Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar gained 50 paisas against the Pakistani Rupee (PKR) on Thursday amid demand for import payments and lower foreign exchange reserves.

The exchange rate recorded 50 paisas decline in rupee value to end at PKR 218.38 to the dollar from previous day’s closing of PKR 217.88 in the interbank foreign exchange market.

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

Currency experts said that the high import payment demand and lower foreign exchange reserves had starting pressure on the local unit.

It was second straight day when the dollar had made recovery after falling for 13 straight sessions.

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

The experts 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.

They said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

READ MORE: Rupee gains for 12th straight session; dollar ends at PKR 217.97

Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

READ MORE: Rupee gains for 11th session; dollar falls to PKR 219.92

Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

Meanwhile, the international oil prices also softened which helped the rupee to make gains.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

KARACHI: Pakistani Rupee (PKR) continued its winning streak against the US dollar for 13^th straight session on Tuesday.

The exchange rate recorded 18 paisas gain in the rupee value to end at PKR 217.79 from previous day’s closing of PKR 217.97 in interbank foreign exchange market.

READ MORE: Rupee gains for 12th straight session; dollar ends at PKR 217.97

The local currency gained PKR 21.92 against the dollar during the last twelve straight sessions.

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.

Experts further said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

READ MORE: Rupee gains for 11th session; dollar falls to PKR 219.92

Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

READ MORE: Dollar weakens by PKR 17.77 in 10 sessions amid tight monitoring on transactions

However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

READ MORE: PKR recovers against dollar for ninth consecutive session

This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

Meanwhile, the international oil prices also softened which helped the rupee to make gains.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

KARACHI: The US dollar plummeted to Pakistani Rupee (PKR) at 217 in early trading at interbank foreign exchange market on Tuesday, October 11, 2022.

The foreign currency lost 97 paisas against the local unit to trade at PKR 217 in early trade as compared with last day’s closing of 217.97 in the interbank foreign exchange market.

READ MORE: Rupee gains for 12th straight session; dollar ends at PKR 217.97

A day earlier, the local currency gained PKR 21.74 against the dollar during the last twelve straight sessions. The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.97 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.

The local unit gained PKR 1.95 to end at PKR 217.97 to the dollar from last Friday’s closing of PKR 219.92 in the interbank foreign exchange market.

READ MORE: Rupee gains for 11th session; dollar falls to PKR 219.92

The experts further said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

READ MORE: Dollar weakens by PKR 17.77 in 10 sessions amid tight monitoring on transactions

Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

READ MORE: PKR recovers against dollar for ninth consecutive session

Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

Meanwhile, the international oil prices also softened which helped the rupee to make gains.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

KARACHI: Pakistani Rupee (PKR) made gain against the US dollar for 12^th consecutive session on Monday in interbank foreign exchange market.

The local currency gained PKR 21.74 against the dollar during the last twelve straight sessions.

READ MORE: Rupee gains for 11th session; dollar falls to PKR 219.92

The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.97 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.

The local unit gained PKR 1.95 to end at PKR 217.97 to the dollar from last Friday’s closing of PKR 219.92 in the interbank foreign exchange market.

READ MORE: Dollar weakens by PKR 17.77 in 10 sessions amid tight monitoring on transactions

The experts further said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

READ MORE: PKR recovers against dollar for ninth consecutive session

Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

READ MORE: PKR maintains winning streak against dollar on 8th straight session

Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

Meanwhile, the international oil prices also softened which helped the rupee to make gains.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

KARACHI: Pakistani Rupee (PKR) continued appreciation against the dollar for 11^th straight session on Friday as the exchange rate ended at PKR 219.92.

The rupee gained PKR 2.02 to end at PKR 219.92 to the dollar from previous day’s closing of PKR 221.94 in the interbank foreign exchange market.

READ MORE: Dollar weakens by PKR 17.77 in 10 sessions amid tight monitoring on transactions

The exchange rate witnessed an appreciation of 19.79 in rupee value against the dollar during the last 11 straight sessions.

The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 219.92 on October 07, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

READ MORE: PKR recovers against dollar for ninth consecutive session

The experts further said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

READ MORE: PKR maintains winning streak against dollar on 8th straight session

Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

READ MORE: PKR continues upward journey for seventh consecutive session against dollar

Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

Meanwhile, the international oil prices also softened which helped the rupee to make gains.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

KARACHI: The sharp decline in the US dollar against the Pakistan Rupee (PKR) continued on Friday as the foreign currency fell below PKR 220 in early trading in interbank foreign exchange market.

The dollar is being traded at PKR 219.81. So far in early trade the greenback lost PKR 2.13 as the exchange rate ended at PKR 221.91 a day earlier in the interbank foreign exchange market.

READ MORE: Dollar weakens by PKR 17.77 in 10 sessions amid tight monitoring on transactions

Currency experts said that the emphasis of the finance minister regarding the actual value of the dollar was impacting the market.

Finance Minister Ishaq Dar a day earlier once again stated that the local currency was undervalued and the actual value of the dollar was below PKR 200.

A day earlier the US dollar weakened against the PKR for the 10^th consecutive sessions on Thursday amid tight monitoring of foreign currency transactions.

The exchange rate witnessed an appreciation of 17.77 in rupee value against the dollar during the last 10 straight sessions.

The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 221.94 on October 06, 2022.

READ MORE: PKR maintains winning streak against dollar on 8th straight session

Currency experts said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

READ MORE: PKR continues upward journey for seventh consecutive session against dollar

However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

READ MORE: Rupee gains for sixth straight session against dollar; recovers PKR 11.26

KARACHI: The US dollar weakened against the Pakistani Rupee (PKR) for the 10^th consecutive sessions on Thursday amid tight monitoring of foreign currency transactions.

The exchange rate witnessed an appreciation of 17.77 in rupee value against the dollar during the last 10 straight sessions.

READ MORE: PKR recovers against dollar for ninth consecutive session

On Thursday the local currency gained PKR 2 to end at PKR 221.94 against the dollar from previous day’s closing of PKR 223.94 in the interbank foreign exchange market.

The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 221.94 on October 06, 2022.

Currency experts said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

READ MORE: PKR maintains winning streak against dollar on 8th straight session

Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

READ MORE: PKR continues upward journey for seventh consecutive session against dollar

However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

READ MORE: Rupee gains for sixth straight session against dollar; recovers PKR 11.26

This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

Besides, currency experts said that the rupee was appreciating against the dollar due to positive sentiments following assumption of Ishaq Dar as the finance minister. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

Meanwhile, the international oil prices also softened which helped the rupee to make gains.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

KARACHI: Pakistani Rupee (PKR) on Wednesday continued recovery against the dollar for 9^th straight session in the interbank foreign exchange market.

The rupee gained 1.70 to end at PKR 223.94 to the dollar from previous day’s closing of PKR 225.64 in the interbank foreign exchange market.

READ MORE: PKR maintains winning streak against dollar on 8th straight session

The local currency gained PKR 15.77 against the dollar during the last nine sessions. The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 223.94 on October 05, 2022.

Currency experts said that the rupee was appreciating against the dollar due to positive sentiments following assumption of Ishaq Dar as the finance minister. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

Meanwhile, the international oil prices also crashed which helped the rupee to make gains.

READ MORE: PKR continues upward journey for seventh consecutive session against dollar

It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessing a consecutive 15-session fall.

During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

Currency experts said that the rupee recovered because of the contraction in the current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during the first two months (July – August) of the current fiscal year 2022/2023.

READ MORE: Rupee gains for sixth straight session against dollar; recovers PKR 11.26

Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

READ MORE: PKR makes recovery against dollar for fourth straight session

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

The rupee also fell due to continuous depletion in foreign exchange reserves of the country.