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 weakens by 16 paisas on import payments

    Rupee weakens by 16 paisas on import payments

    KARACHI: The Pak Rupee weakened by 16 paisas against dollar on Wednesday owing to higher demand for import and corporate payments.

    The rupee ended Rs156.97 to the dollar from previous day’s closing of Rs156.81 in interbank foreign exchange market.

    The foreign currency market was initiated in the range of Rs156.85 and Rs156.95.

    The marked recorded day high of Rs157.00 and low of Rs156.90 and closed at Rs156.97.

    Currency experts said that due to oil payments the demand of greenback was high in the market.

    The exchange rate was remained unchanged in open market.

    The buying and selling of dollar was recorded at Rs155.50/Rs156.50, the same previous day’s level, in the cash ready market.

  • Rupee recovers 15 paisas on SBP governor briefing

    Rupee recovers 15 paisas on SBP governor briefing

    KARACHI: The Pak Rupee recovered 15 paisas against dollar on Tuesday day after the press conference of the governor of State Bank of Pakistan (SBP) for clarifying many issues about the economy.

    The rupee ended Rs156.81 to the dollar from previous day’s closing of Rs156.96 in interbank foreign exchange market.

    The foreign exchange market was initiated in the range of Rs156.60 and Rs156.90. The market witnessed day high of Rs156.85 and low of Rs156.40 and closed Rs156.81.

    A day earlier SBP governor Reza Baqir conducted a press briefing and clarified many issues pertaining to the economy, which boosted the confidence in the market.

    The exchange rate in the open market was remained unchanged.

    The buying and selling of the dollar was recorded at Rs155.50/Rs156.50 same previous day’s closing in cash ready market.

  • Demand, supply to decide dollar rate: SBP governor

    Demand, supply to decide dollar rate: SBP governor

    KARACHI: The demand and supply will decide the rate of US dollar, Reza Baqir, Governor, State Bank of Pakistan (SBP) said on Monday in his maiden press conference.

    “Let the market decide the dollar rate,” he said while replying to questions regarding exchange rate.

    He said that there were impacts of high inflation while increasing exchange rate. On the other hand if exchange rates are maintained then it will result in high debts, he added.

    At present the exchange rate is being decided by the market and it help in improving the indicators, the SBP governor said.

    The governor said that by controlling the exchange rate the imports had been reduced. He said that current account deficit had been reduced significantly. The deficit was at $19.8 billion. The deficit has been narrowed to $13 billion so far in the current fiscal year.

    He said that exchange rate was improved before Eid ul Fitr due to better inflows. However, payment pressure from corporate sector has against pressurized the local currency, he added.

    The SBP governor said that the economic team is bringing improving in the country.

    He said that in the past such budgets were presented which had failed to yield results.

    However, in the current budget relief measures have been announced under social protection program.

    Talking about the IMF program and its conditionalities, he said that people should wait till July 03, 2019 and after that all the documents related to fund programs would be made public.

  • Rupee hits another historic low against dollar

    Rupee hits another historic low against dollar

    KARACHI: The Pak Rupee hit another historic low after depreciation of Rs1.11 against US dollar on Monday owing to payment pressure for oil import.

    The rupee ended Rs156.96 to the dollar as compared with last Friday’s closing of Rs155.85 in interbank foreign exchange market.

    The foreign currency market initiated in the range of Rs156.50 and Rs157.00. The market witnessed day high of Rs157.00 and low of Rs156.96 and closed at Rs156.96 in interbank foreign exchange market.

    However, the exchange rate in open market witnessed appreciation of rupee value.

    The buying and selling of dollar was recorded at Rs155.50/Rs156.50 from last Saturday’s close of Rs156.00/Rs157.00 in cash free market.

    The rupee witnessed depreciation for the last more than one and half years. The rupee was kept stable by the previous government in order to control the economic imbalances.

    However, keeping the rupee stable against dollar created balloon in the economy. Now the government is under negotiation with the IMF to bargain a new loan program, which is almost finalized. The IMF board is scheduled to meet next week to review Pakistan’s request for new loan program.

  • Remittances grow to $20.19 billion in 11 months

    Remittances grow to $20.19 billion in 11 months

    KARACHI: Overseas Pakistanis workers have sent $20.19 billion during July – May 2018/2019 as compared $18.28 billion in the same period of the last fiscal year, showing growth of 10.42 percent, State Bank of Pakistan (SBP) on Friday.

    The central bank said that during May 2019, the inflow of worker’s remittances amounted to $2315.74 million, which is 30.17 percent higher than April 2019 and 28.36 percent higher than May 2018.

    The country wise details for the month of May 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $493.73 million, $476.57 million, $346.81 million, $387.09 million, $237.76 million and $70.61 million, respectively compared with the inflow of $432.05 million, $373.85 million, $290.26 million, $269.11 million, $178.96 million and $60.34 million respectively in May 2018.

    Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during May 2019 amounted to $303.17 million together as against $199.51 million received in May 2018.

  • SECP holds consultation session to review Bancassurance regulations

    SECP holds consultation session to review Bancassurance regulations

    KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has organized a stakeholders’ consultations session to review the changes in insurance regulatory framework governing Bancassurance, a statement said on Friday.

    (more…)
  • Dollar hits record high at Rs155.85 in interbank

    Dollar hits record high at Rs155.85 in interbank

    KARACHI: The dollar appreciated by Rs2.94 to make a new record high on Friday owing to weak economic indicators and high debt repayments during next two years.

    The rupee ended Rs155.85 to the dollar from previous day’s closing of Rs152.91 in interbank foreign exchange market.

    The interbank foreign exchange market initiate in the range of Rs153.50 and Rs153.75. The market recorded day high of Rs156.50 and low of Rs153.95 and closed at Rs155.85.

    Currency experts said that the statement of the adviser to the prime minister regarding interest payment earlier in the day against foreign loan pressurized the local currency.

    The exchange rate in open market also witnessed depreciation of the local currency.

    The buying and selling of the dollar was recorded at Rs156.00/Rs157.50 from previous day’s closing of Rs152.50/Rs153.50 in cash ready market.

  • Dollar hits new high at Rs153.71 in early trade

    Dollar hits new high at Rs153.71 in early trade

    KARACHI: The US Dollar appreciated to record high at Rs 153.71 in early trade on Friday owing to high demand for import.

    The dollar is being trade at Rs153.71 after witnessing 80 paisas in interbank foreign exchange market.

    The exchange rate was closed yesterday at Rs152.91 to the dollar in Interbank Foreign Exchange Market.

  • Rupee hits all time low Rs152.91 against dollar

    Rupee hits all time low Rs152.91 against dollar

    KARACHI: The Pak Rupee hit all time low by losing Rs1.34 against dollar on Thursday owing to higher oil payment demand and scheduled repayment against foreign loan.

    The rupee ended Rs152.91 to the dollar from previous day’s close of Rs151.57 in interbank foreign exchange market.

    The foreign exchange market was initiated in the range of Rs151.50 and Rs151.90.

    The market recorded day high of Rs153.00 and low of Rs151.85 and closed at Rs152.91.

    Currency experts said that the rupee was under pressure due to schedule repayment of foreign debt. Further the inflows of remittances became lower after Eid festival, they added.

    They further added that the weekly payment of oil payment also escalated the demand for the greenback.

    The exchange rate in open market was also witnessed depreciation in rupee value.

    The buying and selling of dollar was recorded at Rs152.00/Rs153.00 as compared with previous day’s closing of Rs151.30/Rs152.00 in cash ready market.