Tag: Interbank Foreign Exchange Market

KARACHI: The US Dollar made gain for 11^th straight day against Pakistani Rupee (PKR) to reach 236.84 at closing of interbank foreign exchange market on Friday.

The exchange rate recorded a decline of 96 paisas in rupee value to end at Rs236.84 to the dollar from previous day’s closing of Rs235.88 in the interbank foreign exchange market.

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

The local currency recorded a decline of Rs18.24 or 8.34 per cent during the past 11 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.

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.

READ MORE: PKR losing streak continues; Dollar ends Rs231.92 at interbank

KARACHI: The US dollar continued to rise on Friday and went to Pakistani Rupee (PKR) 236.50 during midday interbank foreign exchange market.

The exchange rate witnessed a decline of 62 paisas in rupee value to reach Rs236.50 to the dollar during intraday trading from previous day’s closing of Rs235.88 in the interbank foreign exchange market.

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

Currency experts said that lack of dollar inflows pressurized the rupee. They said that the reports of delay or no inflows from friends of Pakistan further created panic in the currency market.

On September 15, 2022, the local currency recorded a decline of Rs16.08 or 8 per cent during the past 10 sessions from Rs218.60 against the dollar on September 01, 2022.

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

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

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

READ MORE: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

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: PKR losing streak continues; Dollar ends Rs231.92 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: The devaluation in Pakistani Rupee (PKR) continued for 10^th straight day as the US dollar ended PKR 235.88 in interbank foreign exchange market on Thursday.

The exchange rate witnessed a decline of Rs1.56 in rupee value to end at Rs235.88 to the dollar from previous day’s closing of Rs234.32 in the interbank foreign exchange market.

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

The local currency recorded a decline of Rs16.08 or 8 per cent during the past 10 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.

READ MORE: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

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).

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: PKR losing streak continues; Dollar ends Rs231.92 at interbank

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.

READ MORE: PKR falls for 7th straight day; dollar jumps to Rs229.82

KARACHI: The Pakistani Rupee (PKR) continued its falling spree for the ninth consecutive session against the dollar as the foreign currency ended at PKR 234.32 at closing of the interbank foreign exchange market on Wednesday.

The exchange rate witnessed a decline of Rs2.41 in rupee value to end at Rs234.32 to the dollar from previous day’s closing of Rs231.92 in the interbank foreign exchange market.

READ MORE: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

The local currency recorded a decline of Rs15.72 or 7.2 per cent during the past nine 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.

READ MORE: PKR losing streak continues; Dollar ends Rs231.92 at interbank

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.

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 falls for 7th straight day; dollar jumps to Rs229.82

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 maintained its upward journey against the Pakistan Rupee (PKR) and hit Rs 232 in midday interbank trading on Tuesday.

The exchange rate witnessed a fall of Rs2.18 in rupee value as the dollar is being traded Rs232 from previous day’s closing of at Rs229.82 in the interbank foreign exchange market.

READ MORE: PKR falls for 7th straight day; dollar jumps to Rs229.82

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

The rupee witnessed free fall against the dollar and plunged for 7^th straight day against dollar a day earlier as the US dollar jumped to Rs229.82 in interbank foreign exchange market.

READ MORE: Rupee weakens sixth straight day; dollar ends PKR 228.18

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF). The local currency has recorded Rs11.22 against the foreign currency during the past seven sessions. The local unit was at Rs218.60 to the dollar on September 01, 2022.

It is worth mentioning that Pakistan received $1.1 billion from the IMF under Extended Fund Facility (EFF) on August 31, 2022 following the executive board of the IMF approved the loan program on August 29, 2022.

READ MORE: Pakistani Rupee weakens; Dollar jumps to PKR 225.42 at interbank

Currency experts said that the rupee was under immense pressure due to high import payment demand and losses to the economy due to floods.

They said that high import payments by end of this quarter and corporate payments put pressure on the rupee value.

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 strengthens to PKR 223.42 at interbank closing

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 $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) has plunged by Rs9.43 against the US dollar since the country received tranche from the International Monetary Fund (IMF).

The country received a tranche of $1.16 billion from the IMF under Extended Fund (EFF) loan program on August 31, 2022.

The fund transfer was made possible after the IMF Executive Board approved resumption of Pakistan loan program on August 29, 2022.

READ MORE: Rupee weakens sixth straight day; dollar ends PKR 228.18

The government was hopeful of improvement in economic indicators once the money is received from the IMF.

However, in contrast the PKR fell sharply since the IMF funds transferred to the State Bank of Pakistan (SBP).

The exchange rate was Rs218.75 to the dollar on August 31, 2022, the day when the money was received by Pakistan. However, since then the rupee fell by Rs9.43 or 4.31 per cent to Rs228.18 to the dollar on September 09, 2022 in interbank foreign exchange market.

READ MORE: Pakistani Rupee weakens; Dollar jumps to PKR 225.42 at interbank

Currency experts said that the dollar demand was increased due to massive imports for flood relief program and removal of import ban on luxury and non-essential items under IMF pressure.

Pakistan is facing catastrophic floods, which incurred huge losses both human and monetary. To an estimate, the country has suffered about $12 billion – $15 billion due to floods devastation.

A large scale relief operations have been started from both local and international agencies along with the government. This relief operations require huge amount of imported goods in the country.

READ MORE: Dollar strengthens to PKR 223.42 at interbank closing

Pakistan’s apex tax agency i.e. Federal Board of Revenue (FBR) recently issued notifications to allow exemption from duty and taxes on import of goods for flood relief operations. Besides, the FBR also directed the customs authorities to ensure clearance of goods imported under PM flood relief program within 24 hours.

Furthermore, the rupee is also under pressure after the government withdrew the ban on import of luxury and non-essential goods to prevent depreciation in rupee value and cut import bill to support balance of payment.

The government imposed the ban on import of luxury and non-essential items on May 19, 2022. The ban yielded results as the trade deficit and current account deficit narrowed in subsequent months.

However, the government on August 20, 2022 removed this ban in order to satisfy the IMF for continuation of loan program.

READ MORE: Dollar continues upward journey; ends at PKR 221.42 in interbank

It is pertinent to mention that the foreign exchange reserves of the country improved after the inflows received by the State Bank. However, repayment pressure and already significant decline failed to improve the market sentiments.

Pakistan’s foreign exchange reserves have increased by $1.07 billion. The foreign exchange reserves of Pakistan increased to $14.473 billion by week ended September 02, 2022 as compared with reserves position of $13.403 billion a week ago i.e. August 26, 2022.

READ MORE: Pakistan’s FX reserves increase by $1.07bn after IMF inflows

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 $12.755 billion.

The official reserves of State Bank of Pakistan (SBP) also recorded an increase of $1.103 billion to $8.8 billion by week ended September 02, 2022 as compared with $7.697 billion a week ago.

During the week ended, SBP received US$ 1,166 million from IMF under EFF program. After accounting for external debt and other payments, SBP reserves increased by US$ 1,103 million to US$ 8,799.9 million.

The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $11.346 billion.

KARACHI: The Pakistani Rupee (PKR) weakened for the sixth straight day as the US dollar ended PKR 228.18 closing of interbank foreign exchange market on Friday.

The exchange rate recorded a decline of Rs2.76 in rupee value to end at Rs228.18 to the dollar from previous day’s closing of Rs225.42 in the interbank foreign exchange market.

READ MORE: Pakistani Rupee weakens; Dollar jumps to PKR 225.42 at interbank

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF). The local currency has recorded Rs9.58 against the foreign currency during the past six sessions. The local unit was at Rs218.60 to the dollar on September 01, 2022.

It is worth mentioning that Pakistan received $1.1 billion from the IMF under Extended Fund Facility (EFF) on August 31, 2022 following the executive board of the IMF approved the loan program on August 29, 2022.

READ MORE: Dollar strengthens to PKR 223.42 at interbank closing

Currency experts said that the rupee was under immense pressure due to high import payment demand and losses to the economy due to floods.

They said that high import payments by end of this quarter and corporate payments put pressure on the rupee value.

The rupee fell to the record low of Rs239.94 to the dollar on July 28, 2022.

READ MORE: Dollar continues upward journey; ends at PKR 221.42 in interbank

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 ends up to PKR 219.86 on September 05, 2022

The torrential rains and flash floods have inflicted a loss of $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.