increased by 13.99 per cent to Rs7.25 per cent from Rs6.36 per cent.

    Sorento 2.4L FWD has been increased by 13.04 per cent to Rs7.80 million from Rs6.90 million.

    Sorento 2.4L AWD has been increased by 12.29 per cent to Rs8.50 million from Rs7.57 million.

    Sorento 3.5L has been increased by 12.29 per cent to Rs8.50 million to Rs7.57 million.

    Carnival GLS PP has been increased by 9.57 per cent to Rs12.6 million from Rs11.5 million.

    The company further said that price revision is effective from July 19, 2022 and would not be applicable to customers, who had already made full payment by July 18, 2022 as well as those customers whose PBO delivery commitments were of June 2022 or before.

    READ MORE: Global car manufacturers agree to introduce electric mini-commercial vans

    According to the terms and conditions the company said all customers who had paid the full amount and the same is realized in the LMC bank account till July 18, 2022 would qualify for existing ex-factory price. However, government taxes including withholding tax and capital value tax would apply as per the federal budget 2022-2023.

    “All customers who are sales tax registered but not active will be charged further sales tax at 3 per cent as per new Finance Act, 2022. This further sales tax will be part of ex-factory price for such customers,” the company added.

  • Pakistan stocks plunge 978 points on rupee devaluation

    Pakistan stocks plunge 978 points on rupee devaluation

    KARACHI: Pakistan stocks plunged by 978 points on Tuesday owing to political instability and massive rupee devaluation.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 40,389 points from previous day’s close of 41,367 points, showing a decline of 978 points.

    READ MORE: Pakistan stocks plunge 708 points in bloodbath session

    Analysts at Arif Habib Limited said that bears took charge at the stock market today as bloodbath continued.

    Despite opening in the green zone, benchmark KSE-100 index dropped down to an intraday low of 40,216 levels (1150.73 points negative).

    READ MORE: Weekly Review: stocks likely to stay positive

    Selling momentum continued across the board due to political unrest and rupee devaluation against US Dollar, marking a historic high in the interbank and open market. 

    The Pakistan Rupee (PKR) recorded a decline of Rs6.79 to end at historic low of Rs221.99 to the dollar at interbank foreign exchange market.

    READ MORE: Weekly Review: market likely to stay range-bound

    The Index closed at 40,389.07 points, down by 978.04 points (-2.36 per cent DoD). Sectors contributing to the performance include Banks (-235.3 points), E&P (-139.5 points), Fertilizer (-130.6 points), Cement (-99.6 points) and Power (-57.1 points).

    Volumes increased from 151.4 million shares to 194.9 million shares (+28.8 per cent DoD). Average traded value also increased by 32.7 per cent to reach US$ 26.1 million as against US$ 19.6 million.

    Stocks that contributed significantly the volumes are KEL, WTL, CNERGY, CLVLR and UNITY.

    READ MORE: Stocks gain 184 points in lackluster trading activity

  • SBP issues KIBOR rates – July 19, 2022

    SBP issues KIBOR rates – July 19, 2022

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on July 19, 2022.

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  • Pakistani Rupee crashes to Rs222 against Dollar at closing on July 19, 2022

    Pakistani Rupee crashes to Rs222 against Dollar at closing on July 19, 2022

    KARACHI: The Pakistani Rupee (PKR) crashed against the US dollar to make new historic low at around Rs222 on Tuesday at closing of interbank foreign exchange market.

    The exchange rate recorded a decline of Rs6.79 and ended at Rs221.99 to the dollar from previous day’s closing of Rs215.20 in the interbank foreign exchange market.

    READ MORE: Rupee plummets record low at Rs215.20 to dollar

    The rupee fell to the record low of Rs215.20 at interbank closing on July 18, 2022.

    Currency experts said that the local unit was under pressure due to political instability.

    Furthermore, the Fitch rating agency has downgraded the Pakistan outlook to negative from positive.

    READ MORE: Fitch revises Pakistan’s outlook to negative

    The experts also believed that the falling foreign exchange reserves also putting pressure on rupee stability.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 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 $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    READ MORE: PKR slips to Rs210.95 against dollar despite IMF agreement

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    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 $10.33 billion.

    READ MORE: Rupee recovers 30 paisas to dollar on IMF agreement

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

  • SBP’s customer forex rates – July 19, 2022

    SBP’s customer forex rates – July 19, 2022

    On Tuesday, July 19, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers, outlining the buying and selling prices of various currencies against the Pakistani Rupee (PKR).

    (more…)
  • Dollar hits Rs220 to make new midday high in interbank

    Dollar hits Rs220 to make new midday high in interbank

    KARACHI: The US dollar made new record against the Pakistani Rupee to reach at Rs220 during midday trading in interbank foreign exchange market on Tuesday.

    The rupee has lost Rs4.8 so far during the day against the dollar. The exchange rate is at Rs220 to the dollar from previous day’s closing of Rs215.20.

    READ MORE: Rupee plummets record low at Rs215.20 to dollar

    The rupee fell to the record low of Rs215.20 at interbank closing on July 18, 2022.

    Currency experts said that the local unit was under pressure due to political instability.

    Furthermore, the Fitch rating agency has downgraded the Pakistan outlook to negative from positive.

    READ MORE: Fitch revises Pakistan’s outlook to negative

    The experts also believed that the falling foreign exchange reserves also putting pressure on rupee stability.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 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 $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    READ MORE: PKR slips to Rs210.95 against dollar despite IMF agreement

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    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 $10.33 billion.

    READ MORE: Rupee recovers 30 paisas to dollar on IMF agreement

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.