KARACHI: Pakistani Rupee (PKR) fell further against the US dollar on Wednesday as the State Bank of Pakistan (SBP) lifted a ban on imports.
(more…)Tag: Interbank Foreign Exchange Market
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Rupee free fall continues; dollar hits PKR 226.15 in interbank
KARACHI: Free fall in Pakistani Rupee (PKR) continued on Tuesday as the US dollar hit PKR 226.15 in interbank foreign exchange market.
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Rupee depreciates to PKR 225.82 against dollar in interbank
KARACHI: Pakistani Rupee (PKR) has depreciated by 18 paisas against the dollar on Monday to end at PKR 225.82 in the interbank foreign exchange market.
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Rupee deteriorates on falling foreign exchange reserves
KARACHI: Pakistani Rupee (PKR) deteriorated against the dollar on Friday due to decline in country’s foreign exchange reserves continued.
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PKR ends stable to dollar despite greenback demand for foreign payments
KARACHI: The Pakistani Rupee (PKR) ended stable against the US dollar on Thursday amid higher foreign currency demand for import and corporate payments.
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Rupee softens against dollar to PKR 224.71 in interbank
KARACHI: Pakistani Rupee (PKR) softened against the US dollar on Wednesday to end at PKR 224.71 in the interbank foreign exchange market.
The exchange rate recorded ease in rupee value to end at PKR 224.71 from previous day’s closing of PKR 224.70 in the interbank foreign exchange market.
READ MORE: PKR steady fall continues against dollar in interbank
Currency experts said that the local currency was under immense pressure due to dollar demand for high import and corporate payments.
However, they said that tight monitoring of the central bank regarding dollar movement helped the rupee to witness lesser depreciation.
The experts further said that falling foreign exchange reserves also impacting adversely the exchange rate.
READ MORE: PKR weakens by 25 paisas to dollar on foreign payment demand
Pakistan’s official foreign exchange reserves have plunged to multi years low to $6.72 billion by week ended December 02, 2022. The official reserves of State Bank of Pakistan (SBP) fell by $784 million to $6.715 billion by week ended December 02, 2022 when compared with $7.499 billion a week ago i.e. November 25, 2022. Previously, the SBP reserves were seen at $7 billion in April 2014.
The central bank said that during the week ended December 02, 2022, SBP reserves decreased by $ 784 million to $ 6,714.9 million.
READ MORE: Rupee eases against dollar amid sharp decline in forex reserves
This decline is on account of the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.
Some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB), the SBP added.
Last week the chief of the central bank made a statement regarding foreign payments to be made by the country.
READ MORE: PKR devaluation against dollar continues despite strict monitoring
SBP Governor Jameel Ahmad said that the country will continue to make timely repayments while inflows are expected to increase significantly in the second half of the current fiscal year.
He said, for the fiscal year 2023, around $33 billion were to be repaid to external stakeholders, including the Current Account Deficit (CAD) of $10 billion and $23 billion in loan repayments.
Out of the payable $23 billion external debt, Pakistan has already repaid more than $6 billion whereas as a bilateral loan of $4 billion has been rolled over with the cooperation of relevant countries.
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PKR steady fall continues against dollar in interbank
KARACHI: A steady fall in Pakistani Rupee (PKR) continued against the dollar on Tuesday as the local currency lost another five paisas in interbank foreign exchange market.
The exchange rate recorded a decline of five paisas in rupee value to end PKR 224.70 to the dollar from previous day’s closing of PKR 224.65 in the interbank foreign exchange market.
READ MORE: PKR weakens by 25 paisas to dollar on foreign payment demand
Currency experts said that the rupee witnessed pressure because of higher demand of the dollar for import and corporate payments.
They further said that falling foreign exchange reserves also impacting adversely the exchange rate.
Pakistan’s official foreign exchange reserves have plunged to multi years low to $6.72 billion by week ended December 02, 2022. The official reserves of State Bank of Pakistan (SBP) fell by $784 million to $6.715 billion by week ended December 02, 2022 when compared with $7.499 billion a week ago i.e. November 25, 2022. Previously, the SBP reserves were seen at $7 billion in April 2014.
READ MORE: Rupee eases against dollar amid sharp decline in forex reserves
The central bank said that during the week ended December 02, 2022, SBP reserves decreased by $ 784 million to $ 6,714.9 million.
This decline is on account of the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.
Some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB), the SBP added.
Last week the chief of the central bank made a statement regarding foreign payments to be made by the country.
READ MORE: PKR devaluation against dollar continues despite strict monitoring
SBP Governor Jameel Ahmad said that the country will continue to make timely repayments while inflows are expected to increase significantly in the second half of the current fiscal year.
He said, for the fiscal year 2023, around $33 billion were to be repaid to external stakeholders, including the Current Account Deficit (CAD) of $10 billion and $23 billion in loan repayments.
Out of the payable $23 billion external debt, Pakistan has already repaid more than $6 billion whereas as a bilateral loan of $4 billion has been rolled over with the cooperation of relevant countries.
READ MORE: Dollar advances to PKR 224.16 at interbank closing on Dec 07
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PKR weakens by 25 paisas to dollar on foreign payment demand
KARACHI: Pakistani Rupee weakened by 25 paisas against the US dollar on Monday owing to higher foreign payment demand.
The exchange rate recorded a decline of 25 paisas in rupee value to end at PKR 224.65 to the dollar from last Friday’s closing of PKR 224.40 in the interbank foreign exchange market.
READ MORE: Rupee eases against dollar amid sharp decline in forex reserves
Currency experts said that the first day of the week witnessed pressure on rupee because of higher demand of the dollar for import and corporate payments.
They further said that falling foreign exchange reserves also impacting adversely the exchange rate.
Pakistan’s official foreign exchange reserves have plunged to multi years low to $6.72 billion by week ended December 02, 2022. The official reserves of State Bank of Pakistan (SBP) fell by $784 million to $6.715 billion by week ended December 02, 2022 when compared with $7.499 billion a week ago i.e. November 25, 2022. Previously, the SBP reserves were seen at $7 billion in April 2014.
READ MORE: PKR devaluation against dollar continues despite strict monitoring
The central bank said that during the week ended December 02, 2022, SBP reserves decreased by $ 784 million to $ 6,714.9 million.
This decline is on account of the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.
Some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB), the SBP added.
READ MORE: Dollar advances to PKR 224.16 at interbank closing on Dec 07
Last week the chief of the central bank made a statement regarding foreign payments to be made by the country.
SBP Governor Jameel Ahmad said that the country will continue to make timely repayments while inflows are expected to increase significantly in the second half of the current fiscal year.
READ MORE: Dollar hits PKR 224.11 amid foreign payment demands
He said, for the fiscal year 2023, around $33 billion were to be repaid to external stakeholders, including the Current Account Deficit (CAD) of $10 billion and $23 billion in loan repayments.
Out of the payable $23 billion external debt, Pakistan has already repaid more than $6 billion whereas as a bilateral loan of $4 billion has been rolled over with the cooperation of relevant countries.
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Rupee eases against dollar amid sharp decline in forex reserves
KARACHI: Pakistani Rupee (PKR) eased by three paisas against the US dollar on Friday amid massive decline in foreign exchange reserves of the country.
The exchange rate recorded a decline of three paisas in rupee value to end at PKR 224.40 to the dollar from previous day’s closing of PKR 224.37 in the interbank foreign exchange market.
READ MORE: PKR devaluation against dollar continues despite strict monitoring
Currency experts said that the fall in rupee value was nominal considering the sharp deterioration in foreign exchange reserves.
Pakistan’s official foreign exchange reserves have plunged to multi years low to $6.72 billion by week ended December 02, 2022. The official reserves of State Bank of Pakistan (SBP) fell by $784 million to $6.715 billion by week ended December 02, 2022 when compared with $7.499 billion a week ago i.e. November 25, 2022. Previously, the SBP reserves were seen at $7 billion in April 2014.
The central bank said that during the week ended December 02, 2022, SBP reserves decreased by $ 784 million to $ 6,714.9 million.
READ MORE: Dollar advances to PKR 224.16 at interbank closing on Dec 07
This decline is on account of the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.
Some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB), the SBP added.
The experts said that the local currency, however, supported by a statement came from the central bank.
READ MORE: Dollar hits PKR 224.11 amid foreign payment demands
SBP Governor Jameel Ahmad a day earlier said that the country will continue to make timely repayments while inflows are expected to increase significantly in the second half of the current fiscal year.
He said, for the fiscal year 2023, around $33 billion were to be repaid to external stakeholders, including the Current Account Deficit (CAD) of $10 billion and $23 billion in loan repayments.
READ MORE: Rupee declines 22 paisas to dollar amid payment demand
Out of the payable $23 billion external debt, Pakistan has already repaid more than $6 billion whereas as a bilateral loan of $4 billion has been rolled over with the cooperation of relevant countries.
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PKR devaluation against dollar continues despite strict monitoring
KARACHI: Pakistani Rupee (PKR) continued to devalue against the dollar on Thursday as the interbank foreign exchange market ended at PKR 224.37 to the foreign currency.
The exchange rate recorded a decline of 21 paisas in rupee value to end at PKR 224.37 to the dollar from previous day’s closing of PKR 224.16 in the interbank foreign exchange market.
READ MORE: Dollar advances to PKR 224.16 at interbank closing on Dec 07
Currency experts said that the central bank through strict monitoring and measures controlled the exchange rate otherwise the actual value was much higher.
They said that the exchange gap between open market and the interbank market is over 18-20 rupee.
Last day a former senior central banker at a private TV channel the SBP had not much stock of dollars to intervene into the market to support the local currency. However, the central bank is artificially controlling the exchange rate through regulatory measures and strict monitoring.
READ MORE: Dollar hits PKR 224.11 amid foreign payment demands
According to the experts, lack of foreign inflows through official channels was encouraging hawala and hundi and most of the senders were preferring informal channels to get higher rates for their greenbacks.
They said that falling foreign exchange and mounting scheduled repayment against foreign debt also escalated volatility in the foreign exchange market.
Last week the rupee showed resilience against the dollar due to rollover approval of $3 billion by the Saudi government.
However, recent payment of over a billion dollars against Sukuk by the government to international commercial investors also put pressure on the exchange rate.
READ MORE: Rupee declines 22 paisas to dollar amid payment demand
The currency experts said that tightening of monetary policy and contraction in import payment demand helped the rupee to make recovery.
They said that the SBP should be more vigilant because latest efforts were not enough as Pakistan’s external sector was facing huge challenges.
Latest investment data revealed the foreign direct investment plunged by 52 per cent in first four months of the current fiscal year.
The current account deficit recorded a contraction in the first four months of the current fiscal year, but it swelled when compared with the previous month.
Pakistan needs foreign inflows on urgent basis to avoid balance of payment crisis. The foreign exchange reserves of Pakistan fell sharply during past few months making it difficult for the government to fulfill its foreign repayment commitments.
READ MORE: PKR ends stable to dollar on $3 billion Saudi rollover
Official foreign exchange reserves of State Bank of Pakistan (SBP) have depleted by $327 million by week ended November 25, 2022 leaving import cover of only one and half months.
The official foreign exchange reserves of the SBP fell by $327 million to $7.499 billion by week ended November 25, 2022 as compared with $7.826 billion a week ago.
The import bill of the country was at $4.71 billion in October 2022, according to Pakistan Bureau of Statistics (PBS). According to the month import bill the existing foreign exchange reserves of the SBP have reduced to cover only 1.56 months import payment.
The central bank attributed the decline in official reserves to repayment against external debt.
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $12.647 billion.
The total reserves of the country fell by $267 million to $13.378 billion by week ended November 25, 2022 as compared with $13.645 billion a week ago.
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.850 billion.