KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 117 points on Friday amid positive sentiments prevailed during the day.
(more…)Author: Faisal Shahnawaz
-
Dollar retreats for 6th straight day; falls to Rs181.58
KARACHI: The US dollar retreated against Pakistan Rupee (PKR) for the sixth straight day on Friday since the central bank aggressively increased the key policy rate on April 07, 2022.
The exchange rate ended at Rs181.58 to the dollar on Friday as compared with previous day’s closing of Rs181.69 in the interbank foreign exchange market.
READ MORE: Rupee up 13 paisas to continue recovery against dollar
The local currency has made sharp recovery against the dollar since the significant raise was announced in the policy rate on April 07, 2022.
The State Bank of Pakistan (SBP) announced an unprecedented increase in policy rate by 250 basis points to 12.25 per cent. The massive rise in interest rate surprised the market and trade and industry are in state of shock. The massive hike in policy rate also resulted in a sudden decline in demand for dollar.
This is the reason behind five consecutive gain in rupee value during past five trading sessions.
READ MORE: Rupee continues recovery to dollar for 4th straight day
The rupee hit all-time low of Rs188.18 to the dollar on April 07, 2022. Since then the rupee recovered Rs6.60 against the dollar during past six straight trading sessions.
The SBP noted that the recent developments necessitated a strong and proactive policy response.
Accordingly, the Monetary Policy Committee (MPC) decided at its emergency meeting today, to raise the policy rate by 250 basis points to 12.25 percent.
READ MORE: Rupee makes recovery to dollar for third straight day
This increases forward-looking real interest rates (defined as the policy rate less expected inflation) to mildly positive territory. The MPC was of the view that this action would help to safeguard external and price stability.
The MPC also noted that SBP is in the process of taking further actions to reduce pressures on inflation and the current account, namely an increase in the interest rate on the export refinance scheme (EFS) and widening the set of import items subject to cash margin requirements. These items are mostly finished goods including luxury items and exclude raw materials.
The announcement of these measures is expected soon and will complement the action taken by the MPC on interest rates.
-
SBP issues KIBOR rates – April 15, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on April 15, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 12.22 12.72 2 – Week 12.26 12.76 1 – Month 12.30 12.80 3 – Month 12.49 12.74 6 – Month 12.92 13.17 9 – Month 12.90 13.40 1 – Year 12.93 13.43 -
SBP’s customer exchange rates – April 15, 2022
KARACHI, April 15, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Friday, April 15, 2022.
(more…) -
Bitcoin to Pak Rupee on April 15, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,231,058.52 on April 15, 2022 at 5:22 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,492,511.83 at closing on April 14, 2022.
The rate of Bitcoin in US Dollar (USD) is $39,889.36 on April 15, 2022 at 5:22 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $41,266.46 at closing on April 14, 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.
-
Ripple to Pak Rupee on April 15, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs131.57 on April 15, 2022 at 5:16 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs131.57 at closing on April 14, 2022.
The rate of Ripple in US Dollar (USD) is $0.73 on April 15, 2022 at 5:16 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.72 at closing on April 14, 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 15, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs25.97 on April 15, 2022 at 5:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs25.42 at closing on April 14, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.14 on April 15, 2022 at 5:10 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 14, 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.
-
Pakistan receives highest ever monthly remittances
KARACHI: Overseas Pakistanis workers have sent $2.8 billion during March 2022, which is the highest ever monthly remittances received, the State Bank of Pakistan (SBP) said on Thursday.
“With $2.8 billion of inflows during March 2022, workers’ remittances continued their unprecedented run of remaining above $2 billion since June 2020. This is the highest ever monthly level for workers’ remittances,” the SBP added.
The latest number of remittances showed the inflows grew by 28.3 per cent in March 2022 when compared with $2.19 billion in February 2022.
Meanwhile, the inflows also grew by 3.2 per cent in March 2022 when compared with $2.72 billion in the same month of the last year.
Analysts attributed the record remittances to the holy month of Ramazan and festival of Eid ul Fitr. They said that overseas Pakistanis send money to their relatives ahead of festival. Furthermore, the worldwide high prices of end products also one of the reasons for record remittances during March 2022.
Overall the country received $22.95 billion during July – March 2021/2022 as compared with $21.44 billion in the corresponding months of the last fiscal year, showing an increase of 7 per cent.
Remittances inflows during March 2022 were mainly sourced from Saudi Arabia ($678 million), United Arab Emirates ($515 million), United Kingdom ($401 million) and United States of America ($300 million).
— SBP receives $2.2 bn as workers remittances in February
— Remittances increase to record $18 billion in 7 months
— Exchange companies get incentive for dollar surrender
— Incentives approved for exchange companies on dollar surrender
-
Pakistan stocks rally on PKR stability
KARACHI: Pakistan stocks rallied on Thursday owing to to stability in Pakistan Rupee (PKR) against the dollar.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,484 points from last day’s closing of 46,165 points, up by 319 points.
READ MORE: Pakistan stocks slide 242 points in profit taking
Analysts at Arif Habib Limited said that positive session was observed at PSX today due to stability in Pak rupee against dollar.
Rally was witnessed in refinery sector due to expectation of tremendous earnings in the upcoming financial result.
Main board activity remained dull whereas hefty buying was witnessed in the 3rd tier stocks.
READ MORE: Stocks gain 262 points on political stability
Across the board buying was observed in the last trading hour which led the market to close in the green zone.
Analysts at Topline Securities said that Pakistan equities closed on a green note where benchmark KSE-100 Index settled at 46,484 (up 0.69 per cent).
During the day, range-bound activity witnessed in the first half however market pick up momentum where KSE-100 index made an intraday high of 344 points. Investors interest mostly witnessed in Fertilizers, Refinery and Cement sector where ENGRO, ATRL, MLCF closed higher.
READ MORE: Stocks up 1700 points, highest ever single day gain
Sectors contributing to the performance include Fertilizer (76.2 points), Cement (+58.8 points), Chemicals (+37.9 points), Refinery (+23.3 points) and Inv. Banks (+18.0 points)
Volumes increased from 474.6 million shares to 494.9 million shares (+4.3 per cent DoD). Average traded value decreased by 5.4 per cent to reach US$ 64.3 million as against US$ 68.0 million.
Stocks that contributed significantly to the volumes are CNERGY, WTL, FLYING, TELE and MLCF.
READ MORE: Weekly Review: stock market likely trade in green
-
Rupee up 13 paisas to continue recovery against dollar
KARACHI: The Pakistan Rupee (PKR) strengthened by 13 paisas against the dollar on Thursday to continued its recovery against the greenback for fifth straight day.
The rupee ended Rs181.69 paisas to the dollar from previous day’s closing of Rs181.82 in the interbank foreign exchange market.
READ MORE: Rupee continues recovery to dollar for 4th straight day
The local currency has made sharp recovery against the dollar since the significant raise was announced in the policy rate on April 07, 2022.
The State Bank of Pakistan (SBP) announced an unprecedented increase in policy rate by 250 basis points to 12.25 per cent. The massive rise in interest rate surprised the market and trade and industry are in state of shock. The massive hike in policy rate also resulted in a sudden decline in demand for dollar.
READ MORE: Rupee makes recovery to dollar for third straight day
This is the reason behind five consecutive gain in rupee value during past five trading sessions.
The rupee hit all-time low of Rs188.18 to the dollar on April 07, 2022. Since then the rupee recovered Rs6.49 against the dollar during past five straight trading sessions.
The SBP noted that the recent developments necessitated a strong and proactive policy response.
Accordingly, the Monetary Policy Committee (MPC) decided at its emergency meeting today, to raise the policy rate by 250 basis points to 12.25 percent.
READ MORE: Rupee recovers sharply; dollar eases to Rs182.93
This increases forward-looking real interest rates (defined as the policy rate less expected inflation) to mildly positive territory. The MPC was of the view that this action would help to safeguard external and price stability.
The MPC also noted that SBP is in the process of taking further actions to reduce pressures on inflation and the current account, namely an increase in the interest rate on the export refinance scheme (EFS) and widening the set of import items subject to cash margin requirements. These items are mostly finished goods including luxury items and exclude raw materials.
The announcement of these measures is expected soon and will complement the action taken by the MPC on interest rates.
READ MORE: Rupee rebounds sharply on massive interest rate hike