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Author: Faisal Shahnawaz

  • Pakistan’s forex reserves fall to $16.37 billion

    Pakistan’s forex reserves fall to $16.37 billion

    KARACHI: Pakistan’s foreign exchange reserves fell by $177 million to $16.376 billion by week ended May 6, 2022, according to data released by the State Bank of Pakistan (SBP) on Thursday.

    The foreign exchange reserves of the country were $16.553 billion by week ended April 30, 2022.

    READ MORE: Pakistan’s forex reserves dip to $16.55 billion

    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: SBP forex reserves shrink to 1.69 months import cover

    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 foreign exchange reserves of held by commercial banks however inched up by $13 million to $6.067 billion by week ended May 6, 2022 as compared with $6.054 billion a week ago.

  • Stocks make slight gain amid rupee devaluation

    Stocks make slight gain amid rupee devaluation

    Pakistan’s stock market witnessed a marginal gain on Thursday, navigating challenges posed by the depreciation of the Pakistani Rupee against the US dollar.

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  • SBP issues KIBOR rates – May 12, 2022

    SBP issues KIBOR rates – May 12, 2022

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on May 12, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week12.2812.78
    2 – Week12.4012.90
    1 – Month12.8913.39
    3 – Month14.5514.80
    6 – Month14.7314.98
    9 – Month14.6615.16
    1 – Year14.6515.15
    SBP issues KIBOR rates – May 11, 2022
  • Pakistan banks register record profit in 1Q2022

    Pakistan banks register record profit in 1Q2022

    KARACHI: Pakistan banks have posted a record profit of Rs81 billion during first quarter of the calendar year 2022, analysts said at Topline Securities.

    The profitability of the listed banks surged by 28 per cent on year on year (YoY) basis and 19 per cent on Quarter on Quarter (QoQ) basis.

    READ MORE: MCB Bank finalizing Easypaisa acquisition

    Net Interest Income (NII) of the banks drove sector’s profitability growing by 21 per cent YoY to Rs220 billion due to rising asset yields. Markup interest earned on earnings assets was up 48 per cent YoY to Rs564 billion whereas markup interest expense on interest bearing deposits and liabilities were up 72 per cent YoY to Rs344 billion.

    The analysts expect NII of the sector to remain strong in the second quarter of 2022 and third quarter of 2022 as well as asset reprising is likely to complete by third quarter of 2022 given recent hike in Kibor and T-Bill/PIB rates.

    READ MORE: Pak Kuwait Investment, Enertech sign $750 million pact

    Sharp drop in provisioning expense also supported sector’s profitability as it declined by 80 per cent to Rs1.6 billion in first quarter of 2022 led by macro recovery and improved asset quality.

    With sector’s coverage ratio close to 100 per cent, risk to abrupt increase in provision charge going ahead is minimal.

    Non-interest expense of the sector was also up 19 per cent YoY with major contributions coming from Habib Bank (+27 per cent to Rs31 billion), National Bank of Pakistan (+16 per cent to Rs17 billion), and Bank Al-Habib (+25 per cent to Rs11.9 billion).

    READ MORE: National Saving Schemes facilitation portal launched

    In terms of NII growth, MEBL, Bank Alfalah (BAFL) and SCBPL posted growth of 42 per cent, 38 per cent, and 36 per cent respectively on YoY basis.

    In first quarter of 2022, Standard Chartered Bank (SCBPL) and Meezan Bank (MEBL) posted highest earnings growth of 119 per cent and 51 per cent YoY, respectively. On other hand, Soneri Bank (SNBL) and Bank of Khyber (BOK) registered YoY earnings decline of 31 per cent and 11 per cent.

    The analysts said they had taken all listed banks that have announced their results.

    READ MOER: Dr. Murtaza assumes acting SBP governor charge

  • Rupee fall continues; dollar hits new high at Rs191.77

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

    KARACHI: The free-fall in Pakistan Rupee (PKR) continued on Thursday as the US dollar advanced to make a new high at Rs191.77 at close of interbank foreign exchange market.

    The exchange rate witnessed a decline of Rs1.75 in Pak Rupee (PKR) to end at Rs191.77 from previous close of Rs190.02 in the interbank foreign exchange market.

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

    Currency experts said that falling foreign exchange reserves and high import payments were the main reasons behind rupee fall.

    The rupee continued its free fall for the seventh consecutive day.

    Pakistan is net importer of petroleum products to meet its domestic demand. The country’s import 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.

    READ MORE: Rupee hits all-time low at Rs188.66 to dollar

    The depleting foreign exchange reserves are also putting pressure on the local currency.

    According to details released by the State Bank of Pakistan (SBP), the official reserves of the central bank fell by $328 million to $10.558 billion by the week ended April 23, 2022 as compared with $10.886 billion a week ago. The net foreign exchange reserves of the SBP also include $3 billion from Saudi Arabia, which was deposited with the central bank to support balance of payment.

    The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.

    READ MORE: Dollar ends Rs187.53 at interbank market close

    Pakistan total import bills recorded an increase of 49 per cent to $58.87 billion during the first nine months of the current fiscal year as compared with $39.49 billion in the corresponding period of the last fiscal year.

    This resulted in huge widening in trade deficit of 70 per cent. The trade deficit of the country swelled to $35.39 billion during first nine months of the current fiscal year as compared with the deficit of $20.8 billion in the corresponding months of the last fiscal year.

    READ MORE: Rupee falls Rs187.50 to dollar at market open

  • SBP’s customer exchange rates – May 12, 2022

    SBP’s customer exchange rates – May 12, 2022

    KARACHI, May 12, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Thursday, May 12, 2022.

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  • Dollar makes new high at Rs191.50 in midday trading

    Dollar makes new high at Rs191.50 in midday trading

    KARACHI: The Pakistan Rupee (PKR) crashed to new record low at Rs191.50 to the dollar in midday trading of interbank foreign exchange market on Thursday.

    The exchange rate witnessed a decline of Rs1.48 and is trading at Rs191.50 to the dollar from previous day’s closing of Rs190.02 in the interbank foreign exchange market.

    Currency experts said that balance of payment crisis were impacting the rupee value. They said that high import payment and scheduled repayment of foreign debt had increased dollar demand.

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

    The rupee has fallen sharply during first three days of the current week.

    Pakistan is net importer of petroleum products to meet its domestic demand. The country’s import 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.

    READ MORE: Rupee hits all-time low at Rs188.66 to dollar

    The depleting foreign exchange reserves are also putting pressure on the local currency.

    According to details released by the State Bank of Pakistan (SBP), the official reserves of the central bank fell by $328 million to $10.558 billion by the week ended April 23, 2022 as compared with $10.886 billion a week ago. The net foreign exchange reserves of the SBP also include $3 billion from Saudi Arabia, which was deposited with the central bank to support balance of payment.

    The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.

    READ MORE: Dollar ends Rs187.53 at interbank market close

    Pakistan total import bills recorded an increase of 49 per cent to $58.87 billion during the first nine months of the current fiscal year as compared with $39.49 billion in the corresponding period of the last fiscal year.

    This resulted in huge widening in trade deficit of 70 per cent. The trade deficit of the country swelled to $35.39 billion during first nine months of the current fiscal year as compared with the deficit of $20.8 billion in the corresponding months of the last fiscal year.

    READ MORE: Rupee falls Rs187.50 to dollar at market open

  • Bitcoin to Pak Rupee on May 12, 2022

    Bitcoin to Pak Rupee on May 12, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,115,001.78 on May 12, 2022 at 11:39 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs5,470,749.55 at closing on May 11, 2022.

    The rate of Bitcoin in US Dollar (USD) is $26,803.21 on May 12, 2022 at 11:39 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $28,772.77 at closing on May 11, 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 11, 2022
  • Ripple to Pak Rupee on May 12, 2022

    Ripple to Pak Rupee on May 12, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs67.25 on May 12, 2022 at 11:33 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs78.15 at closing on May 11, 2022.

    The rate of Ripple in US Dollar (USD) is $0.35 on May 12, 2022 at 11:33 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.41 at closing on May 11, 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 11, 2022
  • Dogecoin to Pak Rupee on May 12, 2022

    Dogecoin to Pak Rupee on May 12, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs13.74 on May 12, 2022 at 11:27 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs15.95 at closing on May 11, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.07 on May 12, 2022 at 11:27 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 May 11, 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 11, 2022