KARACHI – On April 12, 2022, the exchange rate of Bitcoin (BTC) against the Pakistani rupee stood at Rs7,293,011.62 in the open market at 5:27 AM Pakistan Standard Time (PST). This marks a significant drop when compared to the previous day’s closing rate of Rs7,875,237.13 on April 11, 2022.
(more…)Author: Faisal Shahnawaz
-
Ripple to Pak Rupee on April 12, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs128.29 on April 12, 2022 at 5:22 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs141.09 at closing on April 11, 2022.
The rate of Ripple in US Dollar (USD) is $0.70 on April 12, 2022 at 5:22 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.76 at closing on April 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 April 12, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs24.93 on April 12, 2022 at 5:16 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs27.98 at closing on April 11, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.14 on April 12, 2022 at 5:16 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.15 at closing on April 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.
-
KCCI felicitates Shahbaz for becoming Prime Minister
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Monday felicitated Shahbaz Sharif for taking oath as 23rd Prime Minister of Pakistan.
The leadership of Businessmen Group (BMG) and Office Bearers of the Karachi Chamber of Commerce & Industry, on behalf of the entire business and industrial community of Karachi, extended heartfelt congratulations to Shahbaz Sharif on taking oath as 23rd Prime Minister of the Islamic Republic of Pakistan.
READ MORE: KCCI demands immediate withdrawal of policy rate hike
In a joint statement issued, Chairman BMG Zubair Motiwala, Vice Chairman BMG Tahir Khaliq, Haroon Farooki, Anjum Nisar and Jawed Bilwani, General Secretary BMG AQ Khalil, President KCCI Muhammad Idrees, Senior Vice President Abdul Rehman Naqi and Vice President Qazi Zahid Hussain hoped that Prime Minister Shahbaz Sharif would now prioritize some of the urgent economic issues being faced by the country and pay special attention to the problems being suffered by the business & industrial community of Karachi since long. They also advised the Prime Minister to come up an effective mechanism which must ensure that every single decision or policy which directly or indirectly affects trade and industry, must devised in consultation with the business and industrial community.
READ MORE: SBP intervention sought to stop further rupee devaluation
They were of the opinion that the federal government has to pay attention towards some of the most pressing issues of Karachi particularly improving the infrastructure of Karachi and other serious issues like gas, electricity and water crises being faced by the business & industrial community of this city which continues to contribute a mammoth share of more than 65 percent revenue to the national exchequer, more than 95 percent to the provincial kitty and 54 percent in terms of exports despite all odds.
In order to ensure sustainable economic prosperity, the federal government has to revisit all the policies so that the sense of deprivation felt by Karachiites and the city’s business community may be negated.
READ MORE: Businessmen want early resolution of political uncertainty
They stressed that PM Shahbaz Sharif must gather a team of economic experts, reliable and honest members of Business Community, who have absolute know-how of the issues on top priority from different sectors of the economy.
The proposed team comprising of genuine representatives of business and industrial community would surely be able to prudently guide the government in formulating numerous policies directly or indirectly affecting the trade and industry.
READ MORE: Direct flights between Pakistan, Tajikistan needed
This step would certainly create a win-win situation and would be warmly welcomed by the entire business and industrial community of Pakistan as it was in the larger interest of the country, they added. BMG Leadership and KCCI Office Bearers extended full support and cooperation to Prime Minister Shahbaz Sharif and his team so that long lasting progress and prosperity for the entire country could be ensured.
-
Meezan Bank leads Rs1 bn finance for solar project
KARACHI: Meezan Bank, Pakistan’s leading Islamic bank and Burj Solar Energy Private Limited (BSEPL) are pleased to announce the financial close of Rs1 billion syndicated Islamic finance facility for BSEPL’s portfolio of renewable distributed power generation in Pakistan.
The first tranche of PKR 580 million will be used to finance the construction of 7 MW solar power plant for Power Cement Limited on Karachi Hyderabad Motorway. Meezan Bank led the transaction as the Mandated Lead Arranger and Pakistan Kuwait Investment Company (Private) Limited participated as the Co-Arranger. The transaction structure is based on State Bank of Pakistan’s Islamic Financing Facility for Renewable Energy (IFRE) and a commercial facility.
READ MORE: Meezan Bank, SNGPL sign deal for digital bill collection
The solar power plant will be rented to Power Cement Limited under a twenty-year equipment rental agreement and the solar energy generated will be used by the company’s cement plant in Nooriabad. It will generate 220 GWh solar units for twenty years and in addition to reducing cost of electricity, will offset 112,000 tons of CO2 GHG emissions. The project is expected to start generation in July, 2022.Legal counsel for the financiers were Mohsin Tayebaly & Co. while Kabraji & Talibuddin Advocates and Legal Counsels acted as BSEPL’s legal counsel. Orient Energy Systems (Private) Limited is the turnkey EPC contractor for the project.
READ MORE: Meezan Bank provides bill discounting facility for Huawei
Ariful Islam, Deputy CEO, Meezan Bank, while commenting on theoccasion said, “Meezan Bank is committed to actively support and pursue green energy initiatives. Meezan has played a key role the financing of several renewable energy projects aggregating to 380 MW, as Lead or Co-lead manager and also participated in the debt syndications of two large hydro-electric projects being set-up by the Government of Pakistan – Neelum Jhelum and Dasu.
“Burj Energy is an excellent initiative that will facilitate distributed affordable solar initiatives corporates, small and medium enterprises as well as the individual consumers.”
He said the Meezan has also implemented a number of green initiatives by installing solar at 59 branches and 140Kw solar at its Head Office. Its new regional office building in Islamabad is also being designed to be Platinum Lead certified.
READ MORE: Meezan Bank lends Rs1 billion under youth scheme
Saad Zaman, Chairman of BSEPL and Burj Energy International Management Limited UAE, said, “I am very pleased that we have successfully reached the financial close of the 7 MW solar farm for Power Cement Limited. This is one more success for our company and a significant moment for development of hybrid renewable energy projects in Pakistan. This successful financial close reflects the ongoing interest and trust of leading financial institutions in the Pakistani renewables’ market and Burj Group.”
READ MORE: Meezan Bank announces 26% growth in annual profit
Kashif Habib Chief Executive Officer Power Cement Limited, said: ‘Our future is dependent on green, sustainable and renewable source of energy. By installing this 7 MW solar farm, we are taking the first step towards our hybrid solar& wind energy project. We shall keep playing our part in making our production process more environment-friendly and positively impactful for the eco-system we live in. It is high time that we look towards other viable energy options that are clean and green.
-
SBP issues KIBOR rates – April 11, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on April 11, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 12.22 12.72 2 – Week 12.25 12.75 1 – Month 12.28 12.78 3 – Month 12.38 12.63 6 – Month 12.80 13.05 9 – Month 12.84 13.34 1 – Year 12.89 13.39 Source: State Bank of Pakistan
-
Stocks up 1700 points, highest ever single day gain
KARACHI: Pakistan stocks on Monday posted ever highest single day gain of 1700 points on change in political setup.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 46,145 points from last Friday’s closing of 44,445 points, showing an increase of 1,700 points.
READ MORE: Weekly Review: stock market likely trade in green
Analysts at Topline Securities said that it was a historic day at Pakistan Equities where the KSE-100 index posted an ever highest gain of 1,700 points in a given day and closed at 46,145 (+1700 points; up 3.83 per cent) for the day.
The aforesaid rally is attributed to the change in political setup of the country over the last weekend where PM Imran Khan resigned as a result of successful “Vote of No Confidence” against him.
READ MORE: Stocks jump up 658 points on Supreme Court decision
During the trading hours, bullish sentiment hit the roof as massive buying was seen across the board where investors celebrated some resolution of the highly uncertain political environment over the last few days.
READ MORE: Pakistan stocks shed 324 points on political uncertainty
Tech, Cements, Banks and Power sector’s stocks contributed positively today to the benchmark index where SYS, LUCK, TRG, HBL & HUBC added 425 points, cumulatively. On the flip side, INDU, FHAM & ABL have seen some profit taking today.
About 557 million shares traded today at the bourse while total value clocked in at Rs13.6 billion. WTL was the volume leader of the day with the trading of 40.7 million shares in it, today.
READ MORE: Stocks gain 183 points despite political uncertainty
-
Rupee recovers sharply; dollar eases to Rs182.93
KARACHI: The Pakistan Rupee (PKR) made a massive gain of Rs5.25 to the dollar during past two trading sessions due to sharp increase in key policy rate by 2.5 per cent.
(more…) -
SBP’s customer exchange rates – April 11, 2022
KARACHI, April 11, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Monday, April 11, 2022.
(more…) -
Bitcoin to Pak Rupee on April 11, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,875,237.13 on April 11, 2022 at 5:46 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,969,688.70 at closing on April 10, 2022.
The rate of Bitcoin in US Dollar (USD) is $42,277.48 on April 11, 2022 at 5:46 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $42,784.53 at closing on April 10, 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.