Tag: Interbank Foreign Exchange Market

KARACHI: The rupee ended firmer against dollar on Tuesday amid demand of the foreign currency for import and corporate payments.

The rupee ended Rs165.88 to the dollar from previous day’s closing of Rs165.89 in interbank foreign exchange market.

Currency experts said that the demand for the greenback was remained higher form importers. Besides, due to closing of quarter end the corporate buyers were also seen active as foreign companies repatriate their profits to their parent companies.

They said that due to positive sentiments after current account surplus and approval of $300 million by the Asian Development Bank (ADB) to support Pakistan’s capital market also supported the rupee.

The experts hoped the local unit main recover in the coming days as the demand for import and corporate payments was eased.

KARACHI: The Pak Rupee ended down by 10 paisas against dollar on Monday owing to demand for import and corporate payments, dealers said.

The rupee ended Rs165.89 to the dollar from last Friday’s closing of Rs165.79 in the interbank foreign exchange market.

The currency dealers said that the rupee was under pressure during the day owing to dollar demand for import and corporate payments due to the last days for the quarter end.

However, they said that the approval of $300 million by the Asian Development Bank (ADB) had resulted in positive sentiments in the market. But it failed to help the local unit to offset losses.

They said that due to first day of week the demand for dollar usually on the higher side.

They said that the local currency is likely to rebound in coming days owing to positive economic indicators, especially the current account surplus during the first two months of the current fiscal year.

The Pakistani Rupee appreciated by 17 paisas against the US dollar on Friday, closing at Rs165.79 in the interbank foreign exchange market. This marks an improvement from the previous day’s close of Rs165.96, as increased inflows of remittances and export receipts boosted the currency.

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KARACHI: The Pak Rupee gained 26 paisas against dollar on Thursday owing to better inflows and surplus current account balance.

The rupee ended Rs165.96 to the dollar from previous day’s closing of Rs166.22 in interbank foreign exchange market.

Currency experts said that sentiments in the market were remained positive due to surplus in current account balance for the first two months of the current fiscal year.

The further said that the inflows of export receipts and workers’ remittances also helped the rupee to recover losses against the dollar.

KARACHI: The Pak Rupee ended flat against dollar on Wednesday despite higher demand for import and corporate payments, dealers said.

The rupee ended Rs166.22 to the dollar from the previous day’s closing of Rs166.23 in the interbank foreign exchange market.

The currency dealers said that positive sentiments prevailed in the market owing to reports of current account surplus during the first two months of the current fiscal year.

They said that due to higher demand for imports and corporate payments during the last days of quarter end the rupee was under pressure.

However, the positive sentiments prevented the rupee from major decline.

According to statistics of Balance of Payment (BOP) released by the State Bank of Pakistan (SBP) on Wednesday revealed that the current account balance had registered a surplus of $805 million during July – August 2020 as against a deficit of $1.21 billion in the corresponding period of the last fiscal year

KARACHI: The Pak Rupee recovered seven paisas against dollar on Tuesday owing to weak demand for import and corporate payments.

The rupee ended Rs166.23 to the dollar from previous day’s closing of Rs166.30 in interbank foreign exchange market.

Currency experts said that the demand for import and corporate payments had weakened as compared with the day earlier.

The local currency fell by 47 paisas against dollar a day earlier owing to higher demand for import and corporate payments.

The currency experts said that the dollar demand may increase during the last day of the month for corporate payments as foreign companies repatriate their earnings and dividends by end of quarter closing.

KARACHI: The Pak Rupee ended down by 47 paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said.

The rupee ended Rs166.30 to the dollar from last Friday’s closing of Rs165.83 in interbank foreign exchange market.

Currency dealers said that the demand for dollar was remained higher as the market was opened after two weekly holidays.

They said that the importers were seen active as the economic activities had witnessed improvement after lifting of coronavirus lockdown.

They dealers hoped that due to measures taken by the government to facilitate overseas Pakistanis to attract investment would help the rupee to gain values in coming days.

The Pakistani Rupee experienced a notable appreciation of 38 paisas against the US Dollar on Friday, closing at Rs165.83 in the interbank foreign exchange market.

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KARACHI: The Pak Rupee recovered 13 paisas against dollar on Thursday owing to improved inflows of export receipts and workers remittances.

The rupee ended Rs166.21 to the dollar from previous day’s closing of Rs166.34 in interbank foreign exchange market.

Currency experts said that the rupee recovered owing to inflows of export receipts and workers’ remittances. They said that demand for import payment was remained in the market however the inflows helped the rupee to avoid losses.

The experts hoped the local currency likely to gain further in coming days owing to better economic conditions. They said that the initiative of launching dollar and rupee denomination bonds may attract overseas Pakistanis due to better rate of return.

KARACHI: The Pak Rupee eased by seven paisas against dollar on Wednesday owing to rising demand for the foreign currency for import payment.

The rupee ended Rs166.34 to the dollar from previous day’s closing of Rs166.27 in interbank foreign exchange market.

Currency experts said that the rupee was remained under pressure for rising demand of the greenback against import payment.

They said that normalization of industrial activities after control of coronavirus pandemic the manufacturing required imported raw materials.

The experts hoped that the rupee may rebound in coming days on back of improved workers’ remittances and export receipts.

The local currency fell by 37 paisas against the dollar during past three trading days.