Tag: Interbank Foreign Exchange Market

KARACHI: Pakistani Rupee (PKR) failed to maintain recovery against the US dollar on Wednesday as the interbank foreign exchange market ended at PKR 223.81 to the dollar.

The exchange rate recorded a decline of 39 paisas to end at PKR 223.81 to the dollar from previous day’s closing of PKR 223.42 in the interbank foreign exchange market.

READ MORE: Rupee beats dollar after seven sessions to end at PKR 223.42

A day earlier, the local currency recovered 24 paisas to the dollar after making a losing streak for seven consecutive sessions.

Currency experts said that the rupee was under immense pressure due to higher dollar demand for import and corporate payments.

Besides, lack of inflows and foreign investment also made it difficult to the government to meet foreign payment obligations.

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

Previously, the five-year Credit Default Swap (CDS) of the country reached to record high of 92 showing inability of the government to repay its debts.

Although last Saturday, Finance Minister Ishaq Dar assured the foreign investors that Pakistan would manage to repay its obligations in-time.

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.

READ MORE: Rupee plummets on mounting default risk; dollar advances to PKR 223.17

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.

READ MORE: Rupee devaluation continues; dollar reaches PKR 222.67

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.

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 made a recovery on Tuesday after falling for seven straight sessions against the dollar in interbank foreign exchange market.

The exchange rate recorded an appreciation of 24 paisas in rupee value to end at PKR 223.43 to the dollar from previous day’s closing of PKR 223.66 in the interbank foreign exchange market.

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

It is important to note that rupee recovery was surprising in the wake of adverse economic indicators.

The five-year Credit Default Swap (CDS) of the country reached to record high of 92 showing inability of the government to repay its debts.

Although last Saturday, Finance Minister Ishaq Dar assured the foreign investors that Pakistan would manage to repay its obligations in-time.

READ MORE: Rupee plummets on mounting default risk; dollar advances to PKR 223.17

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 devaluation continues; dollar reaches PKR 222.67

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 climbs to PKR 222.41 amid foreign payment demand

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: US dollar continued to make gain for seventh straight session against the Pakistani Rupee (PKR) on Monday and reached PKR 223.66 in the interbank foreign exchange market.

The exchange rate recorded a decrease of 49 paisas in rupee value to end at PKR 223.66 to the dollar as compared with last Friday’s closing of PKR 223.17 in the interbank foreign exchange market.

The rupee witnessed the seventh consecutive day decline against the greenback.

READ MORE: Rupee plummets on mounting default risk; dollar advances to PKR 223.17

The latest depreciation in rupee was recorded as five-year Credit Default Swap (CDS) of the country reached to an alarming level of 79 per cent showing inability of the government to repay its debts.

Although last Saturday, Finance Minister Ishaq Dar assured the foreign investors that Pakistan would manage to repay its obligations in-time.

However, 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.

READ MORE: Rupee devaluation continues; dollar reaches PKR 222.67

Although 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: Dollar climbs to PKR 222.41 amid foreign payment demand

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 end up to PKR 221.91 in interbank on November 15, 2022

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) continued its devaluation for fifth consecutive day on Thursday as the US dollar reaches at PKR 222.67 in the interbank foreign exchange market.

The exchange rate recorded a decline of 26 paisas in rupee value to end at PKR 222.67 to the dollar from previous day’s closing of PKR 222.41 in the interbank foreign exchange market.

READ MORE: Dollar climbs to PKR 222.41 amid foreign payment demand

The local currency witnessed a non-stop fall against the dollar during the past five sessions.

Currency experts said uncertainty about IMF meeting pressured the exchange rate. Furthermore, a sharp surge in the credit default swap of 5-year bond of the country also adversely affected the market sentiments.

They said that falling foreign exchange reserves in these conditions further aggravated the situation.

Pakistan foreign exchange reserves slipped sharply by $958 million by week ended November 08, 2022 owing to external payments, according to the State Bank of Pakistan (SBP).

The foreign exchange reserves of the country have been recorded at $13.721 billion by week ended November 04, 2022 as compared with $14.679 billion a week ago i.e. October 28, 2022.

READ MORE: Dollar end up to PKR 221.91 in interbank on November 15, 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 $13.507 billion.

The official foreign exchange reserves of the State Bank plunged by $958 million to $7.957 billion by week ended November 04, 2022 as compared with $8.913 billion a week ago.

The SBP attributed the decline to external debt servicing. “Major external debt repayments executed during the week includes repayment of government commercial loans. Refinancing of these loans is in process which will improve foreign exchange reserves in coming weeks,” the central bank added.

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 $12.189 billion.

READ MORE: Dollar extends gain to PKR amid falling foreign exchange reserves

The central bank has taken various measures to monitor outflow of the foreign currency in order to stabilize the rupee value.

Currency experts said that the latest measures of the government to limit the cash dollar taking out of Pakistan supported the local currency to make gain.

On November 08, 2022, the SBP issued a circular to restrict the amount of foreign currency in cash up to equivalent to USD 5,000 from USD 10,000.

READ MORE: PKR slips to dollar as foreign exchange reserves fall sharply

The central bank issued a circular stating that it had reviewed the existing foreign currency cash carrying limits for travel purposes, and decided to further rationalize the same.

As per the revised limits individuals with age 18 years and above (adults) can now take out of Pakistan foreign currency (FCY) equivalent to USD5,000 per visit, while those below the age of 18 years (minors) can carry out foreign currency equivalent to USD2,500 per visit. Further, the annual ceiling to take out FCY for adults and minors shall be USD30,000 and USD15,000, respectively.

KARACHI: The US dollar rallied against the Pakistani Rupee (PKR) on Wednesday amid escalating demand of the foreign currency for import and corporate payments.

The exchange rate witnessed a decline of 50 paisas in rupee value to end at PKR 222.41 to the dollar from previous day’s closing of PKR 221.91 in the interbank foreign exchange market.

It was fourth consecutive session when the rupee witnessed a decline against the dollar.

READ MORE: Dollar end up to PKR 221.91 in interbank on November 15, 2022

Currency experts said that the local currency was under immense pressure due to high demand of the foreign currency for import and corporate payments.

They further said that declining foreign exchange reserves also put pressure on exchange rate.

Pakistan foreign exchange reserves slipped sharply by $958 million by week ended November 08, 2022 owing to external payments, State Bank of Pakistan (SBP) said a day earlier.

READ MORE: Dollar extends gain to PKR amid falling foreign exchange reserves

The foreign exchange reserves of the country have been recorded at $13.721 billion by week ended November 04, 2022 as compared with $14.679 billion a week ago i.e. October 28, 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 $13.507 billion.

The official foreign exchange reserves of the State Bank plunged by $958 million to $7.957 billion by week ended November 04, 2022 as compared with $8.913 billion a week ago.

READ MORE: PKR slips to dollar as foreign exchange reserves fall sharply

The SBP attributed the decline to external debt servicing. “Major external debt repayments executed during the week includes repayment of government commercial loans. Refinancing of these loans is in process which will improve foreign exchange reserves in coming weeks,” the central bank added.

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 $12.189 billion.

The central bank has taken various measures to monitor outflow of the foreign currency in order to stabilize the rupee value.

READ MORE: Rupee makes recovery as limit imposed on dollar cash movement

Currency experts said that the latest measures of the government to limit the cash dollar taking out of Pakistan supported the local currency to make gain.

On November 08, 2022, the SBP issued a circular to restrict the amount of foreign currency in cash up to equivalent to USD 5,000 from USD 10,000.

The central bank issued a circular stating that it had reviewed the existing foreign currency cash carrying limits for travel purposes, and decided to further rationalize the same.

As per the revised limits individuals with age 18 years and above (adults) can now take out of Pakistan foreign currency (FCY) equivalent to USD5,000 per visit, while those below the age of 18 years (minors) can carry out foreign currency equivalent to USD2,500 per visit. Further, the annual ceiling to take out FCY for adults and minors shall be USD30,000 and USD15,000, respectively.

KARACHI: Pakistani Rupee (PKR) slipped against the US dollar on Friday owing to massive decline in foreign exchange reserves of the country.

The exchange rate witnessed a decline of 22 paisas in rupee value to end at PKR 221.64 to the dollar from previous day’s closing of PKR 221.42 in interbank foreign exchange market.

READ MORE: Rupee makes recovery as limit imposed on dollar cash movement

Currency experts said that the devaluation in rupee value came after significant decline in foreign exchange reserves was recorded.

Pakistan foreign exchange reserves slipped sharply by $958 million by week ended November 08, 2022 owing to external payments, State Bank of Pakistan (SBP) said a day earlier.

The foreign exchange reserves of the country have been recorded at $13.721 billion by week ended November 04, 2022 as compared with $14.679 billion a week ago i.e. October 28, 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 $13.507 billion.

READ MORE: PKR ends stable against US dollar in interbank

The official foreign exchange reserves of the State Bank plunged by $958 million to $7.957 billion by week ended November 04, 2022 as compared with $8.913 billion a week ago.

The SBP attributed the decline to external debt servicing. “Major external debt repayments executed during the week includes repayment of government commercial loans. Refinancing of these loans is in process which will improve foreign exchange reserves in coming weeks,” the central bank added.

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 $12.189 billion.

The central bank has taken various measures to monitor outflow of the foreign currency in order to stabilize the rupee value.

Currency experts said that the latest measures of the government to limit the cash dollar taking out of Pakistan supported the local currency to make gain.

READ MORE: SBP limits cash up to USD 5,000 taking out of Pakistan

On November 08, 2022, the SBP issued a circular to restrict the amount of foreign currency in cash up to equivalent to USD 5,000 from USD 10,000.

The central bank issued a circular stating that it had reviewed the existing foreign currency cash carrying limits for travel purposes, and decided to further rationalize the same.

As per the revised limits individuals with age 18 years and above (adults) can now take out of Pakistan foreign currency (FCY) equivalent to USD5,000 per visit, while those below the age of 18 years (minors) can carry out foreign currency equivalent to USD2,500 per visit. Further, the annual ceiling to take out FCY for adults and minors shall be USD30,000 and USD15,000, respectively.

READ MORE: US Dollar falls by 26 paisas to PKR 221.66 in interbank market