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Author: Faisal Shahnawaz

  • Pakistan’s textile exports jump to record high at $9.4bn

    Pakistan’s textile exports jump to record high at $9.4bn

    KARACHI: Pakistan’s textile exports recorded all time high to $9.4 billion during first half (July – December) of 2021/2022.

    As per the data reported by Pakistan Bureau of Statistics (PBS) on Tuesday, Pakistan textile exports witnessed a record first half (July-December) exports of $9.4 billion in 2021/2022, up by 26 per cent YoY.

    READ MORE: Textile exporters urge allowing cotton import from India

    In Pak Rupee (PKR terms), the same has clocked in at Rs1,587 billion, up 30 per cent YoY (more than $ terms due to 4 per cent currency devaluation as compared to 1HFY21), analysts at Topline Securities said.

    During the first half of the current fiscal year, major export driver was significant increase in value-added exports where knitwear segment contributed the most as it increased by 35 per cent YoY to $2.5 billion followed by Ready-made garments (+23 per cent YoY to $1.8 billion) and Bedwear (+19 per cent YoY to $1.7 billion) exports, respectively.

    READ MORE: Value added textile exporters demand 50 percent reduction in withholding tax

    On MoM basis, Pakistan textile exports clocked in at $1.6 billion (down by 6 per cent) in Dec 2021, mainly driven by low volumetric sales in all segments excluding raw cotton on account of recent hike in Omicron cases world wide specially in Europe & USA.

    READ MORE: Gul Ahmed Textile declares 4-time increase in net profit during nine months

    Compared to last year, Pakistan textile exports are up by 16 per cent YoY (28 per cent YoY up in PKR terms) in Dec-21 led by significant recovery witnessed in value-added segments, largely in knitwear (+29 per cent YoY) and Ready-made (+22 per cent YoY). Low base, increased volumetric growth in Knitwear and improved pricing led to higher exports.

    The analysts expect textile exports to remain robust in ongoing fiscal year (FY22) and expect it to clock in at $18-18.5 billion. Though, slowdown in European economies and lockdowns due to Omicron remain key risk for the sector.

    READ MORE: Value-added textile demands allowing cotton yarn import from India

  • Bitcoin to Pak Rupee on January 18, 2022

    Bitcoin to Pak Rupee on January 18, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,421,229.03 on January 18, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,427,602.60 on January 17, 2022.

    The rate of Bitcoin in US Dollar (USD) is $42,184.93 on January 18, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $42,205.82 on January 17, 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 January 17, 2022
  • Ripple to Pak Rupee on January 18, 2022

    Ripple to Pak Rupee on January 18, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs133.42 on January 18, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs134.15 on January 17, 2022.

    The rate of Ripple in US Dollar (USD) is $0.76 on January 18, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.76 on January 17, 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 January 17, 2022
  • Dogecoin to Pak Rupee on January 18, 2022

    Dogecoin to Pak Rupee on January 18, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs29.62 on January 18, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs29.73 on January 17, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.17 on January 17, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.17 on January 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 January 17, 2022
  • SBP issues KIBOR rates on January 17, 2022

    SBP issues KIBOR rates on January 17, 2022

    KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of January 17, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7310.23
    2 – Week9.7710.27
    1 – Month9.8410.34
    3 – Month10.2110.46
    6 – Month11.2011.45
    9 – Month11.2411.74
    1 – Year11.2811.78
    SBP issues KIBOR rates on January 14, 2022
  • KSE-100 observes dull trading on rising COVID cases

    KSE-100 observes dull trading on rising COVID cases

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) observed dull trading on Monday due to alarming rise in COVID-19 cases.

    The index closed at 45,612 points as against last Friday’s closing of 45,763 points, showing a decrease of 151.3 points.

    READ MORE: Stocks ends flat in volatile trading

    Analysts at Arif Habib Limited said that the market continued to remain under pressure due to uptick in COVID-19 cases and higher international oil prices.

    Market opened on a bleak note and stayed dull throughout the day even after passing of mini-budget by the President and recovery of PKR against dollar as investors remained risk-averse due to alarming Covid-19 numbers.

    READ MORE: Finance (Supplementary) Bill gets presidential approval

    Cement sector stayed in the red zone due to uptick in international coal prices. In the last trading hour, value buying was observed. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

    Sectors contributing to the performance include Technology & Communication (-100.8 points), Commercial Banks (-28.0 points), Refinery (-13.8 points), Textile Composite (-7.5 points) and Insurance (-7.3 points).

    Volumes decreased from 240.0 million shares to 173.5 million shares (-27.7 per cent DoD). Traded value increased by 0.1 per cent to reach US$ 34.70 million as against US$ 34.66 million.

    Stocks that contributed significantly to the volumes include WTL, TRG, CNERGY, ACIETF and TELE.

  • Rupee recovers 15 paisas against dollar in interbank

    Rupee recovers 15 paisas against dollar in interbank

    KARACHI: The Pak Rupee recovered 15 paisas against the dollar on Monday owing to import restrictions measures introduced through the mini-budget.

    The rupee ended Rs175.92 to the dollar from last Friday’s closing of Rs176.07 in the interbank foreign exchange market.

    READ MORE: Dollar falls 31 paisas to PKR in interbank

    Currency experts said that the implementation of Finance (Supplementary) Bill, 2021 has positively impacted the foreign currency market.

    They said that the higher rates of duty and taxes imposed through the bill had discouraged the dollar demand.

    The government on December 30, 2021 tabled the Finance (Supplementary) Bill, 2021. The bill was adopted by the National Assembly and was granted ascent by the President last week.

    READ MORE: Finance (Supplementary) Bill gets presidential approval

    They further said that the US markets were closed on Monday which reduced the import payment demand. The US markets were observing the holiday on account of Martin Luther King Jr. Day.

    The currency experts said that the measures taken by the State Bank of Pakistan (SBP) related to reducing days for realizing export receipts also helped the rupee to make gain.

    READ MORE: SBP shortens period to 120 days for bringing export earnings

    They however said that the higher import bill and falling foreign exchange reserves remained major challenges for the rupee stability in coming days.

  • Customers’ exchange rates on January 17, 2022

    Customers’ exchange rates on January 17, 2022

    Karachi, Pakistan – On Monday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for January 17, 2022, providing customers with essential information based on the weighted average rates of commercial banks.

    (more…)
  • Bitcoin to Pak Rupee on January 17, 2022

    Bitcoin to Pak Rupee on January 17, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,518,521.08 on January 17, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,596,305.88 on January 16, 2022.

    The rate of Bitcoin in US Dollar (USD) is $42,277.78 on January 17, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $43,175.52 on January 16, 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 January 16, 2022
  • Ripple to Pak Rupee on January 17, 2022

    Ripple to Pak Rupee on January 17, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs134.30 on January 17, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs137.03 on January 16, 2022.

    The rate of Ripple in US Dollar (USD) is $0.76 on January 17, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.78 on January 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.

    Ripple to Pak Rupee on January 16, 2022