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Author: Faisal Shahnawaz

  • Dogecoin to Pak Rupee on May 17, 2022

    Dogecoin to Pak Rupee on May 17, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs17.43 on May 17, 2022 at 11:31 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs17.04 at closing on May 16, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.09 on May 17, 2022 at 11:31 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 16, 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 16, 2022
  • Dollar peaks at Rs195.50 at midday interbank trading

    Dollar peaks at Rs195.50 at midday interbank trading

    KARACHI: The US dollar gained Rs1.32 against the Pakistan Rupee (PKR) to make new peak at Rs195.50 during midday trading at interbank foreign exchange market on Tuesday.

    The exchange rate was closed at Rs194.18 to the dollar a day earlier in interbank foreign exchange market.

    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.

    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.

    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.

  • Pakistan stocks fall 819 points on rupee devaluation

    Pakistan stocks fall 819 points on rupee devaluation

    KARACHI: Pakistan stocks fell by 819 points on Monday owing to sharp decline in rupee value against the dollar.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,667 points from last Friday’s closing of 43,486 points, showing a decline of 819 points.

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

    Analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed a bloodbath session today, selling spree continued across the board which pulled the market in the deep red zone as prevailing political uncertainty and Pak rupee depreciation against USD stripped investors’ confidence which translated into panic selling.

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

    The Pakistan Rupee (PKR) lost Rs1.65 to end at Rs194.18, the historic low against the dollar, from previous close Rs192.53 in interbank foreign exchange market.

    Main board activity remained dull whereas, hefty volumes were observed in the 3rd tier stocks.

    READ MORE: Stocks gain 588 points on record remittances

    The Index closed at 42,667.32 points, down by 819.14 points (-1.88 per cent DoD). Sectors contributing to the performance include Banks (-171.9 points), Cements (-125.1 points), E&P’s (-110.1 points) and Technology (-108.1 points).

    Volumes increased from 208.1 million shares to 250.4 million shares (+20.3 per cent DoD). Average traded value also increased by 27.8 per cent to reach US$ 45.9 million as against US$ 35.9 million.

    Stocks that contributed significantly to the volumes are LOTCHEM, PRL, CNERGY, TELE and WTL.

    READ MORE: Stocks make slight gain amid rupee devaluation

  • SBP issues KIBOR rates – May 16, 2022

    SBP issues KIBOR rates – May 16, 2022

    The State Bank of Pakistan (SBP) on Monday announced the latest Karachi Interbank Offered Rates (KIBOR), reflecting the borrowing and lending rates in the interbank market as of May 16, 2022. KIBOR serves as the benchmark interest rate used by banks for lending to one another and is an essential indicator for the broader financial market.

    (more…)
  • Dollar makes fresh high at Rs194.18 at interbank closing

    Dollar makes fresh high at Rs194.18 at interbank closing

    KARACHI: The US dollar made a new fresh record high of Rs194.18 against the Pakistan Rupee (PKR) on Monday due to massive decline in foreign exchange reserves.

    (more…)
  • SBP’s customer exchange rates – May 16, 2022

    SBP’s customer exchange rates – May 16, 2022

    KARACHI, May 16, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Monday, May 16, 2022.

    (more…)
  • FAP demands dollar exchange without CNIC condition

    FAP demands dollar exchange without CNIC condition

    KARACHI: Forex Association of Pakistan (FAP) on Monday demanded the government of allowing US dollar exchange without the condition of Computerized National Identity Card (CNIC) in order to ensure sufficient supply of the foreign currency.

    In a statement issued by FAP President Malik Mohammad Bostan said an estimated amount of $3 billion were taken at home safes and bank lockers. “People want to exchange the foreign currency but without CNIC condition,” he added.

    READ MORE: FAP suggests incentive to undeclared $3 billion

    Bostan said prior to 2008 under Protection of Economic Reform Act, many people purchased the foreign currency and parked at foreign banks and also had taken at homes or bank lockers. “At that time there was no condition CNIC,” he added.

    “If this condition is relaxed then exchange companies will able to purchase huge amount of dollars and other foreign currency from public,” Bostan said.

    READ MORE: Dollar hits record high Rs194 in midday trading

    FAP President said the government should allow purchase of gold from local market. “They may sale gold in international market and surrender foreign currency in the local market.”

    There is need to channelize foreign currency invested in cryptocurrency, he said and demanded that the government should provide legal cover to bring foreign currency back home.

    READ MORE: Pakistan’s forex reserves fall to $16.37 billion

    He suggested that banks should stop forward dollar selling and should be allowed to sale dollar equivalent to purchase.

    Bostan said the State Bank of Pakistan (SBP) should imposed 100 per cent cash margin on all imports except for necessary items.

    READ MORE: Pakistan receives record monthly high $3 billion as remittances

  • Dollar hits record high Rs194 in midday trading

    Dollar hits record high Rs194 in midday trading

    KARACHI: The US dollar hit a record high of 194 against the Pakistan Rupee (PKR) during midday trading at interbank foreign exchange market on Monday.

    The exchange rate witnessed a loss of Rs1.47 in the local currency value against the greenback. The dollar is being traded at Rs194.

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

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

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

    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 $10.852 billion.

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

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

    The SBP reserves reached to 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 hits all-time low at Rs188.66 to dollar

    Pakistan is 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 country.

  • Bitcoin to Pak Rupee on May 16, 2022

    Bitcoin to Pak Rupee on May 16, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,877,725.60 on May 16, 2022 at 9:06 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs5,719,374.58 at closing on May 15, 2022.

    The rate of Bitcoin in US Dollar (USD) is $30,440.48 on May 16, 2022 at 9:06 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $29,827.25 at closing on May 15, 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 15, 2022
  • Ripple to Pak Rupee on May 16, 2022

    Ripple to Pak Rupee on May 16, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs84.39 on May 16, 2022 at 9:05 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs80.66 at closing on May 15, 2022.

    The rate of Ripple in US Dollar (USD) is $0.44 on May 16, 2022 at 9:05 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 15, 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 15, 2022