Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee fell Rs1.06 against dollar on Tuesday owing to higher import and corporate demand.

The rupee ended Rs167.65 to the dollar from previous day’s closing of Rs166.59 in interbank foreign exchange market.

Currency experts said that the rupee was under pressure due to high demand for corporate and import payments. They said that due to fiscal year closing the corporate sector repatriate their profits to their parent companies abroad.

They said that the scheduled repayment of foreign loans also put pressure on foreign exchange reserves.

However, the reserves slightly increased last week.

The foreign exchange reserves of the country have increased by $70 million to $16.775 billion by week ended June 12, 2020.

The foreign exchange reserves were at $16.705 billion by week ended on June 05, 2020.

The foreign exchange reserves held by the central bank increased by $11 million to $10.107 billion by week ended June 12, 2020 as compared with $10.096 billion a week ago.

KARACHI: The rupee gained by five paisas against dollar on Monday after some improvement in foreign exchange reserves was seen in the latest data.

The rupee ended Rs166.59 to the dollar from last Friday’s closing of Rs166.64 in interbank foreign exchange market.

The foreign exchange reserves of the country have increased by $70 million to $16.775 billion by week ended June 12, 2020.

The foreign exchange reserves were at $16.705 billion by week ended on June 05, 2020.

The foreign exchange reserves held by the central bank increased by $11 million to $10.107 billion by week ended June 12, 2020 as compared with $10.096 billion a week ago.

Currency experts said that the local currency was under pressure during the last week owing to repayment of external debt.

KARACHI: The Pak Rupee depreciated by further 29 paisas to the dollar on Friday owing to higher demand of the foreign currency for import and corporate payments.

The rupee ended at Rs166.64 to the dollar from previous day’s closing of Rs166.35 in interbank foreign exchange market.

Currency dealers said that the market witnessed demand for the foreign currency from importers and corporate buyers.

They said that the market was also under pressure due to repayment of external debt.

The currency experts said that due to close of financial year many foreign companies were remitting their profits.

The foreign exchange reserves of the country have increased by $70 million to $16.775 billion by week ended June 12, 2020.

The foreign exchange reserves were at $16.705 billion by week ended on June 05, 2020.

The foreign exchange reserves held by the central bank increased by $11 million to $10.107 billion by week ended June 12, 2020 as compared with $10.096 billion a week ago.

KARACHI: The Pak Rupee depreciated by further 64 paisas to the dollar on Wednesday owing to higher demand of the foreign currency for import and corporate payments.

The rupee ended at Rs166.35 to the dollar from previous day’s closing of Rs165.71 in interbank foreign exchange market.

Currency dealers said that the market witnessed demand for the foreign currency from importers and corporate buyers.

They said that the market was also under pressure due to fall in foreign exchange reserves due repayment of external loans.

The currency experts said that due to close of financial year many foreign companies were remitting their profits.

KARACHI: The Pak Rupee plummeted by 83 paisas Rs165.71 to the dollar on Wednesday owing to higher demand of the foreign currency for import and corporate payments.

The rupee ended at Rs165.71 to the dollar against Rs164.88 in interbank foreign exchange market.

Currency dealers said that the market witnessed demand for the foreign currency from importers and corporate buyers.

They said that the market was also under pressure due to fall in foreign exchange reserves due repayment of external loans.

Pakistan’s foreign exchange reserves have declined by $215 million to $16.705 billion by week ended June 05, 2020.

The foreign exchange reserves of the country were at $16.92 billion by week ended May 29, 2020.

The foreign exchange reserves held by the SBP fell by $266 million to $10.096 billion by week ended June 05, 2020 as compared with $10.362 billion a week ago.

The central bank attributed the decline to the government external debt repayments of $301 million during the week.

The Pakistani rupee weakened marginally against the US dollar on Tuesday due to rising demand for the foreign currency, primarily driven by import and corporate sector payments.

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The Pakistani rupee weakened by 61 paisas against the US dollar on Monday, primarily due to a significant drop in the country’s foreign exchange reserves.

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KARACHI: The Pak Rupee gained 35 paisas against dollar on Friday owing to improved inflows of export receipts and remittances.

The rupee ended Rs164.24 to the dollar from previous day’s closing of Rs164.59 in interbank foreign exchange market.

The rupee gained the value after losing around Rs1.30 against dollar during past four trading days.

Currency dealers said that the forex market witnessed improvement after inflows of foreign remittances and export receipts.

However, the dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side.

The Pakistani Rupee faced a decline of four paisas against the US Dollar on Thursday, closing at Rs164.59 in the interbank foreign exchange market.

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KARACHI: The Pak Rupee continued to slide against dollar on Wednesday and lost 21 paisas owing to higher demand for import and corporate payments.

The rupee ended Rs164.55 to the dollar from previous day’s closing of Rs164.34 in interbank foreign exchange market.

The rupee lost value of around Rs1.25 against dollar during past three trading days.

Currency dealers said that the forex market witnessed pressure for import and corporate payments.

The dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side.

The liquid foreign exchange reserves of the country fell by $1.68 billion to $16.92 billion by week ended May 29, 2020. The total foreign exchange reserves of the country were $18.599 billion a week ago.

The foreign exchange held by the central bank fell by $1.712 billion to $10.362 billion by week ended May 29, 2020 as compared with official reserves of $12.074 billion.

This decline is primarily attributed to the government external debt repayments of $1.669 billion.

The dealers further said that ease in lockdown boosted the economic activities, which also enhanced the demand for imported goods.