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Author: Faisal Shahnawaz

  • Ripple to Pak Rupee on May 18, 2022

    Ripple to Pak Rupee on May 18, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs83.80 on May 18, 2022 at 9:52 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs84.39 at closing on May 17, 2022.

    The rate of Ripple in US Dollar (USD) is $0.43 on May 18, 2022 at 9:52 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.44 at closing on May 17, 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.

    Ripple to Pak Rupee on May 17, 2022
  • Dogecoin to Pak Rupee on May 18, 2022

    Dogecoin to Pak Rupee on May 18, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs17.38 on May 18, 2022 at 9:49 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs17.43 at closing on May 17, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.09 on May 18, 2022 at 9:49 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 17, 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.

    Dogecoin to Pak Rupee on May 17, 2022
  • SBP’s customer exchange rates – May 17, 2022

    SBP’s customer exchange rates – May 17, 2022

    KARACHI, May 17, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Tuesday, May 17, 2022.

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  • Pakistan stocks gain 59 points in range bound trading

    Pakistan stocks gain 59 points in range bound trading

    KARACHI: Pakistan stocks gained 59 points on Tuesday in range bound trading owing to expected the prime minister’s address to the nation.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,726 points from previous day’s closing of 42,667 points.

    Analysts at Topline Securities said that after yesterday’s sell off, Pakistan equities had a range bound day today on the backdrop of media news regarding PM address to the nation.

    READ MORE: Pakistan stocks fall 819 points on rupee devaluation

    Investors opted to stay sideline ahead of the aforesaid address as it is expected that PM may announce some tough decisions while taking nation into the confidence to curtail deterioration on the macro front.

    Initially, market carried forward yesterday’s bearish sentiment and opened on negative note where the KSE100 index made an intraday low at 42,607 points (-60 points; down 0.14 per cent).

    READ MORE: Weekly Review: Pakistan stocks witness 3% decline

    However, some buying interest has been witnessed at the aforesaid levels which supported the benchmark index to gain some ground and made an intraday high at 42,884 points (+217 points; up 0.51 per cent) before eventually closed at 42,726 points (+59 points; up 0.14 per cent) for the day.

    READ MORE: Dollar makes fresh high at Rs194.18 at interbank closing

    Tech, Banks and Fertilizer sector’s stocks contributed positively today to the benchmark index where TRG, UBL, HBL, FFC & DAWH added 75 points, cumulatively. On the flip side, LUCK, HUBC & MLCF have seen some profit taking as they lost 44 points collectively, today.

    Around 196 million shares traded today at the bourse while total value clocked in at Rs6.2 billion. WTL was the volume leader of the day with trading of 21.9 million shares in it, today.

    READ MORE: Stocks gain 588 points on record remittances

  • SBP issues KIBOR rates – May 17, 2022

    SBP issues KIBOR rates – May 17, 2022

    KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of May 17, 2022, providing crucial insight into the prevailing interbank borrowing costs within the financial sector. KIBOR serves as a benchmark for a variety of financial products and transactions, influencing everything from corporate lending to personal loans.

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  • K-Electric, Siemens sign deal for KKI Grid construction

    K-Electric, Siemens sign deal for KKI Grid construction

    KARACHI: K-Electric has awarded the EPC contract for the construction of 500/220 kV KANUPP – K-Electric Interconnection (KKI) Grid to Siemens (Pakistan) Engineering Company Limited, according to a statement issued on Tuesday.

    The signing ceremony between Siemens and K-Electric was held at KE’s Head Office. KKI Grid will be the addition of fourth interconnection in KE’s network following the existing NKI and KDA Grids and the upcoming Dhabeji Interconnection.

    The estimated value of the EPC contract is around $84 million. KE had also entered into agreement in February 2022 for the construction of a 220 kV double circuit transmission line for evacuation of power from the KKI Grid.

    The KKI Interconnection, will enable KE to off-take 500 to 800 megawatts (MW) of electricity from the National Grid from summer of 2024 (evacuation capacity of KKI Grid is more than 1000 MVA). Additionally, the infrastructure enhancement will improve system stability and reliability for consumers.

    As per NEPRA’s State of Industry Report 2021, KE registered a sales growth of 25 per cent among its industrial consumers in 2021, almost 11 percentage points higher than the rest of the country. Coupled with sustained investment of over Rs430 billion since privatization, Karachi’s appetite for energy is increasing at a rapid pace.

    Cognizant of the present and evolving demands, KE has been working actively with the Government of Pakistan and especially the Ministry of Energy under the guidance of NEPRA to bolster its infrastructure to enable Karachi to receive additional power from the National Grid.

    Speaking about the occasion, Chief Generation and Transmission Officer KE, Abbas Husain stated: “KE is fully committed towards supporting Karachi’s energy ambitions. We are not only working with multiple stakeholders to cater the current demand, but also continue to innovate our services to cater the growth.

    “We are grateful to the Federal Government, Ministry of Energy, and our regulator NEPRA for their continued patronage and support. This spirit of collaboration and consensus is integral to the sustainability of Pakistan’s economic and strategic hub.”

    CEO & MD Siemens Pakistan, Markus Strohmeier also expressed his happiness, stating, “This project is another significant step to strengthen Karachi’s development as modern industrial and economic metropolis.

    “Through KKI Interconnect, we are increasing and securing stable access to electricity for the greater society, who’s future is built on reliable energy supply.”

    KE has also achieved the first fire on the first unit of its flagship RLNG-based 900 MW Bin Qasim Power Station 3 (BQPS-III). Upon commissioning, this landmark project will significantly increase KE’s generation capacity while also enhancing efficiency of KE’s generation fleet.

    The plant is utilizing the latest in turbine technology and is anticipated to be among the top five most efficient generation units in the country upon completion.

    Looking to the future, KE is also aligned with the Federal Government’s vision to increase the share of renewable energy into its generation mix with a planned addition of almost 1,100 MW of green energy by 2030 subject to required approvals.

  • Dollar makes new high Rs195.75 at interbank closing

    Dollar makes new high Rs195.75 at interbank closing

    KARACHI: The US dollar gained Rs1.57 against the Pakistan Rupee (PKR) to make new record high at Rs195.75 by end of trading at interbank foreign exchange market on Tuesday.

    The exchange rate was closed at Rs194.18 to the dollar, which was the previous high of the dollar, a day earlier in interbank foreign exchange market.

    READ MORE: Dollar makes fresh high at Rs194.18 at interbank closing

    Currency experts said that massive fall in foreign exchange reserves and high import payments were the major reasons behind rupee fall. Further, delay in IMF tranche of $1 billion after the government decision not to remove subsidy on fuel prices, put further pressure on the exchange rate.

    Pakistan’s foreign exchange reserves fell by $177 million to $16.376 billion by the week ended May 6, 2022. The foreign exchange reserves of the country were $16.553 billion by week ended April 30, 2022.

    The country’s foreign exchange reserves hit record high at $27.228 billion by the week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $10.852 billion.

    READ MORE: Rupee falls for 8th straight day; dollar hits Rs192.53

    The official reserves of the State Bank witnessed a decline of $190 million to $10.309 billion by the week ended May 6, 2022 as compared with $10.499 billion a week ago.

    The SBP reserves reached a record high at $20.145 billion by August 27, 2021. The official reserves also fell by $9.836 billion after reaching record high. The official reserves of the SBP have been reduced to provide import payment cover for only 1.56 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.

    READ MORE: Rupee fall continues; dollar hits new high at Rs191.77

    Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s oil bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 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.

    READ MORE: Rupee crashes to record low at Rs190.02 against dollar

  • SBP may raise policy rate by 100bps to 13.25%

    SBP may raise policy rate by 100bps to 13.25%

    KARACHI: The State Bank of Pakistan (SBP) is scheduled to announce monetary policy on May 23, 2022 and may increase the key policy rate by 100 basis points to 13.25 per cent, analysts said on Tuesday.

    According to the analysts at Arif Habib Limited, the monetary policy committee of SBP will convene on Monday (May 23rd, 2022) to announce the last scheduled monetary policy of 2021/2022.

    READ MORE: SBP increases policy rate sharply by 250bps to 12.25%

    They expect the central bank may increase the policy rate by 100 basis points to 13.25 per cent in the upcoming monetary policy statement.

    To recall, in an emergency monetary policy meeting held on April 07, 2022, the SBP increased the benchmark policy rate by 250 basis points to 12.25 per cent.

    The MPC stated that it believed that since the monetary policy meeting held in March 2022, the outlook for inflation had deteriorated and risks to external stability had risen.

    Therefore, these developments necessitated a strong and proactive policy response.

    READ MORE: Policy rate may rise as T-Bill yields increase sharply

    To recall, headline inflation has remained in the double digits since November 2021 mainly on the back of uptick in food and energy prices.

    This phenomenon still continues with headline number hitting almost two years high in April, clocking-in at 13.4 per cent with pressure mainly emanating from higher food and commodity prices.

    In April’s MPS, SBP stated that the average inflation forecasts had been revised upwards to slightly above 11 per cent for fiscal year 2021/2022 before moderating in the next fiscal year.

    Moreover, in the last policy (April 2022), SBP had termed its action of rate hike as ‘decisive’ and a timely measure to ensure that the goal of financial stability.

    READ MORE: State Bank enhances frequency of MP reviews to eight

    In addition, the Governor in post MPS (Analyst) Briefing had hinted at a ‘good news’ regarding IMF but conditional upon certain measures pending at government’s end.

    The next round of meeting with the IMF starts from May 18th (source: news reports) so they expect government to soon consider rolling back of fiscal relief measures in order to get seventh review through, successfully.

    However, this step of government is most likely to further augment inflationary pressure hence, SBP might want to act proactively and consider rate hike in the upcoming policy.

    READ MORE: Key policy rate goes up to 9.75%; SBP raises 250bps in less than month

  • Bitcoin to Pak Rupee on May 17, 2022

    Bitcoin to Pak Rupee on May 17, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,889,599.61 on May 17, 2022 at 11:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs5,810,448.67 at closing on May 16, 2022.

    The rate of Bitcoin in US Dollar (USD) is $30,413.63 on May 17, 2022 at 11:47 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $30,004.90 at closing on May 16, 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.

    Bitcoin to Pak Rupee on May 16, 2022
  • Ripple to Pak Rupee on May 17, 2022

    Ripple to Pak Rupee on May 17, 2022

    KARACHI: The exchange rate of Ripple (XRP) against the Pakistani Rupee (PKR) stands at Rs84.39 as of 11:37 AM Pakistan Standard Time (PST) on May 17, 2022. This marks an increase compared to the previous day’s closing rate of Rs82.34 on May 16, 2022, in the open exchange market.

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