Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar extended gain against the Pakistani Rupee (PKR) on Thursday to end at PKR 221.95 in interbank foreign exchange market.

The exchange rate recorded a decline of 52 paisas in rupee value to end at PKR 221.95 against the dollar from previous day’s closing of PKR 221.43 in the interbank foreign exchange market.

READ MORE: Dollar gains 78 paisas to end PKR 221.43 in interbank

Currency experts said that the dollar witnessed appreciation globally following a sharp rise in treasury yields after the Federal Reserve signaled the interest rates would likely spike.

The Fed a day earlier raised its benchmark funds rate by 75 basis points to 3.75-4 per cent as widely expected.

During the last week the rupee witnessed massive deterioration against the dollar after the PTI chief announced the protest rally.

READ MORE: Rupee rebounds after Dar holds meetings with banks, exchange companies

PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.

Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).

READ MORE: Rupee crashes to dollar as PTI long march starts

Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.

Interestingly, the amount of $1.5 billion was received last night by the State Bank of Pakistan (SBP). However, the fund transfer also failed to support the local currency.

READ MORE: Dollar climbs to PKR 221.50 on rising political tension

KARACHI: The Pakistani Rupee (PKR) recovered sharply against the US dollar on Monday following meetings of Finance Minister Ishaq Dar with representatives of banks and exchange companies last week.

The exchange rate recorded a recovery of PKR 1.58 in rupee value to end at PKR 220.89 to the dollar from last Friday’s closing of PKR 222.47 in the interbank foreign exchange market.

READ MORE: Rupee crashes to dollar as PTI long march starts

The finance minister on Saturday October 29, 2022 held meetings with representatives of exchange companies and bankers and discussed the exchange rate volatility.

Finance Minister Ishaq Dar has advised foreign exchange companies to ensure appropriate exchange rate for the betterment of the country.

The finance minister highlighting the economic situation of the country stated that the present government with its pragmatic policy decisions has not only arrested the decline but has also set the economy in the right direction.

READ MORE: Dollar climbs to PKR 221.50 on rising political tension

During the last week the rupee witnessed massive deterioration against the dollar after the PTI chief announced the protest rally.

PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.

Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).

Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.

READ MORE: Rupee slips sharply to dollar on PTI long march

Interestingly, the amount of $1.5 billion was received last night by the State Bank of Pakistan (SBP). However, the fund transfer also failed to support the local currency.

The rupee had also seen support by contraction in current account deficit during the first quarter of the current fiscal year.

Pakistan’s current account deficit has recorded a decline of 37 per cent to $2.21 billion during first quarter (July – September) of fiscal year 2022/2023, according to official data released last week.

READ MORE: Rupee recovers to PKR 219.73 against dollar

The current account deficit of the country was $3.53 billion in the same quarter of the last fiscal year.

Contraction in current account deficit can be attributed to significant fall in trade deficit. The trade deficit also contracted by 21.32 per cent to $9.22 billion during first quarter of the current fiscal year as compared with the deficit of $11.72 billion in the same quarter of the last fiscal year.

KARACHI: The Pakistani Rupee (PKR) on Friday crashed against the dollar owing to political instability following by long march started by Pakistan Tehreek I Insaaf (PTI).

The exchange rate recorded a decline of 97 paisas in rupee value to end at PKR 222.47 to the dollar from previous day’s closing of PKR 221.50 in the interbank foreign exchange market.

READ MORE: Dollar climbs to PKR 221.50 on rising political tension

The rupee lost PKR 2.74 against the dollar during the last three sessions since the PTI chief announced the protest rally.

PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.

Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).

Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.

READ MORE: Rupee slips sharply to dollar on PTI long march

Interestingly, the amount of $1.5 billion was received last night by the State Bank of Pakistan (SBP). However, the fund transfer also failed to support the local currency.

Previously, the rupee was also supported by contraction in current account deficit during the first quarter of the current fiscal year.

Pakistan’s current account deficit has recorded a decline of 37 per cent to $2.21 billion during first quarter (July – September) of fiscal year 2022/2023, according to official data released last week.

READ MORE: Rupee recovers to PKR 219.73 against dollar

The current account deficit of the country was $3.53 billion in the same quarter of the last fiscal year.

Contraction in current account deficit can be attributed to significant fall in trade deficit. The trade deficit also contracted by 21.32 per cent to $9.22 billion during first quarter of the current fiscal year as compared with the deficit of $11.72 billion in the same quarter of the last fiscal year.

READ MORE: Dollar slips to PKR 220.41 on improved economic sentiments

Furthermore, the local currency also received support as the level of foreign exchange reserves were remained flat.

Pakistan’s weekly foreign exchange reserves increased nominally to $13.251 billion by week ended October 14, 2022 as compared with $13.247 billion a week ago i.e. October 7, 2022.

KARACHI: The US dollar on Wednesday climbed up by 82 paisas against the Pakistani Rupee to PKR 221.50 owing to rising political tension in the country.

The exchange rate ended with a decline of 82 paisas in rupee value to end at PKR 221.50 to the dollar from previous day’s closing of PKR 220.68 in the interbank foreign exchange market.

READ MORE: Rupee slips sharply to dollar on PTI long march

Currency experts said that the announcement of the longa march by Pakistan Tehreek I Insaaf (PTI) had shaken investors’ confidence.

PTI Chief Imran Khan two days back announced long march against the present government. He announced the rally would begin from Friday October 28, 2022 for an indefinite period.

Since the announcement of country-wide protest rally the rupee fell PKR 1.77 against the dollar.

PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.

READ MORE: Rupee recovers to PKR 219.73 against dollar

Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).

Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.

Interestingly, the amount of $1.5 billion was received last night by the State Bank of Pakistan (SBP). However, the fund transfer also failed to support the local currency.

READ MORE: Dollar slips to PKR 220.41 on improved economic sentiments

Previously, the rupee was also supported by contraction in current account deficit during the first quarter of the current fiscal year.

Pakistan’s current account deficit has recorded a decline of 37 per cent to $2.21 billion during first quarter (July – September) of fiscal year 2022/2023, according to official data released last week.

The current account deficit of the country was $3.53 billion in the same quarter of the last fiscal year.

READ MORE: Rupee gains 11 paisas to dollar on ADB loan approval

Contraction in current account deficit can be attributed to significant fall in trade deficit. The trade deficit also contracted by 21.32 per cent to $9.22 billion during first quarter of the current fiscal year as compared with the deficit of $11.72 billion in the same quarter of the last fiscal year.

Furthermore, the local currency also received support as the level of foreign exchange reserves were remained flat.

Pakistan’s weekly foreign exchange reserves increased nominally to $13.251 billion by week ended October 14, 2022 as compared with $13.247 billion a week ago i.e. October 7, 2022.

KARACHI: Pakistani Rupee (PKR) slipped by sharp 95 paisas against the US dollar on Wednesday owing to unstable political situation after a long march announced by PTI Chief Imran Khan.

Exchange rate recorded 95 paisas decline in rupee value to end at PKR 220.68 from previous day’s closing of PKR 219.73 in the interbank foreign exchange market.

READ MORE: Rupee recovers to PKR 219.73 against dollar

Currency experts said that the market participants were in panic after expected political instability in the country.

PTI Chief Imran Khan a day earlier announced a country-wide protest with a long march towards the federal capital Islamabad. He announced the rally would begin from Friday October 28, 2022 for an indefinite period.

READ MORE: Dollar slips to PKR 220.41 on improved economic sentiments

PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.

Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).

Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.

READ MORE: Rupee gains 11 paisas to dollar on ADB loan approval

The ADB in a statement on Friday said that it had approved $1.5 billion in financing to help the Government of Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.

Besides, the rupee was also supported by contraction in current account deficit during the first quarter of the current fiscal year.

Pakistan’s current account deficit has recorded a decline of 37 per cent to $2.21 billion during first quarter (July – September) of fiscal year 2022/2023, according to official data released last week.

The current account deficit of the country was $3.53 billion in the same quarter of the last fiscal year.

READ MORE: Dollar inches up to end at PKR 220.95 in interbank market

Contraction in current account deficit can be attributed to significant fall in trade deficit. The trade deficit also contracted by 21.32 per cent to $9.22 billion during first quarter of the current fiscal year as compared with the deficit of $11.72 billion in the same quarter of the last fiscal year.

Furthermore, the local currency also received support as the level of foreign exchange reserves were remained flat.

Pakistan’s weekly foreign exchange reserves increased nominally to $13.251 billion by week ended October 14, 2022 as compared with $13.247 billion a week ago i.e. October 7, 2022.