Tag: Interbank Foreign Exchange Market

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

The rupee ended Rs168.38 to the dollar from last Friday’s closing of Rs168.29 in interbank foreign exchange market.

Currency experts said that the local currency was under pressure due to higher demand for the greenback as market was opened after weekly holidays.

They hoped that the local currency likely to rebound in coming days due to sufficient supply of the foreign currency in the shape of export receipts and remittances.

The liquid foreign exchange reserves of the country increased by $137 million to $19.655 billion by week ended August 13, 2020, State Bank of Pakistan (SBP) said.

The foreign exchange reserves of the country were at $19.518 billion by week ended August 07, 2020.

The foreign exchange reserves held by the central bank also increased by $139 million to $12.608 billion by week ended August 13, 2020 as compared with $12.469 billion a week ago.

The SBP attributed the increase in reserves to proceeds of $249.4 million from Asian Infrastructure Investment Bank (AIIB). Meanwhile, during the week, SBP also made government external debt repayments of $151.0 million.

The foreign exchange reserves held by commercial banks slightly down by $2 million to $7.047 billion by week ended August 13, 2020 as compared with $7.049 billion a week ago.

KARACHI: The Pak Rupee gained nine paisas against dollar on Friday owing to improved external inflows of the country.

The rupee ended Rs168.29 to the dollar from previous day’s closing of Rs168.38 in interbank foreign exchange market.

Currency experts said that the external inflows and improved foreign exchange reserves of the country helped the local currency to gain value.

The liquid foreign exchange reserves of the country increased by $137 million to $19.655 billion by week ended August 13, 2020, State Bank of Pakistan (SBP) said.

The foreign exchange reserves of the country were at $19.518 billion by week ended August 07, 2020.

The foreign exchange reserves held by the central bank also increased by $139 million to $12.608 billion by week ended August 13, 2020 as compared with $12.469 billion a week ago.

The SBP attributed the increase in reserves to proceeds of $249.4 million from Asian Infrastructure Investment Bank (AIIB). Meanwhile, during the week, SBP also made government external debt repayments of $151.0 million.

The foreign exchange reserves held by commercial banks slightly down by $2 million to $7.047 billion by week ended August 13, 2020 as compared with $7.049 billion a week ago.

KARACHI: The Pak Rupee ended down by 12 paisas against dollar on Thursday owing to persistent demand for import and corporate payments.

The rupee ended Rs168.38 to the dollar from previous day’s closing of Rs168.26 in interbank foreign exchange market.

Currency experts said that the rising economic activities after ease in lockdown had increased the demand for imported goods/raw materials.

The experts however said that the improved trend in export receipts and workers remittance may help the local currency to rebound in coming days.

The inflow of workers’ remittances hit monthly record high of $2.77 billion in July 2020.

In July, workers’ remittances rose to US $ 2.768 billion. “This is the highest ever level of remittances in a single month in Pakistan,” according to the SBP.

In terms of growth, remittances increased by 36.5 percent over July 2019 (y/y) and 12.2 percent over June 2020 (m/m). Given the impact of Covid-19 globally, this increase in worker’s remittances is encouraging.

KARACHI: The Pak Rupee ended down by 7 paisas against dollar on Wednesday owing to demand for import and corporate payments.

The rupee ended Rs168.26 to the dollar from previous day’s closing of Rs168.19 in interbank foreign exchange market.

Currency experts said that the demand of the foreign currency for import and corporate payments resulted in depreciation of the local unit.

The experts hoped that the local currency would rebound in coming days owing to significant inflows of export and remittances.

The inflow of workers’ remittances hit monthly record high of $2.77 billion in July 2020.

In July, workers’ remittances rose to US $ 2.768 billion. “This is the highest ever level of remittances in a single month in Pakistan,” according to the SBP.

In terms of growth, remittances increased by 36.5 percent over July 2019 (y/y) and 12.2 percent over June 2020 (m/m). Given the impact of Covid-19 globally, this increase in worker’s remittances is encouraging.

KARACHI: The Pak Rupee ended down by two paisas against dollar on Tuesday amid record remittances received by the central bank.

The rupee ended Rs168.19 to the dollar from previous day’s closing of Rs168.17 in interbank foreign exchange market.

Currency experts said that reports of record remittances received by the State Bank of Pakistan (SBP) helped the rupee to avoid significant depreciation against the foreign currency.

The inflow of workers’ remittances hit monthly record high of $2.77 billion in July 2020.

In July, workers’ remittances rose to US $ 2.768 billion. “This is the highest ever level of remittances in a single month in Pakistan,” according to the SBP.

In terms of growth, remittances increased by 36.5 percent over July 2019 (y/y) and 12.2 percent over June 2020 (m/m). Given the impact of Covid-19 globally, this increase in worker’s remittances is encouraging.

KARACHI: The Pak Rupee ended down by 24 paisas against dollar on Monday owing to higher demand for import and corporate payments as market opened after long holidays.

The rupee ended Rs168.17 to the dollar as against the closing of August 13, 2020 at Rs167.93 in interbank foreign exchange market.

Currency experts said that the market was opened after three holidays and it resulted in higher demand for import and corporate payments.

The market was remained closed on August 14, 2020 on account of Independence Day and further two days closure due to weekly holidays.

The experts said that the local unit likely to rebound in coming days on back of improved inflows of workers’ remittances and export receipts.

The inflow of workers’ remittances hit monthly record high of $2.77 billion in July 2020.

In July, workers’ remittances rose to US $ 2.768 billion. “This is the highest ever level of remittances in a single month in Pakistan,” according to State Bank of Pakistan (SBP).

In terms of growth, remittances increased by 36.5 percent over July 2019 (y/y) and 12.2 percent over June 2020 (m/m). Given the impact of Covid-19 globally, this increase in worker’s remittances is encouraging.

KARACHI: The Pak Rupee gained another 15 paisas against dollar on Thursday owing to inflows of export and workers remittances.

The rupee ended Rs167.93 to the dollar from previous day’s closing of Rs168.08 in interbank foreign exchange market.

Currency analysts said that the rupee gained value for the third consecutive day. They said that the inflows of export receipts and workers remittances helped the rupee to gain value.

They further said that lower demand for import payment also helped the local unit.

KARACHI: The Pak Rupee gained 20 paisas against dollar on Wednesday owing to improved inflows of export receipts and workers remittances.

The rupee ended Rs168.07 to the dollar from previous day’s closing of Rs168.27 in interbank foreign exchange market.

Currency experts said that inflows of export receipts and workers remittances were sufficient to support the local currency and meet demand for import and corporate payments.

The experts said that the foreign inflows would help the local currency to further appreciate in coming days.

The liquid foreign exchange reserves of the country increased by $651 million by week ended July 30, 2020 owing to foreign inflows.

The total foreign exchange reserves of the country increased by $651 million to $19.563 billion by week ended July 30, 2020 as compared with $18.912 billion a week ago.

The official foreign exchange reserves of the SBP increased by $566 million to $12.542 billion by week ended July 20, 2020 as compared with $11.976 billion a week ago.

KARACHI: The rupee recovered 11 paisas against dollar on Tuesday after ease in demand for import and corporate payments.

The rupee ended Rs168.27 to the dollar from previous day’s closing of Rs168.38 in interbank foreign exchange market.

Currency experts said that ease in demand from import and corporate side helped the rupee to recover last day’s losses.

The experts further said that the foreign inflows received by the central bank during past couple of weeks would help the rupee to further gain the value.

The liquid foreign exchange reserves of the country increased by $651 million by week ended July 30, 2020 owing to foreign inflows.

The total foreign exchange reserves of the country increased by $651 million to $19.563 billion by week ended July 30, 2020 as compared with $18.912 billion a week ago.

The official foreign exchange reserves of the SBP increased by $566 million to $12.542 billion by week ended July 20, 2020 as compared with $11.976 billion a week ago.

KARACHI: The Pak Rupee has slipped by 50 paisas against dollar on Monday owing to higher demand for import and corporate payment on the first day of the week.

The rupee ended Rs168.38 to the dollar from last Friday’s closing of Rs167.88 in interbank foreign exchange market.

Currency experts said that the demand was seen for the foreign currency as market was opened after two weekly holidays.

The experts however said that external inflows would help the rupee to rebound in coming days.

The liquid foreign exchange reserves of the country increased by $651 million by week ended July 30, 2020 owing to foreign inflows.

The total foreign exchange reserves of the country increased by $651 million to $19.563 billion by week ended July 30, 2020 as compared with $18.912 billion a week ago.

The official foreign exchange reserves of the SBP increased by $566 million to $12.542 billion by week ended July 20, 2020 as compared with $11.976 billion a week ago.