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.
The SBP said the data is compiled and disseminated for information only. These exchange rates are estimates that quoted by various commercial banks to their clients.
KARACHI: The dollar is again reached above Rs175 near an all-time high despite efforts made by the central bank to stabilize the local currency, dealers said on Friday.
The State Bank of Pakistan (SBP) last week announced to increase the average Cash Reserve Requirement (CRR), to be maintained during a period of two weeks by scheduled banks, from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.
The rupee made recovery for continuous three sessions following this announcement. The announcement was made on November 12, 2021 when the rupee hit the all-time low of Rs175.73 to the dollar.
However, the local unit lost Rs1.5 against the dollar during the past two sessions on a statement of the finance advisor that he could not give a certain date for inflows from the IMF.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 19, 2021 (The rates are updated at 11:00 AM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
126.00
128.00
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (CAD)
138.20
140.50
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
197.00
199.00
Hong Kong Dollar (HKD)
16.70
16.95
Indian Rupee (INR)
2.03
2.10
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.70
484.20
Malaysian Ringgit (MYR)
36.45
36.80
NewZealand $ (NZD)
96.45
97.15
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.70
394.70
Qatari Riyal (QAR)
39.90
40.50
Saudi Riyal (SAR)
45.50
46.00
Singapore Dollar (SGD)
126.00
127.50
Swedish Korona (SEK)
18.50
18.75
Swiss Franc CHF)
159.90
160.80
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
47.50
48.00
UK Pound Sterling (GBP)
234.00
236.50
US Dollar (USD)
173.50
175.20
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
The rupee recorded a fall after the gain during past three straight days.
Currency experts said that the market sentiments were shaky after the statement of the finance advisor related to conditions of IMF loan program. The finance advisor stated that he could not give a certain date for IMF tranche but he claimed all was finalized.
The expert s said that constraints in foreign inflows depressed the value of the local currency.
On October 26, 2021 a pledge was made by the Saudi government to transfer cash amounting $3 billion to State Bank of Pakistan (SBP) but the same was not realized so far.
Last week the central bank announced to increase the average Cash Reserve Requirement (CRR), to be maintained during a period of two weeks by scheduled banks, from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.
The experts said that the high import bill pushing up the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.
Karachi, November 18, 2021 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers, effective as of November 18, 2021.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 18, 2021 (The rates are updated at 10:00 AM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
126.50
128.50
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (CAD)
139.00
141.00
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
197.50
199.50
Hong Kong Dollar (HKD)
16.70
16.95
Indian Rupee (INR)
2.03
2.10
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.70
484.20
Malaysian Ringgit (MYR)
36.45
36.80
NewZealand $ (NZD)
96.45
97.15
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.70
394.70
Qatari Riyal (QAR)
39.90
40.50
Saudi Riyal (SAR)
46.00
46.50
Singapore Dollar (SGD)
125.00
126.50
Swedish Korona (SEK)
18.50
18.75
Swiss Franc CHF)
159.90
160.80
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
48.00
48.50
UK Pound Sterling (GBP)
233.50
236.00
US Dollar (USD)
175.00
176.50
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
Analysts at Arif Habib Limited said that the monetary policy committee of SBP will convene on Friday, November 19, 2021 to announce the monetary policy for the next two months.
The analysts expect that SBP to remain hawkish, raising its policy rate for the second time since the beginning of the current fiscal year 2021/2022 and at a much higher magnitude of 100 basis points – the highest hike in almost 2.3 years – taking the total cumulative increase in FY22TD to 125bps. With this, the revised policy rate is expected at 8.25 per cent.
To recall, the SBP, continuing with its tightening policy, recently announced a 100bps hike in Cash Reserve Requirement too.
A shift towards ‘a more hawkish stance’ from the earlier ‘gradual and calibrated’ might be evident in this monetary policy meeting as inflation worries are rumbling more clearly than before.
Inflation in Pakistan has increased markedly with the resumption of economic activities – but as supply-side inflation has subsided, demand-side inflation has overshot.
Headline inflation initially remained low averaging at 8.7 per cent during the first four months of the fiscal year 2021/2022, but now with waning base effect, it has started accelerating, raising concerns.
Clearly, the inflationary pressures reflect the upside arising in global energy and commodity prices and moreover, do not look ready to subside anytime soon.
We have seen some of the central banks in the regional markets reacting as consumer prices are being pressured by global supply-chain disruptions and costlier energy and food supplies.
Domestically, there has been a positive development on the COVID front, in terms of reduced infections/deaths and faster vaccinations.
The overall improved healthcare conditions coupled with the economic performance of high-frequency indicators (such as auto and cement sales) as well as LSM numbers (2MFY22: +7.3% YoY) evidently signal that the overall economic activity is on the cusp of a strengthening revival.
The domestic recovery that is likely to push GDP growth higher than initially anticipated is adding to inflationary pressures and thus, the prudent policy approach for the SBP would be to tack in a more hawkish path to manage these risks.
LAHORE: MCB Bank Limited has entered into an agreement with UnionPay International (UPI) to further facilitate e-Commerce businesses partnered with MCB e-Gate with access to UnionPay International’s globally recognized payment services.
Under this agreement, MCB Bank will be enabling partner eCommerce businesses to access UnionPay International as a payment scheme in the MCB eGate internet payment gateway service. Going forward,all eCommerce businesses that utilize the MCB eGate service will be able to receive patronage from UnionPay International Debit and Credit Cardholders who will now be able to conduct online payment transactions on their platforms.
The agreement was signed between Muhammad Azam Naeem, Business Head, Digital Banking, MCB Bank and Nadeem Haroon, Country Manager, UnionPay Pakistan at MCB House, Lahore. Shahzad Ishaq, Group Head, Consumer & Digital Banking, MCB Bank, Jasim Ahmed Waheed, Department Head Acceptance, Digital Banking, MCB Bank, Umer Qasim, Product Manager eCommerce and Payment Gateway, Digital Banking, MCB Bank, Kashif Ali, Ali Abbas and Mehtab Haider from UnionPay International were also present at the ceremony.
Speaking at the occasion, Shahzad Ishaq said: “at the heart of all our digital initiatives is enhancing customers’ access to payments, convenience and ease of doing transactions. Simultaneously, we would enrich the value proposition provided to Bank’s eCommerce merchants.
“Through our agreement with UnionPay International, our partnering eCommerce merchants stand to benefit from the potential business with over 12 million UnionPay cardholders in Pakistan.”
James Yang, General Manager UnionPay International Middle East, also added: “UnionPay has the world’s largest cardholder base issued across 70 countries and regions. Providing security and effortless convenience for all of our customers is key when looking to the future. Supporting both merchants and consumers, UnionPay International invests significantly in technology and innovation to deliver a range of leading products, all adhering to the highest standards of security and protection.”
MCB Bank is one of the largest and most innovative banks in Pakistan. The Bank operates a strong and vast network of Over 1,400 branches and over 1400 ATMs in Pakistan and 11 overseas branches. With a customer base of over 7 million, MCB leads the banking & financial services sector in Pakistan and customers across the globe have 24/7 access to MCB Bank via our innovative and accessible Digital Banking Services.
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. In partnership with more than 2400 institutions worldwide, UnionPay International has enabled card acceptance in 180 countries and regions with issuance in 70 countries and regions. UnionPay International provides high-quality, cost-effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
The SBP last Saturday decided to increase the average CRR from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.
The SBP has decided the measure following the rupee hit an all-time low at Rs175.73 against the dollar on November 12, 2021.
A day earlier the SBP also decided to announce the monetary policy statement ahead of the scheduled announcement in order to stabilize the money market.
The large imports are continuously increasing the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.
