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Author: Faisal Shahnawaz

  • Bitcoin to Pak Rupee on April 20, 2022

    Bitcoin to Pak Rupee on April 20, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,614,719.66 on April 20, 2022 at 06:57 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,618,736.33 at closing on April 19, 2022.

    The rate of Bitcoin in US Dollar (USD) is $41,375.75 on April 20, 2022 at 06:57 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $41,397.57 at closing on April 19, 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 April 19, 2022
  • Ripple to Pak Rupee on April 20, 2022

    Ripple to Pak Rupee on April 20, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs141.35 on April 20, 2022 at 6:53 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs142.09 at closing on April 19, 2022.

    The rate of Ripple in US Dollar (USD) is $0.77 on April 20, 2022 at 06:53 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.77 at closing on April 19, 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 April 19, 2022
  • Dogecoin to Pak Rupee on April 20, 2022

    Dogecoin to Pak Rupee on April 20, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs26.12 on April 20, 2022 at 6:49 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs26.13 at closing on April 19, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.14 on April 20, 2022 at 6:49 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.14 at closing on April 19, 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 April 19, 2022
  • Pakistan stocks shed 206 points on profit taking

    Pakistan stocks shed 206 points on profit taking

    KARACHI: Pakistan stocks declined by 206 points on Tuesday as the market witnessed profit taking during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 46,333 points from previous day’s closing of 46,539 points, showing a decline of 206 points.

    READ MORE: Pakistan stocks shed 62 points on profit taking

    Analysts at Arif Habib Limited said that the market witnessed profit taking today, KSE-100 index opened on a positive note but couldn’t sustain in green zone as investor opted for profit selling across the board due to weakening of Pak rupee against US Dollar. Main board activity remained dull but hefty volumes were recorded in 3rd tier stocks.

    READ MORE: Weekly Review: Bullish trend likely to prevail

    Analysts at Topline Securities said that Pakistan equities closed red where benchmark KSE100 Index settled at 46,333 level (down 0.44 per cent). The day kicked off on a positive note where market make an intraday high of 206 points as investors cheered EPCL result announcement and material information’s where the company announced expansions and  its 1Q2022 EPS at Rs5.19 along with DPS of Rs.5 which led the stock to close at its upper cap. However some profit taking has been witnessed in the second half where major laggards were HUBC, PPL, TRG and OGDC cumulatively dented the Index by 134 points.

    READ MORE: KSE-100 index gains 117 points amid positive sentiments

    Sectors contributing to the performance include Banks (-89.2 points), E&P’s (-72.0 points), Technology (-51.0 points), Power (-42.6 points) and Cement (-37.2 points).

    Volumes decreased from 255.6 million shares to 228.6 million shares (-10.6 per cent DoD). Average traded value also decreased by 8.4 per cent to reach US$ 47.9 million as against US$ 52.3 million.

    Stocks that contributed significantly to the volumes are CENERGY, GGL, WTL, TELE and LOTCHEM.

    READ MORE: Pakistan stocks rally on PKR stability

  • PBC submits measures to avoid challenges confronting Sri Lanka

    PBC submits measures to avoid challenges confronting Sri Lanka

    KARACHI: Pakistan Business Council (PBC) has urged the new prime minister of Pakistan Shahbaz Sharif don’t allow the country to experience the kind of challenges confronting Sri Lanka.

    The PBC in a letter congratulated the Prime Minister and assured him of full support in tackling the challenges facing the economy.

    READ MORE: Minimum tax 0.2% suggested for listed chemical companies

    The PBC recommended the new prime minister to stem the pressure on foreign exchange reserves by reducing imports. “Don’t allow the country to experience the kind of challenges confronting Sri Lanka,” it said. In order the discourage imports, the PBC recommended raising regulatory duty on import of non-essentials. Further, as regulatory duty is impractical on fuel imports, limit import through conservation measures: work from home, early closure of commercial centers and wedding halls; rationing of fuel private vehicles.

    There are several very critical choices that your government needs to make in the next few days. Foremost amongst these is restoring fiscal prudence, stemming the pressure on the foreign exchange reserves and reviving the IMF programme. In the attached summary we have listed the immediate economic imperatives and offered our suggestions on the way forward.

    READ MORE: Proposals for capital gain on disposal of securities by insurance companies

    The PBC urged the prime minister to restore fiscal prudence by withdrawal of general subsidy on fuel. “Replace with targeted assistance through BISP,” it recommended. The council suggested to avoid further populist measures that also result in increasing the inflation.

    The PCB recommended equitable taxation and urged the prime minister for avoiding burdening existing taxpayers further. “Avoid knee-jerk revenue seeking measures that impact the long term health of the economy,” it added.

    READ MORE: FBR urged to align corporate tax rate for banks

    The PBC suggested to accelerate Federal Board of Revenue (FBR) reforms to broaden the tax base, pending which, increase the advance and withholding tax rates on non-filers.

    Review anomalies that arose from hasty changes to meet the claimed demands of the IMF: Multiple taxation of inter-corporate dividends and other anomalies in group taxation; tax credits for investment; and other exemptions that still had time to run.

    It is further suggested to phase down the inequitable minimum and advance taxes on the formal sector which raise the cost of doing business.

    READ MORE: OICCI suggests duty cut on locally manufactured cars

  • SBP issues KIBOR rates – April 19, 2022

    SBP issues KIBOR rates – April 19, 2022

    Karachi, April 19, 2022 – The State Bank of Pakistan (SBP) has officially issued the latest Karachi Interbank Offered Rates (KIBOR) as of Tuesday, providing key insights into interbank lending rates.

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  • SBP’s customer exchange rates – April 19, 2022

    SBP’s customer exchange rates – April 19, 2022

    KARACHI: In its latest announcement, the State Bank of Pakistan (SBP) disclosed the official exchange rates for customers, effective April 19, 2022.

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  • Dollar climbs up to Rs184.44 at interbank closing

    Dollar climbs up to Rs184.44 at interbank closing

    KARACHI: The Pakistan Rupee (PKR) fell sharply against the dollar on Tuesday and ended at Rs184.44 in the interbank foreign exchange market.

    The local currency fell by Rs1.9 to end at Rs184.44 to the dollar from previous day’s closing of Rs182.54 in the interbank foreign exchange market.

    It was second straight day when the rupee declined sharply against the greenback. The local currency deteriorated by Rs2.89 against the dollar.

    The fresh wave of rupee depreciation may be attributed to higher demand of the foreign currency for external debt repayment.

    Previously, the rupee made significant recovery for seven consecutive trading sessions after the central bank announced a sharp increase in key policy rate.

    READ MORE: Dollar ends PKR recovery spree; closes at Rs182.54

    The SBP on April 07, 2022 announced 2.5 per cent increase in interest rate to enhance the key policy rate to 12.25 per cent from 9.75 per cent. The rupee was at all-time low Rs188.18 to the dollar on the day of monetary policy announcement.

    However, following the announcement the rupee rallied for seven straight days and recovered Rs6.63 against the dollar.

    READ MORE: Dollar plummets against PKR for seven consecutive days

    The rebound in dollar value on Monday may be attributed to the further depletion in foreign exchange reserves of the county.

    Pakistan’s foreign exchange reserves hit a 22-month low after falling for nine consecutive weeks to $17.03 billion.

    According to data released by the State Bank of Pakistan (SBP), the foreign exchange reserves of the country fell by $449 million to $17.028 billion by week ended April 08, 2022 as compared with $17.477 billion a week ago.

    READ MORE: Dollar retreats for 6th straight day; falls to Rs181.58

    The foreign exchange reserves were at $17.971 billion by week ended June 26, 2020.

    Pakistan’s foreign exchange reserves have declined by $10.23 billion in the past seven months owing to extreme pressure of dollar demand for import payments and external repayment of government debt.

    The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021.

    READ MORE: Rupee up 13 paisas to continue recovery against dollar

  • PKR falls sharply by Rs2.26 to dollar in interbank midday trading

    PKR falls sharply by Rs2.26 to dollar in interbank midday trading

    KARACHI: The Pakistan Rupee (PKR) fell sharply by Rs2.26 against the US dollar on Tuesday during midday trading at interbank foreign exchange market.

    The dollar is currently trading at Rs184.80 from last day’s closing of Rs182.54 in interbank foreign exchange market.

    READ MORE: Dollar ends PKR recovery spree; closes at Rs182.54

    The rupee made significant recovery for seven consecutive trading sessions after the central bank announced a sharp increase in key policy rate.

    The SBP on April 07, 2022 announced 2.5 per cent increase in interest rate to enhance the key policy rate to 12.25 per cent from 9.75 per cent. The rupee was at all-time low Rs188.18 to the dollar on the day of monetary policy announcement.

    READ MORE: Dollar plummets against PKR for seven consecutive days

    However, following the announcement the rupee rallied for seven straight days and recovered Rs6.63 against the dollar.

    The rebound in dollar value on Monday may be attributed to the further depletion in foreign exchange reserves of the county.

    Pakistan’s foreign exchange reserves hit a 22-month low after falling for nine consecutive weeks to $17.03 billion.

    READ MORE: Dollar retreats for 6th straight day; falls to Rs181.58

    According to data released by the State Bank of Pakistan (SBP), the foreign exchange reserves of the country fell by $449 million to $17.028 billion by week ended April 08, 2022 as compared with $17.477 billion a week ago.

    The foreign exchange reserves were at $17.971 billion by week ended June 26, 2020.

    READ MORE: Rupee up 13 paisas to continue recovery against dollar

    Pakistan’s foreign exchange reserves have declined by $10.23 billion in the past seven months owing to extreme pressure of dollar demand for import payments and external repayment of government debt.

    The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021.

  • Bitcoin to Pak Rupee on April 19, 2022

    Bitcoin to Pak Rupee on April 19, 2022

    KARACHI – As of 11:18 AM Pakistan Standard Time (PST) on April 19, 2022, the exchange rate of Bitcoin (BTC) against the Pakistani rupee stood at Rs7,428,170.12 in the open market. This reflects a slight decrease from the previous day’s closing rate of Rs7,460,303.82 recorded on April 18, 2022.

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