Tag: Interbank Foreign Exchange Market

KARACHI: The Pakistani Rupee (PKR) recovered 68 paisas against the US dollar on Tuesday owing to expected inflows to support balance of payment.

The exchange rate witnessed a gain of 68 paisas in rupee value to end at PKR 219.73 to the dollar from the previous day’s closing of PKR 220.41 in the interbank foreign exchange market.

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

Currency experts believed the removal of name from the grey list of the Financial Action Task Force (FATF) would help the country to secure multilateral funding.

FATF, the global watchdog, last Friday formally announced giving clearance to Pakistan by removing the country’s name from its grey list.

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.

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

Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.

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.

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

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.

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: Rupee plunges to PKR 220.88 against dollar in interbank

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 slipped by 43 paisas against the Pakistani Rupee (PKR) on Monday owing to improved economic sentiments after FATF decision.

The exchange rate witnessed a gain of 43 paisas in rupee value to end at PKR 220.41 from last Friday’s closing of PKR 220.84 in the interbank foreign exchange market.

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

Financial Action Task Force (FATF), the global watchdog, last Friday formally announced giving clearance to Pakistan by removing the country’s name from its grey list.

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

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.

READ MORE: Rupee plunges to PKR 220.88 against dollar in interbank

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: Rupee fall continues; Dollar ends at PKR 219.71 in interbank

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) has gained 11 paisas against the dollar on Friday after the Asian Development Bank (ADB) approved a financing of $1.5 billion to the country.

The exchange rate recorded a gain of 11 paisas in rupee value to end at PKR 220.84 to the dollar from previous day’s closing of PKR 220.95 in interbank foreign exchange market.

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

Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.

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.

READ MORE: Rupee plunges to PKR 220.88 against dollar in interbank

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 on Wednesday.

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: Rupee fall continues; Dollar ends at PKR 219.71 in interbank

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.

READ MORE: PKR falls to dollar in interbank on Oct 17, 2022

The US Dollar made slight gains against the Pakistani Rupee (PKR) in the interbank foreign exchange market on Thursday, closing at PKR 220.95. The rupee lost seven paisas compared to the previous day’s closing of PKR 220.88, reflecting the prevailing pressure on the local currency.

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KARACHI: Pakistan Rupee (PKR) lost another 46 paisas against the dollar interbank foreign exchange market on Monday owing to higher import demand and falling foreign exchange reserves.

The exchange rate witnessed 46 paisas fall in rupee value to end at PKR 218.89 to the dollar from last Friday’s closing of PKR 218.43 in the interbank foreign exchange market.

READ MORE: PKR falls against dollar on depleting forex reserves

Currency experts said that the local currency was under pressure during the day due to rising dollar demand for import payments and falling foreign exchange reserves.

The dollar rebounded on October 12, 2022 after making a losing streak for straight 13 sessions to the rupee.

The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

READ MORE: Dollar ends up to PKR 218.38 in interbank on Oct 13, 2022

The rupee hit all-time low of PKR 239.94 against the dollar on July 28, 2022.

Pakistan’s foreign exchange reserves continued to decline and depleted by $342 million to $13.247 billion by week ended October 07, 2022. The foreign exchange reserves of the country were at $13.589 billion a week ago i.e. September 30, 2022.

READ MORE: Dollar ends 13-day losing streak; ends at PKR 217.88

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 $13.981 billion.

They said that the rupee had made gain during the past couple of weeks due to various measures taken by the central bank to curb the dollar hoarding.

READ MORE: PKR maintains winning streak to dollar for 13th straight session