Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee depreciated by 41 paisas against dollar on Wednesday owing to hope of escalation in demand.

The rupee ended Rs160.06 to the dollar from previous day’s closing of Rs159.65 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.

KARACHI: The Pak Rupee gained another 26 paisas against dollar on Tuesday owing to better economic indicators amid coronavirus pandemic.

The rupee ended Rs159.65 to the dollar from previous day’s closing of Rs159.91 in interbank foreign exchange market.

The local currency gained 56 paisas during past two days.

Currency experts said that the rupee appreciated due to inflows of IMF funds and decline in international oil prices.

They said that local currency would gain in coming trading days due to fall in international oil prices and improved external accounts.

They said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee gained 26 paisas against dollar on Monday owing to inflows of IMF loan payment.

The rupee ended Rs159.91 to the dollar from previous close of Rs160.17 on April 30, 2020.

Currency experts said that the rupee appreciated due to inflows of IMF funds and decline in international oil prices.

They said that local currency would gain in coming trading days due to fall in international oil prices and improved external accounts.

They said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee gained Rs1.44 against dollar on Thursday owing to lower demand for import payments, dealers said.

The rupee ended Rs160.17 to the dollar from previous day’s closing of Rs161.61 in interbank foreign exchange market.

The currency dealers said that the rupee was gaining over lower oil prices and reduced non-oil imports.

Currency experts said that the statement of Dr. Hafeez Shaikh, Special Advisor to Prime Minister on Finance and Revenue, about further reducing the oil prices for next month had also improved the market sentiments.

They said that local currency would gain in coming trading days due to fall in international oil prices and improved external accounts.

They said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.

KARACHI: The Pakistani rupee appreciated by four paisas against the US dollar on Wednesday, closing at Rs161.61 in the interbank foreign exchange market compared to the previous day’s closing of Rs161.65. Currency dealers attributed the gain to a notable ease in import payment demand, which helped stabilize and strengthen the local currency.

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KARACHI: The Pak Rupee ended down by Rs1.17 against dollar on Tuesday as the local currency was seen under pressure on import payment demand.

The rupee ended at Rs161.65 to the dollar from last trading day on April 24, 2020 at Rs160.48 in interbank foreign exchange market.

The currency dealers said that the market was opened after three days including two weekly holidays and Zakat deduction on April 27, 2020,

The prolong holidays enhanced the demand for dollar for import and corporate payments.

They said that local currency would gain in coming trading days due to fall in international oil prices and improved external accounts.

They said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee recorded 50 paisas decline against dollar on Friday after maintaining appreciation for four straight days.

The rupee ended Rs160.48 to the dollar from previous day’s closing of Rs159.98 in interbank foreign exchange market.

The rupee eased against dollar this week for the first time. The rupee started the week with gain to Rs163.49 on April 20, 2020 from Rs163.58 on Friday April 17, 2020.

Currency experts said that the rupee fell due to advance buying on the back of weekly holidays and closure of banks’ public dealing on April 27 due to deduction of Zakat.

They said that local currency would gain in coming trading days due to fall in international oil prices and improved external accounts.

They said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee further appreciated by 38 paisas against dollar on Thursday owing to improved external account.

The rupee ended Rs159.98 to the dollar from previous day’s closing of Rs161.36 in interbank foreign exchange market.

Currency dealers said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee ended with gain of 77 paisas against dollar on Wednesday owing to fall in international oil prices.

The rupee closed at Rs160.36 to the dollar from previous day’s closing of Rs161.13 in interbank foreign exchange market.

Currency experts said that positive sentiments prevailed in the market owing to significant decline in international oil prices which would help reduction in Pakistan’s oil import bill.

They said that Pakistan is net importer of international crude oil and finished petroleum products.

Besides they said that the rupee continued gain against dollar as the State Bank of Pakistan (SBP) last week cut policy rate by 200 basis points to nine percent.

The central bank reduced the policy rate third time in last one month considering significant adverse effect of coronavirus on the economy,

Meanwhile last week the Executive Board of the International Monetary Fund (IMF) a day earlier approved the disbursement of $1.386 billion under the Rapid Financing Instrument to address the economic impact of the Covid-19 shock.

The currency dealers said that the rupee may witness further appreciation in coming days due to falling international oil prices and reduction in non-oil imports.

KARACHI: The Pak Rupee has continued appreciation against dollar and strengthen by Rs1.13 in early trade on Wednesday.

The dollar is being traded at Rs160.00 in early trade from previous day’s closing of Rs161.13 in interbank foreign exchange market.

Currency experts said that positive sentiments prevailed in the market owing to significant decline in international oil prices which would help reduction in Pakistan’s oil import bill.

They said that Pakistan is net importer of international crude oil and finished petroleum products.

Brent crude is being trade at $16.89 per barrel after declining by around 13 percent.

Besides they said that the rupee continued gain against dollar as the State Bank of Pakistan (SBP) last week cut policy rate by 200 basis points to nine percent.

The central bank reduced the policy rate third time in last one month considering significant adverse effect of coronavirus on the economy,

Meanwhile last week the Executive Board of the International Monetary Fund (IMF) a day earlier approved the disbursement of $1.386 billion under the Rapid Financing Instrument to address the economic impact of the Covid-19 shock.

The currency dealers said that the rupee may witness further appreciation in coming days due to falling international oil prices and reduction in non-oil imports.