Author: Faisal Shahnawaz

  • Bitcoin to Pak Rupee on June 25, 2022

    Bitcoin to Pak Rupee on June 25, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs4,437,509.57 on June 25, 2022 at 11:51 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,422,847.08 at closing on June 24, 2022.

    The rate of Bitcoin in US Dollar (USD) is $21,293.23 on June 25, 2022 at 11:51 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $21,046.14 at closing on June 24, 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 24, 2022

  • Ripple to Pak Rupee on June 25, 2022

    Ripple to Pak Rupee on June 25, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs76.89 on June 25, 2022 at 11:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs77.15 at closing on June 24, 2022.

    The rate of Ripple in US Dollar (USD) is $0.37 on June 25, 2022 at 11:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.37 at closing on June 24, 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 24, 2022

  • Dogecoin to Pak Rupee on June 25, 2022

    Dogecoin to Pak Rupee on June 25, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee 1(PKR) is Rs14.20 on June 25, 2022 at 11:40 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.61 at closing on June 24, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.07 on June 25, 2022 at 11:40 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on June 24, 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 24, 2022

  • Committee recommends lifting import ban on luxury items

    Committee recommends lifting import ban on luxury items

    A high-level committee of Pakistan’s leading businessmen, tasked with reviewing budget anomalies, has formally recommended lifting the ban on the import of luxury items.

    (more…)
  • Govt urged to minimize reliance on LNG import

    Govt urged to minimize reliance on LNG import

    ISLAMABAD: As Pakistan is facing with severe natural gas shortage for the last couple of years, it has started relying heavily on Liquefied Natural Gas (LNG), however, the government needs to explore other energy sources to save environment as well as financial spending on the LNG import.

    There are other green energy options like solar and wind that can provide cheap environment-friendly energy sources and the country needs go for these options.

    This was the crux of one of the two reports “Gas Monitor – Pakistan” & “Tabeer LNG Terminal, Socio-Economic & Environmental Analysis” launched by the Indus Consortium held about the gas provision as an energy source in the country at a ceremony here on Friday.

    The reports launch was attended by representatives of academic institutions, member of GROW Green Network, which is an umbrella of environmental organizations of Pakistan working for the promotion of renewable energy, independent researchers, member of Renewable Energy coalition Pakistan and alliance for climate Justice and clean energy.

    Sharing findings of the Gas Monitor – Pakistan report, Dr. Amanullah Mahar, Director, and Center for Environmental Sciences, University of Sindh, Jamshoro, said that since LNG, fossil gas is a very high carbon intensive fuel and cannot be called “transition” fuel source to a cleaner energy system.

    He explained that fossil gas (methane) can be leaked from the re-gasification, transport, and consumption and processing of it. After carbon dioxide (CO2), methane is the second most abundant anthropogenic greenhouse gas and responsible for 20% of worldwide atmospheric emissions. The methane is 25 times more potent than CO2 at absorbing atmospheric heat.

    While presenting findings of another report on “Tabeer LNG Terminal, Socio-Economic & Environmental Analysis”, an independent sustainability consultant Fatima Fasih said that keeping the global LNG markets and their volatility in consideration, it is clear that LNG is no longer a financially-viable source of fuel.

    She said, “Instead of focusing on short-term monetary gains and quick gains in energy for the economy, public and private institutions should focus on building stronger energy security within Pakistan and develop a greener economy through a just and equitable energy transition towards renewable energy.”

    She suggested that solar and wind power have shown remarkable success in Pakistan from an economic perspective and should be invested in to increase their ratios within the country’s energy mix and help the country transition towards a just and sustainable energy transition.

    Iqbal Hyder, Board member of Indus Consortium and Executive Director Laar Humanitarian Development Program (LHDP), while concluding his remarks, said that the livelihood of population inhabiting along the coastal areas is directly dependent on mangrove forests.

    He said cautioned that any additional construction or industrial operations in these areas will exacerbate the declining socio-economic conditions of the local communities. “We need to recognize the valuable indigenous knowledge for local fishing and rejuvenate the current worsening fishing populations.”

    The Gas Monitor – Pakistan report focuses on the case of the development of Pakistan’s gas sector, especially LNG. It discusses how increasing reliance on LNG is posing challenges to the country’s economy on one hand and the release of methane gas emissions is deteriorating the environment on the other.

    The monitor also comes up with a set of recommendations that present a potential way out of this entrenched dependence and its associated impacts.

    An analysis of the socio-economic and environmental impacts of the Tabeer LNG terminal, Port Qasim, Karachi, investigates the Environmental Social Impact Assessment (ESIA) and explores the Corporate Social Responsibility criterion with a set of recommendations.

    Indus Consortium is an umbrella organization of over 60 civil society organizations across Pakistan, working on DRR, climate change, green development, and green finance. It also envisions a democratic and equitable society where all citizens enjoy equal economic, cultural, and political rights, with a mission to work for local communities to enhance their resilience and participation in green development.

  • Pakistan stocks crash on super tax imposition

    Pakistan stocks crash on super tax imposition

    KARACHI: Pakistan stocks crashed on Friday and lost 1665 points owing to imposition of super tax on various sectors and individuals.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 41,052 points from previous day’s closing of 42,717 points, showing a decline of 1665 points.

    READ MORE: Pakistan stocks rally on Chinese loan facility

    Analysts at Arif Habib Limited said that the PSX witnessed a bloodbath session on Friday June 24, 2022 as Prime Minister announced a 10 percent tax on large-scale industries in a bid to shore up revenues for supporting the country’s poor amid rising inflation. The benchmark KSE-100 index stumbled to 2161 points. Volumes remained healthy while selling pressure was witnessed across the board.

    READ MORE: Pakistan stocks shed 68 points on rupee depreciation

    Sectors contributing to the performance include Banks (-404.9 points), E&P (-220.1 points), Fertilizer (-205.0 points), Cement (-192.7 points) and Power (-108.2 points).

    READ MORE: Pakistan stocks gain 749 points on hopes of IMF program

    Volumes increased from 349.5 million shares to 424.2 million shares (+21.4 per cent DoD). Average traded value also increased by 26.3 per cent to reach US$ 61.7 million as against US$ 48.9 million.

    Stocks that contributed significantly to the volumes are KEL, CNERGY, PRL, TELE and UNITY.

    READ MORE: Rupee slips to new low at Rs211.93 against dollar

  • SBP issues KIBOR rates – June 24, 2022

    SBP issues KIBOR rates – June 24, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on June 24, 2022.

    (more…)
  • Dollar gains 25 paisas to PKR on forex reserves decline

    Dollar gains 25 paisas to PKR on forex reserves decline

    KARACHI: The US dollar gained 25 paisas against the Pakistan Rupee (PKR) on Friday as foreign exchange reserves of the country further declined.

    The exchange rate ended at Rs207.48 to the dollar from previous day’s closing of Rs207.23 in the interbank foreign exchange market.

    The rupee fell a day after making sharp recover of Rs4.70 against the dollar on expectations of inflows from China. However, the fall in foreign exchange reserves again put pressure on the local currency.

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

    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.

    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.

    READ MORE: Rupee slips to new low at Rs211.93 against dollar

    The central bank attributed the decline in foreign exchange reserves for external debt repayments. However, SBP reserves are expected to increase in coming days on realization of proceeds of China Development Bank (CDB) loan.

    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.

    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.

    READ MORE: Free-fall in rupee continues; dollar peaks at Rs211.48

    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.

    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.

    READ MORE: Dollar hits historic high against rupee, ends near Rs210

    Recently 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 24, 2022

    SBP’s customer forex rates – June 24, 2022

    KARACHI: On June 24, 2022, the State Bank of Pakistan (SBP) published the foreign exchange rates for customers.

    (more…)
  • Bitcoin to Pak Rupee on June 24, 2022

    Bitcoin to Pak Rupee on June 24, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs4,422,847.08 on June 24, 2022 at 10:36 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,276,393.58 at closing on June 23, 2022.

    The rate of Bitcoin in US Dollar (USD) is $21,046.14 on June 24, 2022 at 10:36 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,347.38 at closing on June 23, 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 23, 2022