Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar gained five paisas against Pakistani Rupee (PKR) on Wednesday to end at PKR 224.16 in interbank foreign exchange market.

A day earlier, the exchange rate was closed at PKR 224.11 to the dollar in interbank foreign exchange market.

Currency experts said that higher demand for import and corporate payment kept the exchange rate under pressure.

READ MORE: Dollar hits PKR 224.11 amid foreign payment demands

They said that falling foreign exchange reserves and rising scheduled repayment against foreign debt also increased the volatility in the foreign exchange market.

The foreign currency market was also under pressure due to reports of economic emergency to be imposed. However, the Finance Division a day earlier, denied any such proposal was under consideration.

Last week the rupee showed resilience against the dollar due to rollover approval of $3 billion by the Saudi government.

The Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of $3 billion to the State Bank of Pakistan.

READ MORE: Rupee declines 22 paisas to dollar amid payment demand

However, recent payment of over a billion dollars against Sukuk by the government to international commercial investors also put pressure on the exchange rate.

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.

READ MORE: PKR ends stable to dollar on $3 billion Saudi rollover

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.

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.

READ MORE: SBP foreign exchange reserves fall to $7.5 billion

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.

KARACHI: Pakistani Rupee (PKR) recorded a decline of 22 paisas against the US dollar on Monday owing to rising foreign currency demand for import and corporate payment.

The exchange rate ended at PKR 223.91 to the dollar from last Friday’s closing of PKR 223.69 in the interbank foreign exchange market.

READ MORE: PKR ends stable to dollar on $3 billion Saudi rollover

Currency experts said that the market witnessed higher dollar demand for import and corporate payments.

They said that corporate buyers were also seen active for purchasing dollar to make payment of dividends in the month of December.

Last week the rupee showed resilience against the dollar due to rollover approval of $3 billion by the Saudi government.

READ MORE: SBP foreign exchange reserves fall to $7.5 billion

The Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of $3 billion to the State Bank of Pakistan.

The extension of the term of the deposit is a continuation of the support provided by the government of the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan, as the deposit aimed to shore up the foreign currency reserves in the Bank and help Pakistan in facing the economic repercussions of the COVID-19 pandemic; it, furthermore, contributed to meet external sector challenges and achieve sustainable economic growth for the country.

Currency experts said that tightening of monetary policy and contraction in import payment demand helped the rupee to make recovery.

READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage

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.

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.

READ MORE: Pakistan forex reserves inch up to $13.796 billion

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.

KARACHI: Pakistani Rupee (PKR) ended stable against the dollar on Friday owing to Saudi rollover of $3 billion.

The exchange rate ended at PKR 223.69 to the dollar, same previous day level, in the interbank foreign exchange market.

Currency experts said that the market had witnessed high dollar demand owing to import and corporate payments.

READ MORE: SBP foreign exchange reserves fall to $7.5 billion

However, the reports of Saudi approval for extension the term of deposit had support the rupee value.

The Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of $3 billion to the State Bank of Pakistan.

The extension of the term of the deposit is a continuation of the support provided by the government of the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan, as the deposit aimed to shore up the foreign currency reserves in the Bank and help Pakistan in facing the economic repercussions of the COVID-19 pandemic; it, furthermore, contributed to meet external sector challenges and achieve sustainable economic growth for the country.

READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage

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: Pakistan forex reserves inch up to $13.796 billion

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.

READ MORE: Pakistan FX reserves slip sharply by $958 mn on external payments

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.

KARACHI: Pakistani Rupee (PKR) remained resilient against the US dollar on Thursday and recovered 26 paisas in interbank foreign exchange market.

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KARACHI: Pakistani Rupee (PKR) ended firmer against the US dollar on Wednesday amid foreign currency demand for import and corporate payments.

The exchange rate remained ended at PKR 223.95 to the dollar, the same last day closing, in the interbank foreign exchange market.

Currency experts said that the market witnessed higher dollar demand for import and corporate payments.

READ MORE: PKR ends unchanged to dollar as Pakistan receives inflows

Besides, it is important to note that the country is scheduled to make payment of $1.08 billion against international Sukuks.

The positive sentiments prevailed in the market as the government on November 29, 2022 received $ 500 million from Asian Infrastructure Investment Bank (AIIB). The funds are deposited with SBP and will augment our reserves.

Experts said that the increase in benchmark policy rate by 100 basis points to 16 per cent also discouraged the manufacturing sector to import raw material at high borrowing cost.

READ MORE: PKR ends stable to dollar amid repayment pressure

They said that the SBP should be more vigilant were not enough as Pakistan’s external sector was facing huge challenges.

Latest investment data released by revealed the foreign direct investment plunged by 52 per cent in first four months of the current fiscal year.

The current account deficit recorded contraction in the first four months of the current fiscal year it swelled when compared with the previous month.

READ MORE: Rupee falls slightly to dollar amid foreign payment pressure

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.

Foreign exchange (forex) reserves of Pakistan were at $13.796 billion by week ended November 11, 2022 as compared with $13.721 billion a week ago i.e. November 04, 2022.

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 $13.432 billion.

READ MORE: PKR slumps to dollar amid SBP tight monitoring

The official foreign exchange reserves of the State Bank nominally increased by $3 million to 7.96 billion by week ended November 11, 2022 as compared with $7.957 billion a week ago.

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 $12.185 billion.

KARACHI: Pakistani Rupee (PKR) ended unchanged against the US dollar on Tuesday as the country received $500 million to strengthen external sector.

The exchange rate ended at the same last day’s level of PKR 293.95 to the dollar in the interbank foreign exchange reserves.

Currency experts said that the rupee was under immense pressure due to scheduled payment of about $1.08 billion against commercial loans by December 02, 2022.

READ MORE: PKR ends stable to dollar amid repayment pressure

However, the latest inflows would help the State Bank to buffer its reserves and cool down the prevailing perception of default.

The government on November 29, 2022 received $ 500 million from Asian Infrastructure Investment Bank (AIIB). The funds are deposited with SBP and will augment our reserves.

Experts said that the increase in benchmark policy rate by 100 basis points to 16 per cent also discouraged the manufacturing sector to import raw material at high borrowing cost.

READ MORE: Rupee falls slightly to dollar amid foreign payment pressure

They said that the SBP should be more vigilant were not enough as Pakistan’s external sector was facing huge challenges.

Latest investment data released by revealed the foreign direct investment plunged by 52 per cent in first four months of the current fiscal year.

The current account deficit recorded contraction in the first four months of the current fiscal year 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.

Foreign exchange (forex) reserves of Pakistan were at $13.796 billion by week ended November 11, 2022 as compared with $13.721 billion a week ago i.e. November 04, 2022.

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 $13.432 billion.

READ MORE: PKR slumps to dollar amid SBP tight monitoring

The official foreign exchange reserves of the State Bank nominally increased by $3 million to 7.96 billion by week ended November 11, 2022 as compared with $7.957 billion a week ago.

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 $12.185 billion.

READ MORE: Rupee fails to maintain recovery; dollar gains to PKR 223.81

KARACHI: The Pakistani Rupee (PKR) fell slightly against the dollar on Friday amid demand of the foreign currency for import and corporate payments.

The exchange rate witnessed a decline of two paisas to end at PKR 223.94 to the dollar from previous day’s closing of PKR 223.92 in the interbank foreign exchange market.

READ MORE: PKR slumps to dollar amid SBP tight monitoring

Currency experts said that the dollar demand was remained high for import and corporate payments during the day.

Some good news on the political front supported the rupee against the dollar. A day earlier, a new army chief was appointed by the Shehbaz government, which was not disputed by PTI chairman Imran Khan.

The currency experts said that the measures taken by the SBP were not enough as Pakistan’s external sector was facing huge challenges.

READ MORE: Rupee fails to maintain recovery; dollar gains to PKR 223.81

Latest investment data released by the State Bank of Pakistan (SBP) revealed the foreign direct investment plunged by 52 per cent in first four months of the current fiscal year.

The current account deficit recorded contraction in the first four months of the current fiscal year 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: Rupee beats dollar after seven sessions to end at PKR 223.42

Foreign exchange (forex) reserves of Pakistan were at $13.796 billion by week ended November 11, 2022 as compared with $13.721 billion a week ago i.e. November 04, 2022.

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 $13.432 billion.

READ MORE: Dollar rises for 7th straight session, reaches to PKR 223.66

The official foreign exchange reserves of the State Bank nominally increased by $3 million to 7.96 billion by week ended November 11, 2022 as compared with $7.957 billion a week ago.

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 $12.185 billion.