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Author: Faisal Shahnawaz

  • Dollar retreats to Rs207.23 at interbank closing

    Dollar retreats to Rs207.23 at interbank closing

    KARACHI: The US dollar retreated against the Pakistan Rupee (PKR) on Thursday after the country entered in a deal of $2.3 billion, which is likely to be transferred in a day.

    The rupee gained Rs4.70 to end at Rs207.23 to the dollar from previous day’s closing at Rs211.93 in interbank foreign exchange market.

    The rupee made the latest record low of Rs211.93 on June 22, 2022.

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

    Currency experts said that Pakistan would get an amount of $2.3 billion as the country and Chinese consortium banks finalized an agreement in this regard.

    Besides, the market also responded positively to expected deal between Pakistan and the IMF as the government authorities had agreed to many tough conditions, including revision of the federal budget targets.

    They said that the foreign exchange reserves had declined to critically low, which created panic in the market. Besides, high oil prices and rise in commodity prices globally also pushed dollar demand for import payments.

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

    According to data released by the State Bank of Pakistan (SBP) a day earlier, the official reserves of the central bank had declined to provide about one month import cover.

    The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $241 million to $8.985 billion by week ended June 10, 2022 as compared with $9.226 billion a week ago i.e. June 03, 2022.

    The present level of the SBP’s reserves showed that the central bank has import cover for around only one months.

    Pakistan’s import bill for the month of May 2022 recorded at $6.777 billion, according to Pakistan Bureau of Statistics (PBS).

    The latest foreign exchange reserves of the SBP showed it fell around 2½ years low. Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.

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

    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 $11.16 billion by week ended June 10, 2022 from touching the peak on August 27, 2021.

    The country is facing serious balance of payment crisis during the past many months. The foreign exchange reserves of the central bank have seen a constant decline.

    READ MORE: Rupee collapses to fresh low against dollar to Rs208.75

    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.

    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 23, 2022

    SBP’s customer forex rates – June 23, 2022

    KARACHI: On June 23, 2022, the State Bank of Pakistan (SBP) issued the foreign exchange rates for customers.

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  • Key tax measures taken through Finance Bill 2022

    Key tax measures taken through Finance Bill 2022

    KARACHI: A leading chartered accountancy firm has highlighted tax measures taken by the government through Finance Bill, 2022.

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  • Bitcoin to Pak Rupee on June 23, 2022

    Bitcoin to Pak Rupee on June 23, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs4,276,393.58 on June 23, 2022 at 12:14 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,348,134.46 at closing on June 22, 2022.

    The rate of Bitcoin in US Dollar (USD) is $20,347.38 on June 23, 2022 at 12:14 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,410.58 at closing on June 22, 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 22, 2022

  • Ripple to Pak Rupee on June 23, 2022

    Ripple to Pak Rupee on June 23, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs68.78 on June 23, 2022 at 12:08 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs68.97 at closing on June 22, 2022.

    The rate of Ripple in US Dollar (USD) is $0.33 on June 23, 2022 at 12:08 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.32 at closing on June 22, 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 22, 2022

  • Dogecoin to Pak Rupee on June 23, 2022

    Dogecoin to Pak Rupee on June 23, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs13.35 on June 23, 2022 at 11:56 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.52 at closing on June 22, 2022.

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  • SBP allows bankers to work from home for fuel, energy conservation

    SBP allows bankers to work from home for fuel, energy conservation

    KARACHI: The State Bank of Pakistan (SBP) has allowed banks to grant their employees to work from home in order to conserve energy including fuel and energy.

    The SBP on Wednesday issue a circular stating that the Federal and Provincial Governments are taking a number of actions to address the prevailing energy situation in the country.

    READ MORE: Total bank accounts in Pakistan grow to 66.13 million

    In a similar bid, the SBP has taken a number of measures to conserve energy. It is expected that the banking industry will also play its role for energy and fuel conservation.

    The SBP said that the banks may formulate a policy on “Work From Home (WFH)” whereby banks’ offices (other than branches) can observe, one/two days in every week, as WFH to achieve the intended objectives.

    READ MORE: Internet banking posts 20% growth in 3Q: State Bank

    The banks may close all of its premises including branches at 7:00 pm or earlier and switch-off their electric supply except for any emergency use, call centers, monitoring of Alternative Delivery Channels (ADCs), back-ups and maintaining necessary electrical/ IT equipment. Moreover, the air-conditioners at ATMs vestibules may be used economically.

    The electrically illuminated sign-boards of branches and other offices shall remain switched-off, at all times.

    READ MORE: SBP renews status of credit rating agencies

    The banks are encouraged to hold their meetings (intra/inter-city etc.) virtually and also curtail their local as well as international travelling expenses.

    The banks shall encourage their staff to pool their transportation for commuting to and from their respective offices and take any other measure(s) for reducing the commutation time of the bank staff.

    The banks may adopt the use of alternate and cost effective sources of energy such as deployment of solar technologies and encourage use of energy efficient equipment, fixtures and appliances in their premises.

    READ MORE: High tax may erode banks’ earnings up to 20%

    The banks may take any other steps/ actions to curtail the consumption of electricity and fuel in their respective offices including branches.

    The banks shall enhance awareness of their employees as well as customers about energy conservation initiatives and encourage them to take part in this energy conservation drive. 

    In order to achieve the intended objectives, the banks are advised to ensure adequate oversight and monitoring mechanism of energy conservation drive.

    READ MORE: Pakistan slaps 45% corporate tax on banks

    In view of foregoing, banks are advised to take appropriate measures and share their energy conservation plan with SBP latest by June 24, 2022 (Friday). Such measures should be effective latest from July 01, 2022.

  • Pakistan stocks shed 68 points on rupee depreciation

    Pakistan stocks shed 68 points on rupee depreciation

    KARACHI: Stocks fell by 68 points on Wednesday as Pakistan Rupee (PKR) extended losses against the US dollar during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,458 points as compared with previous day’s closing of 42,526 points, showing a decline of 68 points.

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

    Analysts at Arif Habib Limited said that the benchmark KSE-100 index opened in the green zone as rupee, during the day, snapped its losing streak against the dollar gaining Rs3.80 in the interbank market.

    The rupee made the gain a day after the government secured the much-anticipated deal with the International Monetary Fund (IMF).

    “However, this gaining of Rupee against dollar was short-lived as PKR closed at 211.93,” the analysts said.

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

    Investor opted for profit-taking in the last trading hour which led the index to close in the red zone. Volumes remained healthy in the main board stocks.

    The Index closed at 42,458.14 points, down by 67.81 points (-0.16 per cent DoD). Sectors contributing to the performance include Cement (-39.7 points), Technology (-28.2 points), E&P’s (-21.4 points), OMC’s (-18.7 points) and Pharma (-11.6 points).

    READ MORE: Pakistan stocks fall 364 points on dollar flight

    Volumes decreased from 300.6 million shares to 266.1 million shares (-11.5 per cent DoD). Average traded value also decreased by 10.6 per cent to reach US$ 40.0 million as against US$ 44.7 million.

    Stocks that contributed significantly to the volumes are PRL, TPLP, CNERGY, GGL and UNITY.

    READ MORE: Weekly Review: falling rupee remains concern for stock market

  • SBP issues KIBOR rates – June 22, 2022

    SBP issues KIBOR rates – June 22, 2022

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on June 22, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week13.3713.87
    2 – Week13.5214.02
    1 – Month13.7414.24
    3 – Month14.7615.01
    6 – Month15.1915.44
    9 – Month15.2815.78
    1 – Year15.3215.82

    READ MORE: SBP issues KIBOR rates – June 21, 2022

  • OGDCL discovers oil, gas reserves in Sindh

    OGDCL discovers oil, gas reserves in Sindh

    KARACHI: Oil and Gas Development Company Limited (OGDCL), a public limited company of Pakistan with 75 percent share of the government, on Wednesday announced a discovery of oil and gas reserves in Tando Allha Yar, Sindh Province.

    The Joint Venture of Nim Block Comprising OGDCL as Operator (95 per cent) and Government Holdings (Private) Limited (GHPL) (5 per cent carried) has discovered oil and gas from exploratory well namely Nim East- 1 located in District Tando Allah Yar, Sindh Province, the company said in a statement.

    READ MORE: OGDCL declares over 63% net profit for 1HFY22

    Nim East-1 was spudded in on March 21, 2022 as an exploratory well by using OGDCL’s in-house expertise and in close collaboration with GHPL team.

    The well was drilled down to 2573m. Based on the results of wireline logs interpretation, Drill Stem Test-1 in the Basal Sand has tested 1400 Barrels of Oil per Day (BOPD) and 5.02 Million Standard Cubic Feet per Day (MMSCFD) Gas through choke size 32/64” at Well Head Flowing Pressure (WHFP) of 1820 Pounds per Square Inch (psi).

    READ MORE: OGDCL declares Rs33.63 billion net profit in first quarter

    “The said discovery is the 11th discovery in Nim Block which shows the commitment of Nim Joint Venture Partners to exploit the hydrocarbon potential of the block besides reflection of aggressive exploration strategy,” according to the statement.

    Discovery will help in mitigating energy demand and supply gap from indigenous resources and will add to the hydrocarbon reserve base of joint venture entities and the country.

    READ MORE: OGDCL discovers huge gas deposits in Balochistan