Tag: Interbank Foreign Exchange Market

In Karachi, the Pakistani Rupee experienced a significant gain of 24 paisas against the US Dollar on Wednesday, attributed to optimistic remarks regarding the economy made by the governor of the State Bank of Pakistan (SBP) the previous day.

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KARACHI: The Pak Rupee ended down by 19 paisas against dollar on Tuesday amid money policy announcement and higher demand for import and corporate payments.

The rupee ended Rs160.06 to the dollar from previous day’s closing of Rs159.87 in interbank foreign exchange market.

The foreign currency market was initiated in the range of Rs160.25 and Rs160.60. The market recorded day high of Rs160.95 and low of Rs159.90 in interbank foreign exchange market.

Currency experts said that the local currency would remain under pressure due to schedule repayment of foreign debt and payment for imports.

The exchange rate in open market also witnessed depreciation in local currency. The buying and selling of dollar was recorded at Rs160.00/Rs160.50 from previous day’s closing of Rs159.50/Rs160.50 in cash ready market.

KARACHI: The Pak Rupee deteriorated by another Rs1.04 in early trade on Tuesday ahead of monetary policy announcement and pressure of import and corporate payments.

The dollar is being traded at Rs160.91 in interbank foreign exchange market. The rupee closed yesterday at Rs159.87 to the dollar in foreign currency market.

Currency experts said that due to rescheduled payment against foreign debt the demand for greenback was high.

They further said that as rupee was also under pressure because by fiscal year end many multinational and foreign companies repatriated their profits.

The local currency was remained under pressure for the last over one week due to weak economic indicators.

The experts said that the State Bank of Pakistan (SBP) is scheduled to announce monetary policy for next two months today.

The analysts believe that the central bank may further increase key policy rate by 100 basis points to 13.25 percent as present policy rate of 12.25 percent.

However, some relief was seen in easing trade deficit and decline of import bill by around 9 percent.

The experts said that the policy to curb luxury and non-essential imports would help the local currency to show resilience against dollar.

KARACHI: The Pak Rupee weakened by Rs1.07 against dollar on Monday owing to demand for imports and corporate payments.

The rupee ended Rs159.87 to the dollar as compared with last Friday’s closing of Rs158.80 in interbank foreign exchange market.

The foreign currency market was initiated in the range of Rs159.00 and Rs159.40 to the dollar. The market recorded day high of Rs159.95 and low of Rs159.40 and closed at Rs159.87.

Currency analysts said that the payment pressure had further weakened the rupee value.

The exchange rate in open market also witnessed deterioration in rupee value. The buying and selling of dollar was recorded at Rs159.50/Rs160.50 as compared with previous closing of Rs158.70/Rs159.30 in cash ready market.

KARACHI: The Pak Rupee continued losing streak on Friday amid higher demand for import and corporate payments.

The rupee ends 31 paisas to close at Rs158.80 to the dollar from previous day’s closing of Rs158.49 in interbank foreign exchange market.

The foreign exchange market was initiated in the range of Rs158.40 and Rs158.70. The market witnessed day high of Rs158.90 and low of Rs158.50 and ended at 158.80.

Currency experts said that the rupee fell during the entire week despite inflows of $994 million from IMF two days ago.

The exchange rate also witnessed depreciation of the rupee in the open market. The buying and selling of dollar was recorded at Rs158.70/Rs159.30 from previous day’s close of Rs158.50/Rs159.50 in cash ready market.

KARACHI: The Pak Rupee ended down by 61 paisas on Thursday owing to demand for import and corporate payments.

The rupee closed at Rs158.49 to the dollar as compared with previous day’s closing of Rs157.88 in interbank foreign exchange market.

The foreign currency market was initiated at Rs158.40 and Rs158.70 in interbank foreign exchange market.

The market recorded day high of Rs158.60 and low of Rs158.20 and closed at Rs158.47.

The exchange rate in open market also witnessed depreciation in rupee value. The buying and selling of dollar was recorded at Rs158.50/Rs159.50 from previous day’s closing of Rs157.50/Rs158.50 in cash ready market.

KARACHI: The Pak Rupee ended down by six paisas against dollar on Tuesday due to higher demand for import and corporate payments.

The rupee ended Rs157.38 to the dollar from previous day’s closing of Rs157.32 in interbank foreign exchange market.

The foreign currency market was initiated in the range of Rs157.50 and Rs157.75 against the dollar. The market recorded day high of Rs157.70 and low of Rs157.35 in interbank foreign exchange market.

The exchange rate in open market also witnessed depreciation in rupee value by 20 paisas.

The buying and selling of dollar was recorded at Rs156.70/Rs157.70 from previous day’s closing of Rs156.50/Rs157.50 in cash ready market.

KARACHI: The Pak Rupee fell by 37 paisas against dollar on Monday owing to higher demand for import and corporate payments.

The rupee ended Rs157.32 to the dollar from last Friday’s closing of Rs156.95 in interbank foreign exchange market.

The foreign currency market was initiated in the range of Rs157.00 and Rs157.50. The market recorded day high of Rs157.75 and low of Rs157.25 in interbank foreign exchange market.

The exchange rate in open market also witnessed depreciation in the local currency value,

The buying and selling was recorded at Rs156.50/Rs157.50 from last Saturday’s closing of Rs156.00/Rs157.00 in cash ready market.

KARACHI: The Pak Rupee ended down by 20 paisas against dollar on Friday due to high demand for import and corporate payments.

The rupee ended Rs156.95 to the dollar as compared with last day’s closing of Rs156.75 in nterbank foreign exchange market.

During the week the local currency maintained recovery trend against the greenback after hitting all time low of Rs164.05 on June 27. However, the higher demand on last trading day of the week the rupee weakened.

The foreign currency market was initiated in the range of Rs156.50/Rs157.00. The market recorded day high of Rs157.50 and low of Rs156.75 and closed at Rs156.95.

The exchange rate in the open market witnessed stability in the local currency.

The buying and selling of dollar was recorded at Rs156.00/Rs157.00 the same previous days closing in cash ready market.