Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar tumbled against the Pakistani Rupee (PKR) by Rs2.63 on Monday on the nomination of Ishaq Dar as finance minister of the country.

The exchange rate recorded a gain of Rs2.63 in rupee value to end at Rs237.02 to the dollar from last Friday’s closing of Rs239.65 in the interbank foreign exchange market.

Currency experts said that the market responded positively to nomination of Ishaq Dar as the finance minister by the present coalition government headed by PML (N).

READ MORE: PKR ends 15-day losing streak; recovers against dollar

According to reports Ishaq Dar would assume the charge on Tuesday. A day earlier, Miftah Ismail had announced to resign from the portfolio of the finance minister.

The experts said that the market was expecting improvement in rupee value on Dar’s return. Previously, Dar had served as finance minister and he was known for controlling the exchange rate. Although, Dar was criticized for stabilizing the local currency artificially.

Earlier, in the day the dollar slipped by more than four rupees but later it recovered earlier day’s losses.

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

READ MORE: Rupee slumps for 15th straight session against dollar

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 ends near historic low; Dollar gains to PKR 239.65

Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

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.

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.

KARACHI: The Pakistani Rupee (PKR) on Friday ended its losing streak of non-stop 15 session and recovered six paisas against the dollar.

The local currency ended Rs 239.65 to the dollar from previous day’s closing of Rs239.71 in the interbank foreign exchange market. The latest closing is still near to the all-time of the rupee against the dollar, which was at Rs239.94 recorded on July 28, 2022.

READ MORE: Rupee slumps for 15th straight session against dollar

It is worth mentioning that the rupee recorded the free-fall for the last 15 sessions. 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, according to data released by State Bank of Pakistan (SBP) a day earlier.

READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

The current account deficit during the period under review was at $1.92 billion as compared with $2.37 billion in the corresponding months of the last fiscal year.

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

Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

READ MORE: PKR falls for 13th session as dollar ends near record high

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 plunges for 12th session; Dollar ends at PKR 237.91

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.

KARACHI: The Pakistani Rupee (PKR) recorded a 15^th straight day decline against the dollar on Wednesday to end at PKR 239.71 in the interbank foreign exchange market.

The exchange rate recorded a decline of six paisas in rupee value to end at PKR 239.71 against the dollar from previous day’s closing of PKR 239.65 in interbank foreign exchange market.

READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

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

The local currency has maintained the free-fall for the last 15 sessions. 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.

Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

READ MORE: PKR falls for 13th session as dollar ends near record high

Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

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

Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

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

READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

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: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

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.

KARACHI: Pakistani Rupee (PKR) on Wednesday continued its losing streak for 14^th consecutive session against the dollar and ended near to the historic low of PKR 239.65 in the interbank foreign exchange market.

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

READ MORE: PKR falls for 13th session as dollar ends near record high

The exchange rate recorded a decline of 74 paisas to end at PKR 239.64 to the dollar from previous day’s close of PKR 238.91 in the interbank foreign exchange market.

The local currency has maintained the free-fall for the last 14 sessions. During this period the local currency depreciated by PKR 21.04 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

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

Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

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

READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

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: Rupee devaluation continues; Dollar jumps to PKR 235.88

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.

KARACHI: The Pakistani Rupee (PKR) witnessed the fall for 13^th consecutive session on Tuesday as the US dollar ended near record high in interbank foreign exchange market.

The exchange rate recorded a decline of PKR 1 to end at PKR 238.91 to the dollar from previous day’s closing of PKR 237.91 in interbank foreign exchange market.

READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

The local currency recorded a decline of Rs20.31 or 9.34 per cent during the past 13 sessions from Rs218.60 against the dollar on September 01, 2022.

It is pertinent to mention that the local currency recorded the all-time low of PKR 239.94 on July 28, 2022.

Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

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

Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

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

READ MORE: Rupee devaluation continues; Dollar jumps to PKR 235.88

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: Pakistani Rupee declines for ninth straight session; Dollar ends at PKR 234.32

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.

KARACHI: US dollar becomes stronger against Pakistani Rupee (PKR) to reach at PKR 238 at midday interbank foreign exchange market on Tuesday.

The foreign currency continued the gaining momentum of past 12 sessions against the local currency.

READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

US dollar made so far another PKR 1.09 to trade at PKR 239 from last closing of PKR 237.91 in the interbank foreign exchange market.

Currency experts said that the falling foreign exchange reserves and high import payment pressured the local currency.

They said that usually dollar demand remained higher by end of each quarter due to oil payments and demand from corporate sector.

READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

Furthermore, they said that the recent statement of Finance Minister Miftah Ismail regarding lack of inflows from friendly countries also sent disappointments to the currency market.

It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

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

READ MORE: Rupee devaluation continues; Dollar jumps to PKR 235.88

The rupee made 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: Pakistani Rupee declines for ninth straight session; Dollar ends at PKR 234.32

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.

KARACHI: Pakistani Rupee (PKR) plunged for 12th consecutive session against the dollar on Monday to end at PKR 237.91 in the interbank foreign exchange market.

The exchange rate witnessed a decline of PKR 1.07 in rupee value to end at PKR 237.91 as compared with last Friday’s closing of PKR 236.84 in the interbank foreign exchange market.

READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

The local currency recorded a decline of Rs19.31 or 8.83 per cent during the past 12 sessions from Rs218.60 against the dollar on September 01, 2022.

Currency experts said that mounting dollar demand for import and corporate payments was pressurizing the local currency.

Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

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 devaluation continues; Dollar jumps to PKR 235.88

Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

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

READ MORE: Pakistani Rupee declines for ninth straight session; Dollar ends at PKR 234.32

The rupee made 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: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

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.

KARACHI: The US dollar surged to Pakistani Rupee (PKR) at 238 at midday interbank foreign exchange market on Monday.

The foreign currency started the week to continue the gaining momentum of past 11 sessions against the local currency.

READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

US dollar made so far another PKR 1.16 to trade at PKR 238 from last Friday’s closing of PKR 236.84 in the interbank foreign exchange market.

Currency experts said that the falling foreign exchange reserves and high import payment pressured the local currency.

READ MORE: Rupee devaluation continues; Dollar jumps to PKR 235.88

They said that usually dollar demand remained higher by end of each quarter due to oil payments and demand from corporate sector.

Furthermore, they said that the recent statement of Finance Minister Miftah Ismail regarding lack of inflows from friendly countries also sent disappointments to the currency market.

It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

READ MORE: Pakistani Rupee declines for ninth straight session; Dollar ends at PKR 234.32

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

The rupee made 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: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

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.