Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee extended losses for second day against dollar and fell by 72 paisas on external payments, dealers said on Tuesday.

The rupee ended Rs164.34 to the dollar from previous day’s closing of Rs163.62 in interbank foreign exchange market.

The rupee lost value of around Rs1.04 against dollar during past two 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.

KARACHI: The Pak Rupee depreciated by 32 paisas against dollar on Monday owing to higher demand for foreign currency on opening of the market after two weekly holidays.

The rupee ended Rs163.62 to the dollar from last Friday’s closing of Rs163.30 in interbank foreign exchange market.

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.

KARACHI: The Pak Rupee strengthened by 36 paisas against dollar for third consecutive day on Friday owing to inflows of export receipts and remittances.

The rupee ended at Rs163.30 to the dollar from previous day’s closing of Rs163.66 in interbank foreign exchange market.

Currency experts said that the supply of dollar into the market was seen in shape of remittances and export receipts.

The local currency witnessed gain against dollar for third straight day. The rupee gained Rs1.59 against dollar in last three trading days.

Earlier, in the first two days of the current week the rupee depreciated by Rs1.79 against the dollar.

The dealers said that the rupee was remained under pressure during the day. However, inflows of dollars in shape of remittances and export receipts helped the rupee to recover against the greenback.

Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

KARACHI: The Pak Rupee further gained 67 paisas against dollar on Thursday owing to supply of remittances and export receipts.

The rupee ended Rs163.66 to the dollar from previous day’s closing of Rs164.33 in interbank foreign exchange market.

Currency experts said that the supply of dollar into the market was seen in shape of remittances and export receipts.

The local currency witnessed gain against dollar for second straight day. The rupee gained Rs1.23 against dollar in last two trading days.

Earlier, in the first two days of the current week the rupee depreciated by Rs1.79 against the dollar.

The dealers said that the rupee was remained under pressure during the day. However, inflows of dollars in shape of remittances and export receipts helped the rupee to recover against the greenback.

Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments.
Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.

KARACHI: The Pak Rupee recovered 56 paisas against dollar on Wednesday on inflows of remittances and export receipts, dealers said.

The rupee ended Rs164.33 to the dollar from previous day’s closing of Rs164.89 in interbank foreign exchange market.

Earlier, in the first two days of the current week the rupee depreciated by Rs1.79 against the dollar.

The dealers said that the rupee was remained under pressure during the day. However, inflows of dollars in shape of remittances and export receipts helped the rupee to recover against the greenback.

Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.

KARACHI: The Pak Rupee further weakened by 81 paisas against dollar on Tuesday owing to higher demand for import and corporate payments, dealers said.

The rupee closed at Rs164.89 to the dollar from last day’s closing of Rs164.08 in interbank foreign exchange market.

The rupee depreciated by Rs1.79 against the dollar during last two days.

Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.

KARACHI: The Pak Rupee weakened by 98 paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said.

The rupee closed at Rs164.08 to the dollar from last Friday’s close of Rs163.10 in interbank foreign exchange market.

Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments. They said that rupee was remained under pressure due to settlement of import payments after long holidays.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.

KARACHI: The Pak Rupee ended down by Rs1.11 to the dollar on Friday as demand for import and corporate payments remained persist, dealers said.

The rupee closed at Rs163.10 to the dollar from previous day’s closing of Rs161.99 in interbank foreign exchange market.

Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments. They said that rupee was remained under pressure due to settlement of import payments after long holidays.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.

KARACHI: The Pak Rupee fell by Rs1.07 against dollar on Thursday as trading resumed after long holidays due to Eid-ul-Fitr.

The rupee closed at Rs161.99 to the dollar from previous closing of Rs160.92 on May 21, 2020 in interbank foreign exchange market.

Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments. They said that rupee was under pressure due to settlement of import payments after long holidays.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.

KARACHI: The Pak Rupee further eased by 15 paisas against dollar on Thursday ahead of long holidays on the occasion of Eid-ul-Fitr.

The rupee closed at Rs160.92 to the dollar from previous day’s closing of Rs160.77 in interbank foreign exchange market.

Currency experts said that the deterioration in rupee value was continued due to higher demand for import and corporate payments. They said that buyers were remained active due to advance payments. They said that the Eid Holidays will commence from May 22 till May 27.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.