Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee eased by three paisas against dollar on Wednesday as high demand remained persist for import payment.

The rupee closed at Rs160.77 to the dollar from previous day’s closing of Rs160.74 in interbank foreign exchange market.

Currency dealers said that the local unit was under pressure because market 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 depreciated by 37 paisas against dollar on Tuesday owing to higher demand for import and corporate payments.

The rupee closed at Rs160.74 to the dollar from previous day’s closing of Rs160.37 in interbank foreign exchange market.

The local unit lost 27 paisas against dollar a day earlier.

Currency dealers said that the local unit was under pressure because market 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 fell by 27 paisas against dollar on Monday owing to higher demand for import and corporate payments.

The rupee closed at Rs160.37 to the dollar from last Friday’s closing of Rs160.10 in interbank foreign exchange market.

Currency dealers said that the local unit was under pressure because market was opened after two weekly 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 firmer against dollar on Friday owing to lackluster demand from importers and corporate buyers.

The rupee ended Rs160.10 to the dollar, the same previous day’s level, in interbank foreign exchange market.

Earlier this week the dollar strengthened by around one rupee during (Monday to Wednesday) three trading sessions owing to fall in remittances and rise in demand for import payments.

However, the rupee recovered sharply on Thursday May 14, 2020 against the dollar.

The currency experts attributed to depreciation in rupee value to the ease in lockdown from May 10, 2020 the demand of consumer goods increased substantially, which also encouraged the importers to place new foreign orders.

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 made significant recovery of 85 paisas against dollar on Thursday owing to inflows of the foreign currency in shape of remittances and export receipts.

The rupee ended Rs160.10 to the dollar from previous day’s closing of Rs160.95 in interbank foreign exchange market.

The US dollar strengthened by around one rupee during (Monday to Wednesday) three trading sessions owing to fall in remittances and rise in demand for import payments.

The currency experts attributed to depreciation in rupee value to the ease in lockdown from May 10, 2020 the demand of consumer goods increased substantially, which also encouraged the importers to place new foreign orders.

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 US dollar strengthened by around one rupee during past three trading sessions owing to fall in remittances and rise in demand for import payments, dealers said on Wednesday.

The Pak Rupee fell by 50 paisas to close at Rs160.95 to the dollar from previous day’s closing of Rs160.45 in interbank foreign exchange market.

The rupee closed at Rs159.96 to the dollar on Friday May 08, 2020.

They said that the after the ease in lockdown from May 10, 2020 the demand of consumer goods increased substantially, which also encouraged the importers to place new foreign orders.

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.

KARACHI: The Pak Rupee fell by 38 paisas against dollar on Tuesday owing to reports the government is going to hedge oil.

The rupee ended Rs160.46 to the dollar from previous day’s closing of Rs160.08 in interbank foreign exchange market.

Currency experts said that the rupee was witnessing deterioration in its values against dollar as the government was mulling to hedge oil to get benefit of lower prices in international market.

The experts said that the lower import bill however support the local currency to gain values.

The trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee fell by 10 paisas against dollar Monday amid higher demand import payment, dealers said.

The rupee ended Rs160.07 to the dollar from last Friday’s closing of Rs159.97 in interbank foreign exchange market.

Currency analysts said that the market opened after weekly holiday which increased the demand for import payment.

They said that the rupee also improved with shrinking trade deficit.

The trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee gained 25 paisas against dollar on Friday owing to expectations of improved economic activities after ease in lockdown.

The rupee ended Rs159.97 to the dollar from previous day’s closing of Rs160.22 in interbank foreign exchange market.

Currency analysts said that the decision of the government to ease lockdown from May 09 improved the sentiments in the market.

They said that the rupee also improved with shrinking trade deficit.

The trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

On the other hand the import bill fell by 16.5 billion to $39.9 billion in the first ten months of current fiscal year as compared with $45.4 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee fell by 17 paisas against dollar on Thursday owing to hope of escalation in economic activity and higher demand for imports.

The rupee ended Rs160.22 to the dollar from previous day’s closing of Rs160.05 in interbank foreign exchange market.

Currency experts said that positive sentiments were prevailed in the markets on reports of ease in lockdown.

They said that the announcement of allowing import of petroleum products also deteriorated the rupee value.

However, the trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

On the other hand the import bill fell by 16.5 billion to $39.9 billion in the first ten months of current fiscal year as compared with $45.4 billion in the corresponding period of the last fiscal year.