KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on June 10, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 13.71 | 14.21 |
| 2 – Week | 13.77 | 14.27 |
| 1 – Month | 13.90 | 14.40 |
| 3 – Month | 14.58 | 14.83 |
| 6 – Month | 15.39 | 15.64 |
| 9 – Month | 15.43 | 15.93 |
| 1 – Year | 15.46 | 15.96 |
KARACHI: The Pakistani Rupee (PKR) sharply fell by Rs1.58 to the dollar on Friday ahead of the budget announcement for fiscal year 2022/2023 and massive decline in foreign exchange reserves.
The exchange rate ended with a decline of Rs1.58 in rupee value to Rs202.35 as compared with previous day’s closing of Rs200.77 in the interbank foreign exchange market.
READ MORE: Rupee gains against dollar, ends at Rs200.77 in interbank
The rupee hit all-time low at 202.83 against the dollar on June 7, 2022.
Currency experts said that the market remained volatile during the day. This is causing discomfort in the market. Shaking confidence of importers, exporter and foreign investor, according to the expert.
The currency experts said that the rupee was under immense pressure due to import payment demand and falling foreign exchange reserves.
READ MORE: Rupee recovers to Rs201.52 to dollar in volatile trading
The official foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.
Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by the 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 $10.92 billion by the week ended June 03, 2022 from touching the peak.
READ MORE: Dollar hits record high at Rs202.83 in interbank
Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by the week ended June 03, 2022 as compared with $15.771 billion a week ago.
They said that usually import payments are high in the last month of a fiscal year, especially for oil imports.
It is pertinent to mention that the government had twice increased the prices of petroleum products since May 26, 2022 in order to satisfy the International Monetary Fund (IMF) for the release of next tranche of about $1 billion.
READ MORE: Dollar hits Rs200.06 as rupee falls sharply in interbank
Although the since announcement of raising petroleum prices the rupee witnessed a recovery. However, the falling foreign exchange reserves of the central bank once again put pressure on the local unit.
The government on May 26, 2022 decided partially withdraw the subsidy to get the next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during the past five sessions.
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 rebounds to Rs197.92; halts rupee’s gaining streak
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. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.
READ MORE: Dollar weakens for 5th straight day; ends at Rs197.59
KARACHI: The inflow of workers’ remittances recorded an increase of 6.25 per cent to $28.41 billion during the first 11 months (July – May) 2021/2022, State Bank of Pakistan (SBP) said on Friday.
The country received an amount of $26.74 billion in the same period of the last fiscal year.
READ MORE: SBP issues instructions on Hajj related outward remittances
The inflows in May 2022 recorded $2.33 billion when compared with $3.12 billion in April 2022, showing a decline of 25 per cent. The remittances in May 2022 also fell by 6.8 per cent when compared with $2.5 billion received in May 2021.
Remittances in May 2022 were mainly sourced from Saudi Arabia ($542 million), United Arab Emirates ($435 million), United Kingdom ($354 million) and the United States of America ($233 million).
READ MORE: SBP jacks up policy rate by 6.75% to 13.75%
Pakistani workers residing in the US sent an amount of $2.79 billion during the first 11 months of the current fiscal year as compared with $2.35 billion in the same months of the last fiscal year, showing a growth of 18.5 per cent. Similarly, inflows of remittances from the UK registered a growth of 8.5 per cent to $4.02 billion during the period under review as compared with $3.71 billion in the same period of fiscal year 2020/2021.
The Pakistani workers living in the UAE sent an amount of $5.33 billion during July – May 2021/2022 as against $5.61 billion in the corresponding period of the last fiscal year, showing a decline of 5 per cent.
READ MORE: SBP lifts quarantine requirement for banknotes
The inflows from Saudi Arabia remained flat at $7.06 billion during the first eleven months of the current fiscal year as compared with $7.04 billion in the same period of the last fiscal year.
KARACHI: On June 10, 2022, the State Bank of Pakistan (SBP) disclosed the foreign exchange rates for customers, based on the weighted average rates of commercial banks.
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KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs6,091,173.84 on June 10, 2022 at 9:59 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,079,142.61 at closing on June 09, 2022.
The rate of Bitcoin in US Dollar (USD) is $30,119.36 on June 10, 2022 at 9:59 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $30,336.39 at closing on June 09, 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.
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs81.59 on June 10, 2022 at 9:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs80.68 at closing on June 09, 2022.
The rate of Ripple in US Dollar (USD) is $0.40 on June 10, 2022 at 09:35 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.40 at closing on June 09, 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.
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs16.09 on June 10, 2022 at 09:44 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs16.05 at closing on June 09, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.08 on June 10, 2022 at 09:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on June 09, 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.
KARACHI: The official foreign exchange reserves of the State Bank of Pakistan (SBP) have slipped 2½-year low to $9.226 billion by week ended June 03, 2022, according to official statistics released on Thursday.
On weekly basis the official reserves of the central bank fell by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.
READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion
The State Bank said that its foreign exchange reserves were declined due to external debt repayment.
Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.
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 $10.92 billion by week ended June 03, 2022 from touching the peak on August 27, 2021.
READ MORE: Moody’s changes Pakistan’s outlook to negative
Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by week ended June 03, 2022 as compared with $15.771 billion a week ago.
READ MORE: Pakistan’s headline inflation up by 13.8% in May 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 $12.052 billion.
The foreign exchange held by commercial banks also fell by $98 million to $5.95 billion by week ended June 03, 2022 as compared with $6.048 billion a week ago.
READ MORE: Raw materials excluded from import banned items list
KARACHI: Pakistan stocks gained 183 points on Thursday owing to appreciation in rupee value and rumors of tax incentives in the upcoming budget.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,736 points from previous day’s closing of 41,553 points, showing an increase of 183 points.
READ MORE: Stocks remain volatile on expected harsh measures
Analysts at Arif Habib Limited said
The PSX remained positive throughout the day due to strengthening of Pak Rupee against US Dollar and accumulation of value stocks.
Pharmaceutical and Technology sectors remained in the limelight due to rumors of tax relief in the upcoming budget. Mainboard activity gained momentum while hefty volumes were observed in the 3rd tier stocks.
READ MORE: Pakistan stocks end flat as investors eyeing budget
Sectors contributing to the performance include E&P’s (+44.5 points), Technology (+32.3 points), Power (+29.9 points), Pharmaceuticals (+29.2 points) and Investment Banks (+23.1 points).
Volumes increased from 151.1 million shares to 235.34 million shares (+55.7 percent DoD). Average traded value also increased by 22.0 percent to reach US$ 27.3 million as against US$ 22.4 million.
READ MORE: Pakistan stocks gain 262 points in mixed trading
Stocks that contributed significantly to the volumes are TPLP, WTL, UNITY, HASCOL and GGL.
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on June 09, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 13.68 | 14.18 |
| 2 – Week | 13.74 | 14.24 |
| 1 – Month | 13.94 | 14.44 |
| 3 – Month | 14.77 | 15.02 |
| 6 – Month | 15.49 | 15.74 |
| 9 – Month | 15.50 | 16.00 |
| 1 – Year | 15.51 | 16.01 |