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E-commerce giant Alibaba in talks with Rocket Internet to buy Daraz

12:04 PM | 20 Mar, 2018
E-commerce giant Alibaba in talks with Rocket Internet to buy Daraz
BEIJING - China's biggest e-commerce firm, Alibaba Group Holding Ltd. is seeking to acquire Rocket Internet's online retail unit in Pakistan as it eyes to expand its reach in the lucrative South Asian market.

Both companies are negotiating the price for 'Daraz,' an online store for Pakistan, as the business deal is in its initial stages, reported Bloomberg quoting a source with knowledge of the business deal.

Alibaba’s spokesman declined to comment on the development, while Daraz didn’t immediately reply to the queries.

The expected deal between China’s e-commerce giant and Rocket Internet comes a week after Ant Financial, an affiliate company of Alibaba, decided to buy a 45 percent stake in Telenor Microfinance Bank, a subsidiary of Telenor Group, for $184.5 million to boost digital financial services and mobile payment in Pakistan.

The interest of Alibaba is increasing in Pakistan after Chinese President Xi Jinping's Belt and Road initiative under which infrastructure projects worth $60 billion are being established in Pakistan.

Elsewhere in Asia, Alibaba is also preparing for an intense business battle in Singapore, where Amazon.com Inc. has started operations and Sea Ltd.’s Shopee is expanding to attract more customers.

Pakistan with growing youth is turning into the world’s fastest expanding retail market where stores and e-commerce are developing together, leaving the trend behind in several developing countries.

A survey by Euromonitor International, a research group, says Pakistan’s market is likely to grow 8.2 percent a year during 2016-2021 as disposable income rises.

Last month, Daraz in a statement said that Pakistan has 30 million active Internet users, and brands are paying more attention to e-commerce in order to engage more and more consumers.

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 26 Feb 2024

Pakistani currency remains stable against US dollar in the open market on February 26, 2024 (Monday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 26 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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