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 dollar is being traded at Rs172 to the rupee. The rupee was closed at Rs171.63 a day earlier.
The local unit witnessed a significant gain during past week following an announcement of the Saudi government on October 26, 2021 to support Pakistan in managing the balance of payment.
However, since start of the current week the rupee again started falling.
The local unit recorded the all-time low of Rs175.27 on October 26, 2021.
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, according to the Pakistan Bureau of Statistics (PBS).
Currency experts said that the external payment may put more pressure on dollar demand that may result in further depreciation in rupee value.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 10, 2021 (The rates are updated at 09:55 AM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
126.50
128.00
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (CAD)
137.50
139.50
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
198.00
200.00
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)
45.85
46.30
Singapore Dollar (SGD)
126.50
128.00
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)
230.50
232.50
US Dollar (USD)
173.00
174.50
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.
The dollar advanced against the local currency for the second straight trading session. Currency experts said that the rupee made recovery during the past week after Saudi pledge to assist Pakistan in balance of payment.
However, the dollar for the large import payment has once again started deterioration in the rupee value.
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, according to the PBS.
KARACHI: The Pak Rupee (PKR) continued to slide against the dollar in early trade on Tuesday and lost 84 paisa to the foreign currency so far.
The dollar is being traded at Rs171.35 in the interbank foreign exchange market. The last day closing of the rupee was Rs170.51 to the dollar in the interbank foreign exchange market.
Currency experts said that the market witnessed higher dollar demand for import payments.
The local currency recorded the all-time low of Rs175.27 against the dollar on October 26, 2021. However, following the announcement of the Saudi government to support a financial assistance package to Pakistan the rupee had made a sharp gain.
The experts said that the large imports are major concerns for rupee stability in the coming days. 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: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 09, 2021 (The rates are updated at 10:50 AM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
125.00
126.50
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (CAD)
136.50
138.00
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)
45.50
46.00
Singapore Dollar (SGD)
125.00
126.70
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)
47.30
47.80
UK Pound Sterling (GBP)
231.00
233.00
US Dollar (USD)
171.20
172.70
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.
In a statement on Monday, FPCCI President Mian Nasser Hyatt Maggo expressed shock over the interest rate of up to 9 per cent under SBP’ SME Asaan Finance Scheme (SAAF).
The SMEs were appreciative of the announcement of collateral-free SAAF Scheme; but, the interest rate of 9 per cent makes it unaffordable, unproductive and unsupportive for SMEs, he added.
Maggo said that it is a welcome step that SBP has selected eight banks to get financing under SAAF Scheme from SBP; however, it makes no economic and commercial sense to allow these eight banks to charge up to 8 per cent in addition to 1 per cent of SBP’s lending fee to banks.
The FPCCI chief demanded that SAAF scheme should not have a total interest rate over 3 per cent, which will make it at par with TERF to make it affordable for SMEs, i.e. 1 per cent for SBP financing and 2 per cent for banks’ margin.
He said that in the post-pandemic scenario, nowhere in the world SMEs can afford to get capital at 9 per cent and pay it back without getting bankrupted. Maggo also noted, with concern, that SBP itself sets maximum interest rate under TERF Scheme at 3 per cent for larger enterprises and business groups; and, for SMEs, it has taken a discriminatory and unsupportive stance.
Iftikhar Ghani Vohra, Convener of FPCCI’s Central Standing on SMEs, said that based on the feedback from across Pakistan, he can say that SMEs are not happy with the exorbitant interest rate; as 9 per cent will make the SAAF Scheme unaffordable for them.
Vohra added that his committee had a detailed meeting with the SBP officials in the mid-September; and, they categorically conveyed their concerns to the officials. However, FPCCI’s concerns have fallen on deaf ears and no change in interest rate has been announced.
Maggo said that he disagrees with the assertion by SBP that all stakeholders have been taken onboard on SAAF Scheme; as FPPCI’s proposal has not been taken into account. It is pertinent to note that FPCCI is the apex representative body of all the SMEs, chambers & associations of Pakistan and; therefore, the biggest stakeholder in the policies affecting SMEs, he added.
KARACHI: The Pak Rupee (PKR) fell by 50 paisas against the dollar on Monday owing to higher demand for import payments during the day.
The rupee ended Rs170.51 to the dollar from last Friday’s closing of Rs170.01 in the interbank foreign exchange market. Earlier, in the day the rupee had recovered some value but later the demand deteriorated the rupee value.
Currency experts said that the market witnessed higher dollar demand due to the first day of the week.
The local currency recorded the all-time low of Rs175.27 against the dollar on October 26, 2021. However, following the announcement of the Saudi government to support a financial assistance package to Pakistan the rupee had made a sharp gain.
The experts said that the large imports are major concerns for rupee stability in the coming days. 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.
