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Author: Faisal Shahnawaz

  • Bitcoin to Pak Rupee on June 30, 2022

    Bitcoin to Pak Rupee on June 30, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs4,127,840.77 on June 30, 2022 at 12:21 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,204,398.58 at closing on June 29, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,988.04 on June 30, 2022 at 12:21 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,321.30 at closing on June 29, 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.

    READ MORE: Bitcoin to Pak Rupee on June 29, 2022

  • Ripple to Pak Rupee on June 30, 2022

    Ripple to Pak Rupee on June 30, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs67.36 on June 30, 2022 at 12:16 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs69.55 at closing on June 29, 2022.

    The rate of Ripple in US Dollar (USD) is $0.33 on June 30, 2022 at 12:16 PM 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 June 29, 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.

    READ MORE: Ripple to Pak Rupee on June 29, 2022

  • Dogecoin to Pak Rupee on June 30, 2022

    Dogecoin to Pak Rupee on June 30, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs13.84 on June 30, 2022 at 12:08 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.79 at closing on June 29, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.07 on June 30, 2022 at 12:08 PM 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 June 29, 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.

    READ MORE: Dogecoin to Pak Rupee on June 29, 2022

  • Petroleum prices in Pakistan may rise from July 01, 2022

    Petroleum prices in Pakistan may rise from July 01, 2022

    KARACHI: The prices of petroleum products in Pakistan are likely to increase due to planned implementation of petroleum levy and sales tax from July 01, 2022.

    The National Assembly on Wednesday passed the Finance Bill 2022, which enabled the government to impose petroleum levy up to Rs50 per liter on petroleum products.

    READ MORE: New petroleum prices in Pakistan from June 16, 2022

    At present the government is not charging a levy on sale of petroleum products.

    Besides, the sales tax is also at the minimum level of zero per cent on petroleum products.

    The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.

    READ MORE: New petroleum prices in Pakistan from June 03, 2022

    However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022.

    Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.

    The new government of Prime Minister Shehbaz Sharif increased the prices of petroleum products on May 26, 2022, June 02, 2022 and June 15, 2022. Cumulatively, the government increased the price of petrol by 84 per liter in these price hikes.

    READ MORE: Petroleum prices in Pakistan from June 01, 2022

    The present government in the budget estimated to collect Rs750 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.

    Shaukat Tarin, former finance minister during PTI tenure said that on the demand of the International Monetary Fund (IMF) the government was increasing the rates of petroleum products. The government will further increase the prices of petroleum products to Rs300 per liter.

    In a Tweet he said: “IMF wants more prior actions before they even consider taking the proposal to their board. Rs 855 billion Petroleum Development Levy (PDL) and 11 per cent sales tax. Will push cost to Rs300+/litre. Immediate increase in electricity prices. Rs800 billion provincial surpluses signed off by provinces, when they showed only Rs80 billion.”

    READ MORE: Petroleum levy to generate Rs750 billion

    Previously, the government announced the increase of the price of diesel to Rs263.31 per liter effective from June 16, 2022. The rate of high speed diesel had been increased by Rs59 per liter. The rate of this product was Rs144.16 as of May 26, 2022. A cumulative increase of Rs119 during the past 20 days. Similarly, the price of petrol increased by Rs84 to Rs233.89 from Rs149.89 as of May 26, 2022.

    New prices of petroleum products with effect from June 16, 2022 are as follows:

    i. MS ( Petrol) Rs. 233.89/Liter

    ii. High Speed Diesel(HSD) Rs. 263.31/Liter

    iii. Kerosene (SKO) Rs. 211.43/Liter

    iv. Light Diesel Oil (LDO) Rs. 207.47/Liter.

  • SBP issues KIBOR rates – June 29, 2022

    SBP issues KIBOR rates – June 29, 2022

    The State Bank of Pakistan (SBP) has recently made a significant announcement regarding the Karachi Interbank Offered Rates (KIBOR) for various tenors, marking a pivotal moment for financial institutions across Pakistan.

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  • Dollar slips to end at Rs205.12 in interbank

    Dollar slips to end at Rs205.12 in interbank

    KARACHI: Pakistan Rupee (PKR) gained Rs1.75 against the US dollar on Wednesday to close at Rs205.12 in the interbank foreign exchange market.

    The exchange rate witnessed an appreciation of Rs1.75 to Rs205.12 against the dollar from previous day close of Rs206.87 in the interbank foreign exchange market.

    READ MORE: Rupee recovers sharply on expected IMF inflows

    The rupee is making recovery during the last two days after the country received $2.3 billion from Chinese banks. Furthermore, reports of finalization of agreement between Pakistan and IMF also supported the rupee. The country is expecting an inflow of around $1.9 billion from the IMF.

    These inflows would help the State Bank of Pakistan (SBP) to improve its foreign exchange reserves.

    The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

    The official foreign exchange reserves of State Bank of Pakistan (SBP) have decreased around 32-month low at $8.238 billion by week ended June 17, 2022. The official reserves of the central bank fell by $747 million to $8.238 billion by week ended June 17, 2022 as compared with $8.985 billion by week ended June 10, 2022.

    READ MORE: Rupee falls 46 paisas to dollar despite Chinese inflows

    Previously, the foreign exchange reserves of the SBP were seen on November 01, 2019 when those were at $8.358 billion.

    Considering the current official reserves of the State Bank at $8.238 billion, the import cover is only for 1.21 months.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.91 billion by week ended June 17, 2022 from touching the peak on August 27, 2021.

    READ MORE: Dollar gains 25 paisas to PKR on forex reserves decline

    The total foreign exchange reserves of Pakistan have declined to around three-year low at $14.21 billion by week ended June 17, 2022. Previously, the foreign exchange reserves of the country were seen at $14.259 billion by week ended July 5, 2019. The country’s foreign exchange reserves have fallen by $733 million to $14.21 billion by week ended June 17, 2022 as compared with $14.943 billion a week ago i.e. June 10, 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 $13.018 billion.

    The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

    READ MORE: Dollar retreats to Rs207.23 at interbank closing

    The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

    In addition to that the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.

  • SBP’s customer forex rates – June 29, 2022

    SBP’s customer forex rates – June 29, 2022

    KARACHI: The State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for customers on June 29, 2022.

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  • Bitcoin to Pak Rupee on June 29, 2022

    Bitcoin to Pak Rupee on June 29, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs4,204,398.58 on June 29, 2022 at 10:43 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,311,503.40 at closing on June 28, 2022.

    The rate of Bitcoin in US Dollar (USD) is $20,321.30 on June 29, 2022 at 10:43 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,766.55 at closing on June 28, 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.

    READ MORE: Bitcoin to Pak Rupee on June 28, 2022

  • Ripple to Pak Rupee on June 29, 2022

    Ripple to Pak Rupee on June 29, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs69.55 on June 29, 2022 at 10:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs71.91 at closing on June 28, 2022.

    The rate of Ripple in US Dollar (USD) is $0.34 on June 29, 2022 at 10:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.35 at closing on June 28, 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.

    READ MORE: Ripple to Pak Rupee on June 28, 2022

  • Dogecoin to Pak Rupee on June 29, 2022

    Dogecoin to Pak Rupee on June 29, 2022

    The exchange rate of Dogecoin (DOGE) against the Pakistani rupee stood at Rs13.79 as of 10:28 AM Pakistan Standard Time (PST) in the open exchange market. This marks a slight decline compared to the previous day’s closing rate of Rs14.61 on June 28, 2022, signaling a modest dip in the cryptocurrency’s local value.

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