KARACHI: Pakistan stocks ended down by 322 points on Wednesday over expectations of adverse budgetary measures.
(more…)Author: Faisal Shahnawaz
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Dollar loses Rs4.14 in four sessions; falls to Rs197.87
KARACHI: The US dollar has lost around Rs4.14 against the Pakistan Rupee (PKR) during last four sessions to end at Rs197.87 in the interbank foreign exchange market on Wednesday.
The dollar hit record high at Rs202.01 on May 26, 2022. However, with the decision of the government to partially withdraw the subsidy to get next tranche of the IMF, the rupee sharply made gains against the dollar.
READ MORE: Rupee continues recovery against dollar; ends at Rs198.46
The exchange rate witnessed 59 paisas gain in rupee value against the dollar on Wednesday from previous day’s closing of Rs198.46 in the interbank foreign exchange market.
The market sources said that the rupee remained in recovery mode due to rumors of further tightening on fiscal side.
The exchange rate was at Rs185.63 on April 29, 2022 and since then the local unit continued its free fall to reach at the historic level of Rs202.01 to the dollar on May 26, 2022.
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: Rupee recovers 70 paisas against dollar in interbank
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 to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.
Currency experts said that massive fall in foreign exchange reserves and high import payments were the major reasons behind rupee fall.
Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022. The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022. The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.
READ MORE: Rupee ends month-long losing streak; dollar at Rs199.76
The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago. The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high. The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.
The import bill of the country surged by 46.41 per cent to $65.49 billion during the first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the last fiscal year.
Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s energy bill was $17.03 billion during the first nine 10 months (July – April) 2021/2022 as compared with $8.69 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.
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SBP’s customer forex rates – June 01, 2022
KARACHI: The State Bank of Pakistan (SBP) has published the foreign exchange rates for customers on June 01, 2022.
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Bitcoin to Pak Rupee on June 01, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs6,255,384.63 on June 01, 2022 at 10:42 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,327,343.23 at closing on May 31, 2022.
The rate of Bitcoin in US Dollar (USD) is $31,627.77 on June 01, 2022 at 10:42 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $31,748.83 at closing on May 31, 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.
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Ripple to Pak Rupee on June 01, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs82.57 on June 01, 2022 at 10:30 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs83.47 at closing on May 31, 2022.
The rate of Ripple in US Dollar (USD) is $0.42 on June 01, 2022 at 10:30 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.42 at closing on May 31, 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.
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Dogecoin to Pak Rupee on June 01, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs16.95 on June 01, 2022 at 10:26 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs17.53 at closing on May 31, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.09 on June 01, 2022 at 10:26 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.09 at closing on May 31, 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.
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PSX proposes launch of saving, investment accounts
KARACHI: Pakistan Stock Exchange (PSX) has urged the authorities to introduce saving and investment accounts in the upcoming budget 2022/2023.
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LTO Karachi collects Rs1.4 trillion July – May
KARACHI: Large Taxpayers Office (LTO) Karachi has collected Rs1.4 trillion during first 11 months (July – May) of fiscal year 2021/2022, showing a 41 per cent growth over the corresponding period last year.
According to a statement issued on Tuesday, the LTO Karachi collected Rs1.4 trillion during first 11 months of the current fiscal year as compared with Rs992 billion in the corresponding months of the last fiscal year, showing a sharp increase of 41 per cent.
READ MORE: LTO Karachi posts 41% collection growth in 10 months
The LTO Karachi is the largest revenue collection arm of the Federal Board of Revenue (FBR). It collects around 35 per cent of the revenue collection collected at national level.
The LTO Karachi also surpassed the assigned target of revenue collection for the period of July – May 2021/2022.
READ MORE: LTO Karachi surpasses Rs1 trillion mark in 8MFY22
The tax office has been assigned Rs1.28 trillion as collection target for the period under review. It collected Rs1.4 trillion to surpass the target by Rs117 billion.
The LTO Karachi also surpassed the monthly target for May 2022. The tax office collected a huge amount of Rs130 billion in the month of May 2022 as against the assigned target of Rs125 billion.
READ MORE: LTO Karachi facilitates Tier-1 retailers in POS integration
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SBP issues KIBOR rates – May 31, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on May 31, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.69 14.19 2 – Week 13.75 14.25 1 – Month 13.81 14.31 3 – Month 14.24 14.49 6 – Month 14.45 14.70 9 – Month 14.50 15.00 1 – Year 14.52 15.02 -
Stocks remain range bound on high inflation concerns
KARACHI: Pakistan stocks gained 38 points in range bound trading activity on Tuesday due to concerns of high inflation and tightening of money supply.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,078 points from previous day’s closing of 43,040 points, showing a gain of 38 points.
READ MORE: Pakistan stocks gains 179 points on rupee appreciation
Analysts at Arif Habib Limited said that the market remained range bound throughout the day, due to concerns over rising inflation number and tightening of money supply.
The benchmark KSE-100 index opened in the positive zone but lackluster activity was witnessed during the day.
READ MORE: Weekly Review: Market likely jittery on political uncertainty
Volumes remained dry in the main board although hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Power (+64.2 points), E&P’s (+56.8 points), Technology (+21.7 points), Autos (+20.1 points) and Fertilizer (+16.4 points).
READ MORE: Bulls dominate Pakistan stocks on POL price increase
Volumes increased from 187.5 million shares to 285.3 million shares (+52.2 per cent DOD). Average traded value also decreased by 20.7 per cent to reach US$ 37.2 million as against US$ 30.8 million.
Stocks that contributed significantly to the volumes are SILK, PIBTL, PRL, PAEL and WTL.
READ MORE: Stocks end up 529 points as political tensions ease