Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee slipped by 10 paisas against dollar on Tuesday owing to higher demand for import and corporate payments.

The rupee ended Rs166.27 to the dollar from previous day’s closing of Rs166.17 in interbank foreign exchange market.

Currency experts said that the local unit was remained under pressure due to higher import and corporate payment.

However, they said that the recent announcement of the federal government to launch Naya Pakistan Certificates with attractive rate of return in both rupee denomination and dollar denomination bills, would help the local currency to gain value in coming days.

KARACHI: The Pak Rupee fell by 20 paisas against the dollar on Monday owing to higher demand of the foreign currency for import and corporate payments.

The rupee ended Rs166.17 to the dollar from last Friday’s closing of Rs165.97 in interbank foreign exchange market.

Currency experts said that the market was opened after weekly holidays and the local unit was under pressure due to demand for import and corporate payments.

They however said that improved inflows of remittances would help the local unit to recover in coming days.

The inflow of workers’ remittances sharply increased by 31 percent during first two months of the current fiscal year owing to initiatives of the central bank.

The inflow of remittances surged to $4.86 billion during July – August 2020 as compared with $3.71 billion during the corresponding period of the last fiscal year.

The inflows of remittances also registered an increase of 25 percent to $2.1 billion in August 2020 as compared with $1.68 billion in the same month of the last year.

KARACHI – The Pakistani Rupee gained significant ground against the US Dollar, strengthening by 43 paisas on Friday. The surge was attributed to the burgeoning foreign exchange reserves of the country and the optimistic sentiments generated by the recent launch of Roshan Digital Accounts, a financial initiative catering to non-resident Pakistanis (NRPs).

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KARACHI: The Pak Rupee recovered 12 paisas against dollar on Thursday owing to improved economic indicators, dealers said.

The rupee ended Rs166.40 to the dollar from previous day’s closing of Rs166.52 in interbank foreign exchange market.

Currency experts said that positive sentiments prevailed in the foreign exchange market due to launching of roshan digital accounts by the State Bank of Pakistan (SBP) for overseas Pakistanis.

They said that the investors hoped significant inflows of the foreign currency under this initiative of the government.

The rupee recovered the value after losing 76 paisas during first three days of the current week.

KARACHI: The Pak Rupee depreciated by nine paisas against dollar on Wednesday owing to higher demand for import and corporate payment.

The rupee ended Rs166.52 to the dollar from previous day’s closing of Rs166.43 in interbank foreign exchange market.

Currency experts said that the market witnessed dollar demand for import and corporate payment. They said that improved activities in trade and industry rose the demand for imported goods.

They said that the inflows of remittances and export receipts likely to help the rupee to improve levels against dollar in coming days.

The Pakistani Rupee experienced a decline of 56 paisas against the US dollar on Tuesday, driven by increased demand for import and corporate payments, according to currency dealers.

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

The rupee ended at Rs165.87 to the dollar from last Friday’s closing of Rs165.77 in interbank foreign exchange market.

The currency experts said that the rupee was under pressure against the foreign currency due to the first day of the week. They said that the rupee may rebound in coming days due to improved foreign exchange reserves of the country.

The liquid foreign exchange of the country has increased by $121 million to $19.843 billion by week ended August 28, 2020, according to the State Bank of Pakistan (SBP).

The foreign exchange reserves were at $19.722 billion by week ended August 21.2020.

The official foreign exchange reserves of the SBP increased by $72 million to $12.713 billion by week ended August 28, 2020 as compared with $12.641 billion a week ago.

Similarly, the foreign exchange reserves held by commercial banks also increased by $49 million to $7.13 billion by week ended August 28, 2020 as compared with $7.081 billion a week ago.

KARACHI: The Pak Rupee appreciated by 27 paisas against dollar on Friday owing to increase in foreign exchange reserves of the country, dealers said.

The rupee ended at Rs165.77 to the dollar from previous day’s closing of Rs166.04 interbank foreign exchange market.

Currency experts said inflows of export receipts and workers remittances helped the local unit to recover the value.

They further said that the increase in foreign exchange reserves of the country also helped the rupee to improve value.

The liquid foreign exchange of the country has increased by $121 million to $19.843 billion by week ended August 28, 2020, according to the State Bank of Pakistan (SBP).

The foreign exchange reserves were at $19.722 billion by week ended August 21.2020.

The official foreign exchange reserves of the SBP increased by $72 million to $12.713 billion by week ended August 28, 2020 as compared with $12.641 billion a week ago.

Similarly, the foreign exchange reserves held by commercial banks also increased by $49 million to $7.13 billion by week ended August 28, 2020 as compared with $7.081 billion a week ago.

KARACHI: The Pak Rupee fell by 44 paisas against dollar on Thursday owing to demand for import and corporate payments, dealers said.

The rupee ended Rs166.04 to the dollar from previous day’s closing of Rs165.60 in interbank foreign exchange market.

Currency experts said that higher demand for import and corporate payments depreciated the rupee value.

They said that the economic activities had been normalized after lifting the lockdown. The domestic industry requires imported raw material, they added.

They, however, said that the rupee may recover in coming days owing to improved indicators especially surplus current account and narrowed trade deficit.

KARACHI: The Pak Rupee ended down by six paisas on Tuesday against dollar owing to higher demand for import and corporate payments.

The rupee ended Rs168.43 to the dollar from previous day’s closing of Rs168.37 in interbank foreign exchange market.

Currency experts said that demand from importers and corporate buyers were remained higher during the day which depressed the rupee value.

They said that the improved inflows of workers’ remittances and export receipts may helped the local unit to improve value.

The balance of payment of the country registered current account surplus i.e. 1.9 percent of the GDP during the first month of the current fiscal year.

The BOP witnessed a current account deficit of 2.8 percent of the GDP in July 2019.

The statistics revealed that the current account surplus stood at $424 million in July 2020 as compared with current account deficit of $613 million in the same month of the last year.

The current account surplus may be attributed to record inflows of workers’ remittances in July 2020. In the month under review the workers’ remittances rose to $2.77 billion. This is the highest ever level of remittances in a single month in Pakistan, according to the SBP.

The exports also exhibited 6.1 percent growth to $2 billion in July 2020 as compared with $1.88 billion in the same month of the last year. On the other hand the import bill of the country declined by 0.7 percent to $3.68 billion in July 2020 as compared with $3.71 in the same month of the last year.

The trade deficit narrowed by 7.7 percent to $1.68 billion in July 2020 as compared with the deficit of $1.83 billion in the same month of the last year.