KARACHI: The US dollar has crashed against the Pakistani Rupee (PKR) and lost around PKR 16.21 since September 22, 2022 and is being trading at PKR 223.50.
(more…)Tag: Interbank Foreign Exchange Market
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PKR maintains winning streak against dollar on 8th straight session
KARACHI: Pakistani Rupee (PKR) on Tuesday maintained winning streak against the US Dollar for eighth consecutive session.
The rupee gained 1.65 to end at PKR 225.64 to the dollar from previous day’s closing of PKR 227.29 in the interbank foreign exchange market.
READ MORE: PKR continues upward journey for seventh consecutive session against dollar
The local currency gained PKR 14.07 against the dollar during the last eight sessions. The exchange rate reached a record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 225.64 on October 04, 2022.
Currency experts said that latest appreciation in rupee value was due to a statement of Finance Minister Ishaq Dar, who a day earlier said the PKR was undervalued and actual value of the dollar was less than PKR 200.
READ MORE: Rupee gains for sixth straight session against dollar; recovers PKR 11.26
Meanwhile, the international oil prices also crashed which helped the rupee to make gains.
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: PKR makes recovery against dollar for fourth straight session
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 strengthens sharply to dollar during last three sessions
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.
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Dollar slips to PKR 225.50 in early interbank trading
KARACHI: US dollar slipped against Pakistani Rupee (PKR) by 1.79 to PKR 225.50 in early trading at interbank foreign exchange market on Tuesday.
The dollar is being traded at PKR 225.50 as compared with the last day’s closing of PKR 227.29 in interbank foreign exchange market.
Experts said that latest statement of Finance Minister Ishaq Dar helped the rupee to make gain.
The finance minister a day earlier said that the local unit is undervalued and actual value of dollar is below PKR 200. Furthermore, he vowed to bring down the value of the greenback in coming days.
READ MORE: PKR continues upward journey for seventh consecutive session against dollar
It is worth mentioning that the rupee is constantly gaining value against the dollar since the nomination and assumption the charge of finance ministry by Ishaq Dar.
The PKR a day earlier continued its upward journey against the greenback and strengthened for seventh consecutive session.
The rupee made a gain of PKR 1.16 to end at PKR 227.29 against the dollar as compared with last Friday’s closing of PKR 228.45 in the interbank foreign exchange market.
The local unit gained PKR 12.42 against the dollar during the last five sessions. The exchange rate reached a record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 227.29 on October 01, 2022.
READ MORE: Rupee gains for sixth straight session against dollar; recovers PKR 11.26
It is worth mentioning that the local unit recorded the all-time low level of PKR 239.94 to the dollar on July 28, 2022. Although after the IMF deal the rupee appreciated against the dollar but following the disbursement of funds under Extended Fund Facility (EFF) the rupee again witnessed a steep decline to reach near to the record low at PKR 239.71 to the dollar on September 22, 2022.
READ MORE: PKR makes recovery against dollar for fourth straight session
Khurram Schehzad, a senior analyst, said the finance minister should not talk about setting currency parity, or at least not that openly, as its purely the prerogative of State Bank of Pakistan (SBP) and we have committed this in writing with the IMF that no one, at least from the ministry of finance will intervene in any way into the central bank matters.
“We should rather hold SBP accountable for achieving realistic currency parity (in line with fundamentals) as well as taming inflation (demand side), while managing the supply-side disruptions by a thorough strategy (farm to market management with necessary imports in time),” he added.
READ MORE: PKR strengthens sharply to dollar during last three sessions
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PKR continues upward journey for seventh consecutive session against dollar
KARACHI: Pakistani Rupee (PKR) on Monday continued its upward journey against the dollar and strengthened for seventh consecutive session.
The rupee made a gain of PKR 1.16 to end at PKR 227.29 against the dollar as compared with last Friday’s closing of PKR 228.45 in the interbank foreign exchange market.
The local unit gained PKR 12.42 against the dollar during the last five sessions. The exchange rate reached a record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 227.29 on October 01, 2022.
Market analysts said that the assumption of the charge of the finance minister by Ishaq Dar impacted the market positively.
A day earlier Ishaq Dar took oath as federal minister. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.
READ MORE: Rupee gains for sixth straight session against dollar; recovers PKR 11.26
Meanwhile, the international oil prices also crashed which helped the rupee to make gains.
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.
Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.
READ MORE: PKR makes recovery against dollar for fourth straight session
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.
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.
READ MORE: PKR strengthens sharply to dollar during last three sessions
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.
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Rupee gains for sixth straight session against dollar; recovers PKR 11.26
KARACHI: Pakistani Rupee (PKR) made gains for the sixth straight session against the dollar on Friday and recovered PKR 11.26 during the period under review.
The local unit gained PKR 11.26 against the dollar during the last five sessions. The exchange rate reached a record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 228.45 on September 30, 2022.
READ MORE: PKR makes recovery against dollar for fourth straight session
On Friday, the exchange rate witnessed a gain of PKR 1.18 to end at PKR 228.45 to the dollar from the previous day’s closing of PKR 229.63 in interbank foreign exchange market.
Market analysts said that the assumption of the charge of the finance minister by Ishaq Dar impacted the market positively.
A day earlier Ishaq Dar took oath as federal minister. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.
READ MORE: PKR strengthens sharply to dollar during last three sessions
Meanwhile, the international oil prices also crashed which helped the rupee to make gains.
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.
READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination
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.
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).
READ MORE: PKR ends 15-day losing streak; recovers against dollar
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.
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.
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Pakistani rupee recovers PKR 10.08 against dollar in five sessions
KARACHI: The Pakistani Rupee (PKR) on Thursday continued its winning streak and gained PKR 10.08 against the dollar during past five straight sessions owing to assumption of Ishaq Dar the portfolio of the finance minister of the country.
The local currency gained PKR 10.08 against the dollar during the last five sessions. The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 229.63 on September 29, 2022.
READ MORE: PKR makes recovery against dollar for fourth straight session
On Thursday, the exchange rate witnessed a gain of PKR 2.49 to end at PKR 229.63 to the dollar from previous day’s closing of PKR 232.12 in interbank foreign exchange market.
Market analysts said that the assumption of the charge of the finance minister by Ishaq Dar impacted the market positively.
A day earlier Ishaq Dar took oath as federal minister. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.
READ MORE: PKR strengthens sharply to dollar during last three sessions
Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.
It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed 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.
READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination
Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.
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).
READ MORE: PKR ends 15-day losing streak; recovers against dollar
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.
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.
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PKR makes recovery against dollar for fourth straight session
KARACHI: The Pakistani Rupee (PKR) continued recovery against the dollar for the fourth straight session on Wednesday owing to lower international oil prices and optimism prevailed over return of Ishaq Dar as the finance minister.
The local unit strengthened by PKR 7.59 against the dollar during the last four sessions. The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 232.12 on September 28, 2022.
READ MORE: PKR strengthens sharply to dollar during last three sessions
On Wednesday, the exchange rate witnessed a gain of PKR 1.79 to end at PKR 232.12 to the dollar from previous day’s closing of PKR 233.91 in interbank foreign exchange market.
Market analysts said that the nomination of Ishaq Dar had sent positive sentiments to the foreign exchange market.
Ishaq Dar on Wednesday took oath as federal minister. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.
READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination
Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.
It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed 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.
READ MORE: PKR ends 15-day losing streak; recovers against dollar
Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.
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).
READ MORE: Rupee slumps for 15th straight session against dollar
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.
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.
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Dollar plummets to PKR 231.50 in early trade on Sept 28, 2022
KARACHI: US dollar plummeted to Pakistani Rupee (PKR) at 231.50 in early interbank foreign exchange trading on Wednesday Sept 28, 2022.
The dollar is being traded at PKR 231.50 while recording a fall of PKR 2.41 from previous day’s closing of PKR 233.91 in interbank foreign exchange market.
Market analysts said that the nomination of Ishaq Dar had sent positive sentiments to the foreign exchange market.
Ishaq Dar sworn in as senator on Tuesday after returning to Pakistan. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.
Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.
It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed 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 was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.
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.
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PKR strengthens sharply to dollar during last three sessions
KARACHI: Pakistani Rupee (PKR) gained sharply against the US dollar during last three sessions on Tuesday on lower international oil prices and nomination of Ishaq Dar as finance minister.
The local unit strengthened by PKR 5.80 against the dollar during the last three sessions. The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 233.91 on September 27, 2022.
READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination
On Tuesday, the exchange rate witnessed a gain of PKR 3.11 to end at PKR 233.91 to the dollar from previous day’s closing of PKR 237.02 in interbank foreign exchange market.
Market analysts said that the nomination of Ishaq Dar had sent positive sentiments to the foreign exchange market.
Ishaq Dar sworn in as senator on Tuesday after returning to Pakistan. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.
READ MORE: PKR ends 15-day losing streak; recovers against dollar
Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.
It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed 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 was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.
READ MORE: Rupee slumps for 15th straight session against dollar
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: Rupee ends near historic low; Dollar gains to PKR 239.65
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.
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Dollar plunges to PKR 233.50 in early interbank trading on September 27, 2022
KARACHI: US dollar plunged to Pakistan Rupee (PKR) 233.50 in early day trading on Tuesday September 27, 2022 owing to change of finance minister and falling international oil prices.
The foreign currency lost PKR 3.52 and was being traded at PKR 233.50 by 10:00 AM (Pakistan Standard Time) as compared with last day closing of PKR 237.02 in interbank foreign exchange market.
READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination
Currency analysts said that change of finance minister had impacted the market positively. The foreign exchange market reacted to the change a day earlier as well.
Ishaq Dar has been nominated for the slot of Pakistan Finance Minister. He had already severed at this portfolio in the previous PML (N) government. Dar was known for controlling the exchange rate. Although many quarters had criticized him for artificial stabilizing the rupee. Dar is scheduled to take oath as finance minister today.
READ MORE: PKR ends 15-day losing streak; recovers against dollar
It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed 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 was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.
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.
READ MORE: Rupee slumps for 15th straight session against dollar
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: Rupee ends near historic low; Dollar gains to PKR 239.65
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.