Pkrevenue.com

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 sheds five paisas against dollar

    Rupee sheds five paisas against dollar

    KARACHI: The Pak Rupee ended down by 5 paisas against dollar on Tuesday owing to demand for import and corporate payments.

    The foreign currency market ended at Rs138.73 to the dollar as compared with last Friday’s closing of Rs138.68.

    The foreign exchange market was initiated in the range of Rs138.75 and Rs138.80. The market recorded a high of Rs138.80 and low of Rs138.68 and closed at Rs138.73.

    Currency experts said that the market opened after two weekly holidays and the demand was higher for import and corporate payments.

    The local currency however ended in the open market.

    Buying and selling of dollar was recorded at Rs138.50/Rs139.00, the same previous day’s level, in cash ready market.

  • Rupee falls by 12 paisas against dollar in early trade

    Rupee falls by 12 paisas against dollar in early trade

    KARACHI: The Pak Rupee depreciated by 12 paisas against the US dollar in early trade on Tuesday owing to high demand for import and corporate payment.

    The dollar is being traded at Rs138.80 in interbank foreign exchange market. The exchange rate was ended a day earlier at Rs138.68 in the foreign exchange market.

    Currency dealer said that due to higher demand of dollar for import and corporate payment the rupee was witnessing decline.

  • Rupee ends down by 15 paisas against dollar

    Rupee ends down by 15 paisas against dollar

    KARACHI: The Pak Rupee ended down by 15 paisas against dollar on Monday owing to demand for import and corporate payments.

    The foreign currency market ended at Rs138.68 to the dollar as compared with last Friday’s closing of Rs138.53.

    The interbank foreign exchange market was initiated in the range of Rs138.70 and Rs138.85. The market recorded day high of Rs138.95 and low of Rs138.65 and closed at Rs138.68.

    Currency experts said that the market opened after two weekly holidays and the demand was higher for import and corporate payments.

    The local currency however gained in the open market.

    Buying and selling of dollar was recorded at Rs138.50/Rs139.00 from last Saturday’s closing of Rs138.70/Rs139.20 in cash ready market.

  • Dollar increases by 12 paisas in early trade

    Dollar increases by 12 paisas in early trade

    KARACHI: The Pak Rupee has lost 12 paisas against the US dollar in early trade on Monday owing to demand for import and corporate payments.

    The dollar is being traded at Rs138.65 in foreign currency market.

    The exchange rate was ended at Rs138.53 to the dollar in interbank foreign exchange market.

    Currency experts said that market was opened after two weekly holidays, which increased dollar demand for import and corporate payments.

  • Rupee ends firmer in cash ready market

    Rupee ends firmer in cash ready market

    KARACHI: The Pak Rupee ended firmer against US dollar in cash ready market on Saturday. The buying and selling of dollar was recorded at Rs138.70/Rs139.20, the same previous day’s level, in open market.

    The rupee made significant recovery in the interbank market during the outgoing week.

    The Pak Rupee gained 29 paisas against dollar on Friday owing to positive sentiments prevailed in currency market.

    The rupee ended Rs138.53 to the dollar as compared with previous day’s close of Rs138.82 in interbank foreign exchange market.

    Currency dealers said that good-will gesture shown by Pakistan for releasing captured Indian pilot for normalization the situation resulted in prevalence of positive sentiments in the market.

    The rupee also made a sharp recovery of 44 paisas against dollar on Thursday.

    The exchange rate went up to Rs139.26 to the dollar after Indian aggression on February 27.

    However, during the past two days, the local unit made significant recovery.


    Rupee ends with another gain against dollar

  • Rupee ends with another gain against dollar

    Rupee ends with another gain against dollar

    KARACHI: The Pak Rupee gained another 29 paisas against dollar on Friday owing to positive sentiments prevailed in currency market.

    The rupee ended Rs138.53 to the dollar as compared with previous day’s close of Rs138.82 in interbank foreign exchange market.

    Currency dealers said that good-will gesture shown by Pakistan for releasing captured Indian pilot for normalization the situation resulted in prevalence of positive sentiments in the market.

    The rupee also made a sharp recovery of 44 paisas against dollar a day earlier.

    The exchange rate went up to Rs139.26 to the dollar after Indian aggression on February 27.

    However, during the past two days, the local unit made significant recovery.

    The interbank foreign exchange market was initiated in the range of Rs138.65 and Rs138.75.

    The market recorded a high of Rs138.65 and low of Rs138.50 and closed at Rs138.53.

    The exchange rate was unchaged in open market.

    The buying and selling of dollar was recorded at Rs138.70/Rs139.20, same previous day’s level, in cash ready market.


    Rupee makes sharp recovery of 44 paisas against dollar

  • Rupee continues to gain against dollar in early trade

    Rupee continues to gain against dollar in early trade

    KARACHI: The Pak Rupee maintained its recovery against dollar in early trade on Friday owing to positive sentiments.
    The rupee gained 17 paisas to the dollar in the early trade as dollar is being traded at Rs138.65 in interbank foreign exchange market.
    Currency dealers said that good-will gesture shown by Pakistan for releasing captured Indian pilot for normalization the situation resulted in prevalence of positive sentiments in the market.
    The rupee also made a sharp recovery of 44 paisas against dollar on Thursday.
    The rupee ended Rs138.82 to the dollar as compared with last day’s closing of Rs139.25 in interbank foreign exchange market.
    The rupee was depreciated massively last day against dollar.
    However, yesterday Pakistan shot down two Indian fighter jets in response to Indian violation of Pakistan airspace a day earlier.
    Dealers said that the sentiments were positive in foreign currency market as economic indictors showing improvement.

    (more…)
  • SBP issues instructions for opening bank accounts of Afghan refugees

    SBP issues instructions for opening bank accounts of Afghan refugees

    KARACHI: State Bank of Pakistan (SBP) has issued instructions for banks regarding opening of bank accounts by Afghan refugees.

    In a circular issued on Thursday, the SBP said that National Database and Registration Authority (NADRA) had informed that biometric verification for opening bank accounts of Afghan refugees holding Proof of Registration (PoR) Card has been made live w.e.f February 26, 2019 over the existing established linkage of CNIC verification.

    The biometric verification service for Afghan refugees holding PoR Card would work similar to the CNIC biometric verification system.

    Accordingly, for opening accounts of Afghan refugees holding PoR Card, banks/DFIs may accept the valid Proof of Registration (PoR) Card issued by NADRA as identity document. In this regard, banks/DFIs shall verify the identity of the Afghan refugees holding PoR Card through NADRA biometric verification system for opening of account.

    Moreover, for services offered by banks to their account holders, where CNIC and biometric verification is required under AML/CFT Regulations, valid biometrically verified PoR Card is acceptable as identity document.

    However, banks/DFIs are advised to ensure compliance of all relevant legal and regulatory requirements including AML / CFT preventive measures instructed by SBP for account opening from time to time.

  • SBP approval mandatory for opening currency exchange outlets at airports

    SBP approval mandatory for opening currency exchange outlets at airports

    KARACHI: State Bank of Pakistan (SBP) on Thursday directed exchange companies to take approval from the central bank before opening outlets at any airport in the country.

    In a circular, the SBP said that in order to facilitate the Exchange Companies and Exchange Companies of ‘B’ category in timely opening of their outlets (Currency Exchange Booths / Branches) at Pakistani airports under Pakistan Civil Aviation Authority (CAA) license, the following procedure will be applicable with immediate effect:

    a. Exchange Companies and Exchange Companies of ‘B’ category desirous of participating in CAA tender(s) for award / renewal of license of currency exchange booth(s) / branch(es) at any Pakistani airport(s) shall obtain in-principle approval from SBP before participating in each CAA tender.

    b. Application(s) complete in all respects by Exchange Companies and Exchange Companies of ‘B’ category for obtaining in principal approval to participate in CAA tender(s) must reach Exchange Policy Department at least 7 working days prior to the last date of application submission in CAA tender(s).

    Exchange Companies

    c. In principle approval for participation in CAA tender(s) shall be given by SBP to those Exchange Companies which have better compliance ratings, financial health, corporate governance etc. as mentioned in Para 3(iii) and (iv) of Chapter 4 of Exchange Companies Manual.

    d. Application(s) of Exchange Companies for in-principle approval for participation in CAA tender(s) for opening of currency exchange booth(s) / branch(es) at airports shall be treated independent of their Annual Network Expansion Plan and may be submitted to the Director, Exchange Policy Department any time during the year as per CAA tender timelines.

    Exchange Companies of ‘B’ category

    e. Exchange Companies of ‘B’ Category are not allowed to participate in CAA tender(s) for award of new license of currency exchange booth(s) / branch(es) as at present they are not allowed expansion of their branch network.

    f. Exchange Companies of ‘B’ category holding valid CAA license of currency exchange booth(s) / branch(es) shall apply for permission to participate in fresh tenders at airports/locations where they already operate after expiry of CAA license subject to compliance as applicable to Exchange Companies with requirement of Para 3(iii) and (iv) of Chapter 4 of Exchange Companies Manual.

    The SBP said that while submitting the application for participation in CAA tender, Exchange Companies and Exchange Companies of ‘B’ category shall deposit non-refundable fee of Rs.50,000/- per outlet in RTGS Clearing account number 427516 of the State Bank and submit the payment receipt as evidence of having paid the applicable fee.

    The central bank warned that failure to comply with the above instructions shall attract regulatory action against the concerned Exchange Company / Exchange Company of ‘B’ Category under the relevant provisions of the Foreign Exchange Regulation Act, 1947.

  • Rupee makes sharp recovery of 44 paisas against dollar

    Rupee makes sharp recovery of 44 paisas against dollar

    KARACHI: The Pak Rupee made a sharp recovery of 44 paisas against dollar on Thursday on peace message sent by Pakistan after giving strong response to Indian aggression.

    The rupee ended Rs138.82 to the dollar as compared with last day’s closing of Rs139.25 in interbank foreign exchange market.

    The rupee was depreciated massively last day against dollar.

    However, yesterday Pakistan shot down two Indian fighter jets in response to Indian violation of Pakistan airspace a day earlier.

    Dealers said that the sentiments were positive in foreign currency market as economic indictors showing improvement.

    The interbank foreign exchange market was initiated in the range of Rs139.20 and Rs139.25.

    The market recorded a high of Rs139.20 and low of Rs138.80 and closed at Rs138.82.

    The exchange rate however has shown some negative trend.

    The buying and selling of dollar was recorded at Rs139.00/Rs139.50 from previous day’s closing of Rs138.70/Rs139.20 in cash ready market.