Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee ended firmer against dollar on Thursday as sufficient inflows of the foreign currency were available to meet import payment demand.

The rupee ended Rs167.62 to the dollar from previous day’s closing f Rs167.63 in interbank foreign exchange market.

Currency experts said that after ease in lockdown which resulted in improved economic activities the demand for foreign currency was increased especially for the import payment.

They however said that the inflows in terms of remittances and export receipts helped the rupee to maintain levels.

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 27 paisas against dollar on Wednesday owing to improved inflows of export receipts and remittances.

The rupee ended Rs167.63 to the dollar from previous day’s closing of Rs167.90 in interbank foreign exchange market.

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

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 recovered 40 paisas against dollar on Tuesday owing to significant reduction in current account deficit (CAD) and lower demand for import payments.

The rupee ended Rs167.90 to the dollar from previous day’s closing of Rs168.30 in interbank foreign exchange market.

Currency experts said that sharp contraction in annual current account deficit reported by State Bank of Pakistan (SBP) helped the rupee to recover.

Further the lower import payment demand also helped the rupee to appreciate value.

On the other hand 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 97 paisas to the dollar on Monday owing to higher demand for import and corporate payments.

The rupee ended Rs168.30 to the dollar from last Friday’s closing of 167.33 in interbank foreign exchange market.

Currency experts said that the due to first working day of the week the demand for greenback was remained higher. They said that the due to global economic slowdown owing to coronavirus the inflows of worker remittances and exports receipts were also reduced.

They, however, believed that the local currency may rebound in coming days owing to sufficient inflows.

State Bank of Pakistan (SBP) has said that 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 depreciated by another 33 paisas against dollar on Friday owing to rising demand of the foreign currency for import payments.

The rupee ended Rs167.33 to the dollar from previous day’s closing of Rs167.00 in interbank foreign exchange market.

Currency experts said that due to economic normalcy return after ease in lockdown the domestic demand for imported goods had increased.

They further said that due to weekly holidays ahead also escalated the demand for the foreign currency.

The local unit fell by around 70 paisas during the outgoing week.

The experts believed that the rupee would rebound in coming days owing to sufficient inflows.

State Bank of Pakistan (SBP) has said that 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 33 paisas against dollar on Thursday owing to rising demand of the foreign currency for import payments.

The rupee ended Rs167 to the dollar from previous day’s closing of Rs166.67 in interbank foreign exchange market.

Currency experts said that due to economic normalcy return after ease in lockdown the domestic demand for imported goods had increased.

The experts believed that the rupee would rebound in coming days owing to sufficient inflows.

State Bank of Pakistan (SBP) has said that 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 ended firmer against dollar on Wednesday as stock of foreign currency was sufficient to meet import payment demand.

The rupee ended Rs166.67 to the dollar from the previous day’s close of Rs166.68 in interbank foreign exchange market.

Currency experts said that the inflows of dollars were sufficient to meet the demand for import and corporate payments.

They said that the improved inflows of remittances and lower import payments had helped the rupee to maintain levels.

State Bank of Pakistan (SBP) has said that 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 five paisas against dollar on Tuesday owing to demand for import and corporate payments.

The rupee ended Rs166.68 to the dollar from last day’s closing of Rs166.63 in interbank foreign exchange market.

Currency experts said that dollar demand was remained higher for import and corporate payments. They said that due to ease in lockdown the domestic demand was increased substantially. However significant inflows prevented sharp decline in rupee value.

They said that improved foreign exchange reserves and lower import demand to help the rupee to gain in coming days.

The official reserves held by the SBP increased by $811 million to $12.042 billion by week ended July 03, 2020 as compared with $11.231 billion a week ago.

The SBP attributed the increase in reserves to proceeds of $1,000 million as GOP loan disbursement from China.

During the week, SBP also made government external debt payments of $ 231.2 million.

The currency experts said that the lower import bill also helped the rupee to make gain.

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 strengthened by 23 paisas against dollar on Friday owing to better inflows and improved foreign exchange reserves of the country.

The rupee ended 166.35 to the dollar from previous day’s closing of Rs166.58 in interbank foreign exchange market.

Currency experts said that the improved foreign inflows helped the helped the rupee to gain value.

The liquid foreign exchange of the country increased by $819 million to $18.79 billion by week ended July 03, 2020, State Bank of Pakistan (SBP) said a day ago.

The foreign exchange reserves of the country were at $17.971 billion a week ago ended on June 26, 2020.

The official reserves held by the SBP increased by $811 million to $12.042 billion by week ended July 03, 2020 as compared with $11.231 billion a week ago.

The SBP attributed the increase in reserves to proceeds of $1,000 million as GOP loan disbursement from China.

During the week, SBP also made government external debt payments of $ 231.2 million.

The currency experts said that the lower import bill also helped the rupee to make gain.

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 18 paisas against dollar on Thursday owing to improved inflows of export receipts and workers’ remittances.

The rupee ended at Rs166.58 to the dollar from previous day’s closing of Rs166.76 in interbank foreign exchange market.

Currency experts said that the lowering demand for import and corporate payments and improved inflows helped the rupee to make gain.

They said that the import bill of the country massively reduced during the fiscal year 2019/2020.

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.