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Category: Money & Banking

Money and banking drive economic activity by facilitating transactions, savings, and investments. Banks manage financial resources, offer credit, and regulate money supply, ensuring stability and growth in Pakistan’s financial sector.

  • Rupee fall continues; Dollar ends at PKR 219.71 in interbank

    Rupee fall continues; Dollar ends at PKR 219.71 in interbank

    KARACHI: Pakistani Rupee (PKR) continued to fall against the dollar to end at PKR 219.71 on Tuesday at interbank foreign exchange market.

    The rupee recorded a decline of 82 paisas to end at PKR 219.71 against the dollar from previous day’s closing of PKR 218.89 in the interbank foreign exchange market.

    READ MORE: PKR falls to dollar in interbank on Oct 17, 2022

    Currency experts said that the local currency was under pressure during the day due to rising dollar demand for import payments and falling foreign exchange reserves.

    The dollar rebounded on October 12, 2022 after making a losing streak for straight 13 sessions to the rupee.

    READ MORE: PKR falls against dollar on depleting forex reserves

    The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

    The rupee hit all-time low of PKR 239.94 against the dollar on July 28, 2022.

    READ MORE: Dollar ends up to PKR 218.38 in interbank on Oct 13, 2022

    Pakistan’s foreign exchange reserves continued to decline and depleted by $342 million to $13.247 billion by week ended October 07, 2022. The foreign exchange reserves of the country were at $13.589 billion a week ago i.e. September 30, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.981 billion.

    They said that the rupee had made gain during the past couple of weeks due to various measures taken by the central bank to curb the dollar hoarding.

    READ MORE: Dollar ends 13-day losing streak; ends at PKR 217.88

  • Bank Alfalah posts PKR 14.28 billion profit after tax for 9MCY22

    Bank Alfalah posts PKR 14.28 billion profit after tax for 9MCY22

    KARACHI: Bank Alfalah has posted massive PKR 14.28 billion profit after tax for period of nine months (January – September) 2022, showing a growth of 33 per cent in the corresponding months last year.

    (more…)
  • PKR falls to dollar in interbank on Oct 17, 2022

    PKR falls to dollar in interbank on Oct 17, 2022

    KARACHI: Pakistan Rupee (PKR) lost another 46 paisas against the dollar interbank foreign exchange market on Monday owing to higher import demand and falling foreign exchange reserves.

    The exchange rate witnessed 46 paisas fall in rupee value to end at PKR 218.89 to the dollar from last Friday’s closing of PKR 218.43 in the interbank foreign exchange market.

    READ MORE: PKR falls against dollar on depleting forex reserves

    Currency experts said that the local currency was under pressure during the day due to rising dollar demand for import payments and falling foreign exchange reserves.

    The dollar rebounded on October 12, 2022 after making a losing streak for straight 13 sessions to the rupee.

    The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

    READ MORE: Dollar ends up to PKR 218.38 in interbank on Oct 13, 2022

    The rupee hit all-time low of PKR 239.94 against the dollar on July 28, 2022.

    Pakistan’s foreign exchange reserves continued to decline and depleted by $342 million to $13.247 billion by week ended October 07, 2022. The foreign exchange reserves of the country were at $13.589 billion a week ago i.e. September 30, 2022.

    READ MORE: Dollar ends 13-day losing streak; ends at PKR 217.88

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.981 billion.

    They said that the rupee had made gain during the past couple of weeks due to various measures taken by the central bank to curb the dollar hoarding.

    READ MORE: PKR maintains winning streak to dollar for 13th straight session

  • Rupee sinks to PKR 219.11 to dollar in early interbank trading

    Rupee sinks to PKR 219.11 to dollar in early interbank trading

    KARACHI: The Pakistan Rupee (PKR) fell to PKR 219.11 against the dollar in early trading at interbank foreign exchange market on Monday.

    The exchange rate witnessed a decline of 68 paisas in rupee value as the foreign currency is being traded at PKR 219.11 from last Friday’s closing of PKR 218.43 in the interbank foreign currency market.

    READ MORE: PKR falls against dollar on depleting forex reserves

    Currency experts said that the local currency was under immense pressure due to higher import payment demand and repayment against foreign debt.

    The dollar rebounded on October 12, 2022 after making a losing streak for straight 13 sessions to the rupee.

    READ MORE: Dollar ends up to PKR 218.38 in interbank on Oct 13, 2022

    The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

    The rupee hit all-time low of PKR 239.94 against the dollar on July 28, 2022.

    Currency experts said that the rising dollar demand was due to falling foreign exchange reserves and increasing import payments.

    READ MORE: Dollar ends 13-day losing streak; ends at PKR 217.88

    Pakistan’s foreign exchange reserves continued to decline and depleted by $342 million to $13.247 billion by week ended October 07, 2022. The foreign exchange reserves of the country were at $13.589 billion a week ago i.e. September 30, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.981 billion.

    They said that the rupee had made gain during the past couple of weeks due to various measures taken by the central bank to curb the dollar hoarding.

    READ MORE: PKR maintains winning streak to dollar for 13th straight session

  • Apple launch savings account card

    Apple launch savings account card

    CUPERTO, California: Apple launched the savings account card that will facilitate users through saving the daily cash and earning rewards in a high yield savings account from Goldman Sachs.

    The Apple Card users will be able to open the new savings account and have their Daily Cash automatically deposited into it without any fees, no minimum deposits, and no minimum balance requirements. Soon, users can spend, send, and save Daily Cash directly from Wallet.

    To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.

    Apple’s vice president of Apple Pay and Apple Wallet, Jennifer Bailey said, “Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future.”

    She also added, “Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”

    READ MORE: Ask Apple launched to facilitate developers

    Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet.

    Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet. Users can change their Daily Cash destination at any time.

    Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees.

    Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.

    Apple Card users get 3 percent Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, as well as 2 percent Daily Cash when they use Apple Pay at other merchants, and 1 percent on all other purchases. There is no limit to the amount of Daily Cash users can receive.

    READ MORE: How to order Apple products and save $1000 with trade-in

    The new Savings account from Goldman Sachs expands upon the financial health benefits and valuable Daily Cash that Apple Card already offers.

    Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase.

  • PKR falls against dollar on depleting forex reserves

    PKR falls against dollar on depleting forex reserves

    KARACHI: Pakistani Rupee (PKR) on Friday weakened by five paisas against the dollar on Friday owing to falling foreign exchange reserves.

    The exchange rate ended PKR 218.43 to the dollar from previous day’s closing of PKR 218.37 in the interbank foreign exchange market.

    READ MORE: Dollar ends up to PKR 218.38 in interbank on Oct 13, 2022

    The dollar rebounded on October 12, 2022 after making a losing streak for straight 13 sessions to the PKR.

    The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

    READ MORE: Dollar ends 13-day losing streak; ends at PKR 217.88

    Currency experts said that the rising dollar demand was due to falling foreign exchange reserves and increasing import payments.

    Pakistan’s foreign exchange reserves continued to decline and depleted by $342 million to $13.247 billion by week ended October 07, 2022. The foreign exchange reserves of the country were at $13.589 billion a week ago i.e. September 30, 2022.

    READ MORE: PKR maintains winning streak to dollar for 13th straight session

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.981 billion.

    They said that the rupee had made gain during the past couple of weeks due to various measures taken by the central bank to curb the dollar hoarding.

    READ MORE: Rupee gains for 12th straight session; dollar ends at PKR 217.97

  • Dollar climbs up to PKR 219.38 in early interbank trading

    Dollar climbs up to PKR 219.38 in early interbank trading

    KARACHI: The US dollar climbed up against the Pakistani Rupee (PKR) to reach PKR 219.38 in early day trading at interbank foreign exchange market on Friday.

    The foreign currency gained PKR 1 to trade at PKR 219.38 from previous day’s closing of PKR 218.38 in interbank foreign exchange market.

    READ MORE: Dollar ends up to PKR 218.38 in interbank on Oct 13, 2022

    The dollar rebounded on October 12, 2022 after making a losing streak for straight 13 sessions to the PKR.

    The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

    READ MORE: Dollar ends 13-day losing streak; ends at PKR 217.88

    Currency experts said that the rising dollar demand was due to falling foreign exchange reserves and increasing import payments.

    Pakistan’s foreign exchange reserves continued to decline and depleted by $342 million to $13.247 billion by week ended October 07, 2022. The foreign exchange reserves of the country were at $13.589 billion a week ago i.e. September 30, 2022.

    READ MORE: PKR maintains winning streak to dollar for 13th straight session

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.981 billion.

    They said that the rupee had made gain during the past couple of weeks due to various measures taken by the central bank to curb the dollar hoarding.

    READ MORE: Rupee gains for 12th straight session; dollar ends at PKR 217.97

  • Dollar ends up to PKR 218.38 in interbank on Oct 13, 2022

    Dollar ends up to PKR 218.38 in interbank on Oct 13, 2022

    KARACHI: The US dollar gained 50 paisas against the Pakistani Rupee (PKR) on Thursday amid demand for import payments and lower foreign exchange reserves.

    The exchange rate recorded 50 paisas decline in rupee value to end at PKR 218.38 to the dollar from previous day’s closing of PKR 217.88 in the interbank foreign exchange market.

    READ MORE: Dollar ends 13-day losing streak; ends at PKR 217.88

    Currency experts said that the high import payment demand and lower foreign exchange reserves had starting pressure on the local unit.

    It was second straight day when the dollar had made recovery after falling for 13 straight sessions.

    The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

    READ MORE: PKR maintains winning streak to dollar for 13th straight session

    The experts said that the rupee had made gain during the past couple of weeks due to various measures taken by the central bank to curb the dollar hoarding.

    They said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

    Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

    In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

    READ MORE: Rupee gains for 12th straight session; dollar ends at PKR 217.97

    Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

    However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

    READ MORE: Rupee gains for 11th session; dollar falls to PKR 219.92

    Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

    This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

    Meanwhile, the international oil prices also softened which helped the rupee to make gains.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

  • Dollar ends 13-day losing streak; ends at PKR 217.88

    Dollar ends 13-day losing streak; ends at PKR 217.88

    KARACHI: The US dollar ended its losing streak against the Pakistani Rupee (PKR) in interbank foreign exchange market on Wednesday.

    The exchange rate ended with fall of nine paisas in rupee value to end at PKR 217.88 to the dollar from previous day’s closing of PKR 217.79 in the interbank foreign exchange market.

    READ MORE: PKR maintains winning streak to dollar for 13th straight session

    A day earlier, the local currency gained PKR 21.92 against the dollar during the last twelve straight sessions.

    The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

    Experts further said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

    READ MORE: Rupee gains for 12th straight session; dollar ends at PKR 217.97

    Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

    In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

    Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

    READ MORE: Rupee gains for 11th session; dollar falls to PKR 219.92

    However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

    Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

    READ MORE: Dollar weakens by PKR 17.77 in 10 sessions amid tight monitoring on transactions

    This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

    Meanwhile, the international oil prices also softened which helped the rupee to make gains.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

  • PKR maintains winning streak to dollar for 13th straight session

    PKR maintains winning streak to dollar for 13th straight session

    KARACHI: Pakistani Rupee (PKR) continued its winning streak against the US dollar for 13th straight session on Tuesday.

    The exchange rate recorded 18 paisas gain in the rupee value to end at PKR 217.79 from previous day’s closing of PKR 217.97 in interbank foreign exchange market.

    READ MORE: Rupee gains for 12th straight session; dollar ends at PKR 217.97

    The local currency gained PKR 21.92 against the dollar during the last twelve straight sessions.

    The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

    Experts further said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

    READ MORE: Rupee gains for 11th session; dollar falls to PKR 219.92

    Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

    In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

    Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

    READ MORE: Dollar weakens by PKR 17.77 in 10 sessions amid tight monitoring on transactions

    However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

    Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

    READ MORE: PKR recovers against dollar for ninth consecutive session

    This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

    Meanwhile, the international oil prices also softened which helped the rupee to make gains.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.