Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee gained 25 paisas against dollar on Friday owing to improved foreign exchange reserves of the country.

The rupee ended Rs167.88 to the dollar from previous day’s closing of Rs168.13 in interbank foreign exchange market.

Currency experts said that the rupee made recovery for second consecutive day owing to improved inflows of the foreign currency.

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 recovered 10 paisas against dollar on Thursday after ease in demand for import payments and report of improved export receipts.

The rupee ended Rs168.13 to the dollar from previous day’s closing of Rs168.23 in interbank foreign exchange market.

Currency experts said that improved inflows of export receipts and remittances helped the rupee to make recovery.

The rupee fell by around Rs1.25 against dollar during first three trading days of the current week.

The experts said that the rupee likely to improve in coming days due to improved inflows of export receipts and workers remittances.

The exports of the country increased by 25 percent in July 2020 as compared with the previous month owing to enhance in economic activities after ease in lockdown, according to data released by Pakistan Bureau of Statistics (PBS) a day earlier.

The country’s exports were at $2 billion in July 2020 as compared with $1.59 billion in June 2020.

The rise in exports may be attributed to ease in lockdown and resumption of economic activities during July 2020. The lockdown was imposed since March 2020 to prevent the spread of coronavirus.

The import bill during July 2020 fell by 2 percent to $3.64 billion as compared with $3.72 billion in June 2020.

The trade deficit shrank by 22.64 percent to $1.64 billion in July 2020 as compared with deficit of $2.12 billion in June 2020.

The exports in July 2020 registered an increase of 6.04 percent when compared with $1.88 billion in July 2019.

The import bill in July 2020 fell by 2 percent when compared with $3.7 billion in July 2019.

The trade deficit reduced by 10.24 percent in July 2020 when compared with deficit of $1.82 billion in July 2019.

KARACHI: The Pak Rupee weakened by 59 paisas against dollar for third consecutive day on Wednesday owing to higher demand for import and corporate payments.

The rupee ended Rs168.23 to the dollar from previous day’s closing of Rs167.64 in interbank foreign exchange market.

The rupee fell by around Rs1.25 against dollar during last three trading days.

Currency experts said that due to improved economic activities there was higher demand of the foreign currency for import payments, especially import of raw material.

In order to curb the prevention of coronavirus the government imposed lockdown across the country in March 2020 and it was gradually eased considering the lower number of reported cases.

From August 03 the official timing of government offices has been restored to normal working hours.

The experts said that the rupee likely to rebound in coming days due to improved inflows of export receipts and workers remittances.

KARACHI: The Pak Rupee eased by 18 paisas against dollar on Tuesday as demand for import and corporate payment remained exist.

The rupee ended Rs167.64 to the dollar from previous day’s closing of Rs167.46 in interbank foreign exchange market.

Currency experts said that after Eid holidays the demand for dollar was remained exist. Besides, the ease in lockdown also improved the economic activities which escalated demand for imported goods.

Currency experts said that the rupee may rebound in coming days owing to improved inflows of remittances and export receipts.

The State Bank of Pakistan (SBP) last week received $505.5 million from the World Bank.

The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

KARACHI: The Pak Rupee slipped by 48 paisas against dollar on Monday due to higher demand for the foreign currency at the resumption of trading after Eid holidays.

The rupee ended at Rs167.46 to the dollar from closing on July 30, 2020 at Rs166.98 in interbank foreign exchange market.

Currency experts said that the market witnessed higher demand for the greenback for their payments for import and corporate. They said that the pressure would be eased in coming days due to sufficient inflows were observed during past days.

The State Bank of Pakistan (SBP) last week received $505.5 million from the World Bank.

The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

KARACHI: The Pak Rupee weakened by 20 paisas against dollar on Thursday ahead of higher demand for the foreign currency ahead of Eid holidays.

The rupee ended Rs166.98 to the dollar from previous day’s closing of Rs166.78 in interbank foreign exchange market.

Currency experts said that the rupee weakened owing to demand for the greenback for the payments of import and corporate during Eid holidays.

The government has announced holidays for Eid-ul-Adha from July 31, 2020 to August 02, 2020,

Currency experts said that positive indicators regarding external financing may help the rupee to recover the values.

The State Bank of Pakistan (SBP) on this week received $505.5 million from the World Bank.

The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

KARACHI: The Pak Rupee eased by 32 paisas against dollar on Wednesday owing to rising demand for import and corporate payments ahead of Eid holidays.

The rupee ended Rs166.78 to the dollar from previous day’s closing of Rs166.46 in interbank foreign exchange market.

Currency experts said that the dollar demand was increased due to scheduled holidays for Eid-ul-Adha.

The government has announced holidays from July 31, 2020 to August 02, 2020 on occasion of Eid-ul-Adha.

The currency experts however said that the inflows of export receipts and remittances besides the transfers of funds from foreign lending agencies would help the rupee value in coming days.

The State Bank of Pakistan (SBP) on Tuesday received $505.5 million from the World Bank.

The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

The Pakistani rupee strengthened by 41 paisas against the US dollar in the interbank market on Friday, buoyed by significant inflows from the World Bank. The rupee closed at 286.35 per dollar, compared to the previous day’s closing rate of 286.76.

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KARACHI: The Pak Rupee gained 39 paisas against dollar on Monday owing to sufficient inflows of workers remittances and export receipts.

The rupee ended Rs166.87 to the dollar from last Friday’s closing of Rs167.26 in interbank foreign exchange market.

Currency experts said that the inflows of workers remittances and export receipts were more than the demand for import payments.

The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

KARACHI: The Pak Rupee gained 36 paisas against dollar on Friday owing to improved inflows of export receipts and remittances.

The rupee ended Rs167.26 to the dollar from previous day’s closing of Rs167.62 in interbank foreign exchange market.

Currency experts said that sufficient foreign currency was available in the market to meet import payment demand.

The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.