KARACHI: The US dollar surged against Pakistani Rupee (PKR) to Rs220.66 on Friday ahead of the executive board meeting of the International Monetary Fund (IMF).
(more…)Tag: Interbank Foreign Exchange Market
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Pakistani Rupee falls for 4th day; dollar climbs up to Rs219.14
KARACHI: Pakistani Rupee (PKR) fell for the fourth consecutive day against the US dollar on Thursday as interbank foreign exchange market ended at Rs219.14.
The rupee lost 76 paisas to end at Rs 217.14 to the dollar from previous day’s closing of Rs218.38 in the interbank foreign exchange market.
Currency experts said that the rupee was under immense pressure due to massive demand for import payments and rising oil prices in the international market.
READ MORE: Dollar gains for third day, ends at PKR 218.38
Besides, political noise was also rising due to cases filed against country’s biggest party chairman Imran Khan.
The rupee has witnessed decline during all four trading days of the ongoing week.
Currency experts said that shortage of dollar for import payment impacted the rupee value. Further decline in foreign exchange reserves also resulted a panic in the market.
They said that the government on August 20 withdrew the ban on import of luxury and non-essential items, which was imposed on May 18, 2022.
READ MORE: Dollar climbs up to PKR 217.66 at interbank closing
The government had imposed the ban in the wake of depleting foreign exchange reserves and falling value in the rupee against the dollar.
The government lifted the ban at a time when both the indicators deteriorated.
After the ban the rupee fell to historic low of Rs239.94 to the dollar on July 28, 2022.
Pakistan’s foreign exchange reserves have increased by $52 million by week ended August 12, 2022. The foreign exchange reserves of the country have recorded at $13.613 billion by week ended August 12, 2022 as compared with $13.561 billion a week ago i.e. August 05, 2022.
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 $13.615 billion.
READ MORE: Dollar jumps to PKR 216.66 amid political crisis
The official foreign exchange reserves of the State Bank witnessed an increase of $67 million to $7.897 billion by week ended August 12, 2022 as compared with $7.83 billion a week ago.
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 declined by $12.249 billion.
Previously, the rupee made gain on reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market. Further decline in international oil prices also helped the rupee to make gain.
READ MORE: Rupee gains 30 paisas to dollar at closing on August 19, 2022
Besides, the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
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Dollar gains for third day, ends at PKR 218.38
KARACHI: The US dollar continued to make gain against the Pakistani Rupee (PKR) for third consecutive day on Wednesday and ended at Rs218.38 in interbank foreign exchange market.
The exchange rate recorded 72 paisas decline in rupee value to end at Rs218.38 from previous day’s closing of Rs217.66 in the interbank foreign exchange market.
READ MORE: Dollar climbs up to PKR 217.66 at interbank closing
The rupee has witnessed decline during all three trading days of the ongoing week.
Currency experts said that shortage of dollar for import payment impacted the rupee value. Further decline in foreign exchange reserves also resulted a panic in the market.
They said that the government on August 20 withdrew the ban on import of luxury and non-essential items, which was imposed on May 18, 2022.
The government had imposed the ban in the wake of depleting foreign exchange reserves and falling value in the rupee against the dollar.
READ MORE: Dollar jumps to PKR 216.66 amid political crisis
The government lifted the ban at a time when both the indicators deteriorated.
After the ban the rupee fell to historic low of Rs239.94 to the dollar on July 28, 2022.
Pakistan’s foreign exchange reserves have increased by $52 million by week ended August 12, 2022. The foreign exchange reserves of the country have recorded at $13.613 billion by week ended August 12, 2022 as compared with $13.561 billion a week ago i.e. August 05, 2022.
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 $13.615 billion.
READ MORE: Rupee gains 30 paisas to dollar at closing on August 19, 2022
The official foreign exchange reserves of the State Bank witnessed an increase of $67 million to $7.897 billion by week ended August 12, 2022 as compared with $7.83 billion a week ago.
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 declined by $12.249 billion.
Previously, the rupee made gain on reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market. Further decline in international oil prices also helped the rupee to make gain.
Besides, the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
READ MORE: Pakistani Rupee eases against dollar; Interbank ends at Rs214.88
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Dollar climbs up to PKR 217.66 at interbank closing
KARACHI: The US dollar rose for the second straight day against the Pakistani Rupee (PKR) on Tuesday and ended at Rs217.66 at interbank foreign exchange market.
The exchange rate recorded a decline of one rupee to end at Rs217.66 to the dollar from previous day’s closing of Rs216.66 in the interbank foreign exchange market.
READ MORE: Dollar jumps to PKR 216.66 amid political crisis
It was second straight day of the week when the dollar made gain against the local currency.
Currency experts said that ongoing political crisis pressured the demand for the greenback during the day.
A day earlier, the government lodged an FIR against PTI chairman Imran Khan for threatening institutions. Further unconfirmed report suggested that the government attempted to arrest the former prime minister, which aggravated the security situation in the country.
READ MORE: Rupee gains 30 paisas to dollar at closing on August 19, 2022
The currency experts said that besides, falling foreign exchange reserves and higher demand for import payments also resulted in devaluation of rupee value.
The rupee recorded all-time low of Rs239.94 against the dollar on July 28, 2022.
Previously, the rupee made gain on reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market. Further decline in international oil prices also helped the rupee to make gain.
Besides, the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
READ MORE: Pakistani Rupee eases against dollar; Interbank ends at Rs214.88
Pakistan’s foreign exchange reserves have increased by $52 million by week ended August 12, 2022. The foreign exchange reserves of the country have recorded at $13.613 billion by week ended August 12, 2022 as compared with $13.561 billion a week ago i.e. August 05, 2022.
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 $13.615 billion.
READ MORE: Dollar ends losing streak against Pakistani Rupee; closes at Rs214.88
The official foreign exchange reserves of the State Bank witnessed an increase of $67 million to $7.897 billion by week ended August 12, 2022 as compared with $7.83 billion a week ago.
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 declined by $12.249 billion.
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Dollar jumps to PKR 216.66 amid political crisis
KARACHI: The US dollar gained sharply against Pakistani Rupee (PKR) on Monday at ended at Rs216.66 in interbank foreign exchange market.
The exchange rate witnessed a decline of Rs2.01 in rupee to end at Rs216.66 to the dollar from last Friday’s closing of Rs214.65 in the interbank foreign exchange market.
READ MORE: Rupee gains 30 paisas to dollar at closing on August 19, 2022
Currency experts said that ongoing political crisis pressured the demand for the greenback during the day.
A day earlier, the government lodged an FIR against PTI chairman Imran Khan for threatening institutions. Further unconfirmed report suggested that the government attempted to arrest the former prime minister, which aggravated the security situation in the country.
The currency experts said that besides, falling foreign exchange reserves and higher demand for import payments also resulted in devaluation of rupee value.
READ MORE: Pakistani Rupee eases against dollar; Interbank ends at Rs214.88
The rupee recorded all-time low of Rs239.94 against the dollar on July 28, 2022.
Previously, the rupee made gain on reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market. Further decline in international oil prices also helped the rupee to make gain.
Besides, the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
Pakistan’s foreign exchange reserves have increased by $52 million by week ended August 12, 2022. The foreign exchange reserves of the country have recorded at $13.613 billion by week ended August 12, 2022 as compared with $13.561 billion a week ago i.e. August 05, 2022.
READ MORE: Dollar ends losing streak against Pakistani Rupee; closes at Rs214.88
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 $13.615 billion.
The official foreign exchange reserves of the State Bank witnessed an increase of $67 million to $7.897 billion by week ended August 12, 2022 as compared with $7.83 billion a week ago.
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 declined by $12.249 billion.
READ MORE: Dollar slides for 11th day against Pakistani rupee on August 16, 2022
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Rupee gains 30 paisas to dollar at closing on August 19, 2022
The Pakistani Rupee (PKR) experienced a notable gain of 30 paisas against the US dollar on Friday, closing at Rs214.65 in the interbank foreign exchange market.
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Pakistani Rupee eases against dollar; Interbank ends at Rs214.88
KARACHI: Pakistan Rupee eased for second straight day against US dollar on Thursday owing to rising demand for import and corporate payments.
The exchange rate ended recorded a decline of seven paisas to end at Rs21.88 to the dollar from previous day’s closing of Rs214.95 in the interbank foreign exchange market.
READ MORE: Dollar ends losing streak against Pakistani Rupee; closes at Rs214.88
A day earlier, the dollar appreciated for first time since the rupee hit record low of Rs239.94 on July 28, 2022.
The local units gained about Rs25.04 or 10.85 per cent during past 11 trading days. The rupee is continuously making recovery against the green back since making a historic low of Rs239.94 to the dollar on July 28, 2022.
It is important to note that the rupee witnessed recent decline despite the fact that IMF had announced date for executive board meeting to review Pakistan tranche.
READ MORE: Dollar slides for 11th day against Pakistani rupee on August 16, 2022
Further, there are reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market. Further decline in international oil prices also helped the rupee to make gain.
Besides, they said that the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
Pakistan’s foreign exchange reserves have declined 43-month low at $13.56 billion by week ended August 05, 2022. The foreign exchange reserves of country fell by $648 million as those were $14.21 billion a week ago i.e. July 29, 2022.
Pakistan’s foreign exchange reserves were seen at $13.597 billion on January 2019. 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 $13.668 billion.
READ MORE: Dollar falls for ten straight days against Pakistani Rupee; ends at Rs213.98
However, the recent recovery in rupee value may be attributed to the efforts of the central bank.
The State Bank of Pakistan (SBP) initiated inspection against the exchange companies on August 01, 2022. On August 2, 2022, the SBP suspended the operations of four branches of two ECs (Galaxy Exchange Co and Al-Hameed International Money Exchange Co) for violation of SBP regulations.
The central bank also imposed monetary penalties on some ECs in the recent past. Besides, due to violations of SBP instructions, arrangements of 13 franchises have been terminated by six different ECs in the recent past.
The dealers said that after assurance from the International Monetary Fund (IMF) that Pakistan had met all the requirement for the disbursement of $1.2 billion tranche under Extended Fund Facility (EFF).
The currency experts said that the rupee was also supported by reduction in trade deficit during the first month of the current fiscal year.
READ MORE: Dollar plummets to Rs215.49 against Pakistani Rupee on August 12, 2022
The trade deficit narrowed by 18.33 per cent to $2.62 billion for the month of July 2022 as compared with the deficit of $3.23 billion in the same month of the last year.
The trade deficit was mainly contracted due to 12.8 per cent decline in import bill during the month under review. The import bill of the country was reduced to $4.86 billion in July 2022 as compared with $5.57 billion in the same month of the last year.
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Dollar ends losing streak against Pakistani Rupee; closes at Rs214.88
KARACHI: The US dollar on Wednesday ended 11-day losing streak against Pakistani Rupee (PKR) to close at Rs214.88 in interbank foreign exchange market.
The exchange rate witnessed a decline of 98 paisas in rupee value to close at Rs214.88 to the dollar from previous day’s closing of Rs231.90 in interbank foreign exchange market.
READ MORE: Dollar slides for 11th day against Pakistani rupee on August 16, 2022
This is the first gain in dollar value since the rupee hit record low of Rs239.94 on July 28, 2022.
The local units gained about Rs25.04 or 10.85 per cent during past 11 trading days. The rupee is continuously making recovery against the green back since making a historic low of Rs239.94 to the dollar on July 28, 2022.
Currency experts said that reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market. Further decline in international oil prices also helped the rupee to make gain.
Further, Pakistani authorities are confident about release of $1.2 billion tranche by the International Monetary Fund (IMF) in next few days.
READ MORE: Dollar falls for ten straight days against Pakistani Rupee; ends at Rs213.98
Besides, they said that the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
Pakistan’s foreign exchange reserves have declined 43-month low at $13.56 billion by week ended August 05, 2022. The foreign exchange reserves of country fell by $648 million as those were $14.21 billion a week ago i.e. July 29, 2022.
Pakistan’s foreign exchange reserves were seen at $13.597 billion on January 2019. 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 $13.668 billion.
However, the recent recovery in rupee value may be attributed to the efforts of the central bank.
READ MORE: Dollar plummets to Rs215.49 against Pakistani Rupee on August 12, 2022
The State Bank of Pakistan (SBP) initiated inspection against the exchange companies on August 01, 2022. On August 2, 2022, the SBP suspended the operations of four branches of two ECs (Galaxy Exchange Co and Al-Hameed International Money Exchange Co) for violation of SBP regulations.
The central bank also imposed monetary penalties on some ECs in the recent past. Besides, due to violations of SBP instructions, arrangements of 13 franchises have been terminated by six different ECs in the recent past.
The dealers said that after assurance from the International Monetary Fund (IMF) that Pakistan had met all the requirement for the disbursement of $1.2 billion tranche under Extended Fund Facility (EFF).
The currency experts said that the rupee was also supported by reduction in trade deficit during the first month of the current fiscal year.
READ MORE: Dollar continues to fall against PKR; ends at Rs218.88
The trade deficit narrowed by 18.33 per cent to $2.62 billion for the month of July 2022 as compared with the deficit of $3.23 billion in the same month of the last year.
The trade deficit was mainly contracted due to 12.8 per cent decline in import bill during the month under review. The import bill of the country was reduced to $4.86 billion in July 2022 as compared with $5.57 billion in the same month of the last year.
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Dollar slides for 11th day against Pakistani rupee on August 16, 2022
KARACHI: Pakistani rupee (PKR) continued to make gain against the dollar for 11 consecutive days on Tuesday as exchange rate ended at Rs213.90 in interbank foreign exchange market.
The exchange rate recorded a gain of eight paisas in rupee value to end at Rs213.90 to the dollar from previous day’s closing of Rs213.98 in the interbank foreign exchange market.
READ MORE: Dollar falls for ten straight days against Pakistani Rupee; ends at Rs213.98
The local units gained about Rs25.04 or 10.85 per cent during past 11 trading days. The rupee is continuously making recovery against the green back since making a historic low of Rs239.94 to the dollar on July 28, 2022.
Currency experts said that reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market. Further decline in international oil prices also helped the rupee to make gain.
Further, Pakistani authorities are confident about release of $1.2 billion tranche by the International Monetary Fund (IMF) in next few days.
Besides, they said that the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
READ MORE: Dollar plummets to Rs215.49 against Pakistani Rupee on August 12, 2022
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
Pakistan’s foreign exchange reserves have declined 43-month low at $13.56 billion by week ended August 05, 2022. The foreign exchange reserves of country fell by $648 million as those were $14.21 billion a week ago i.e. July 29, 2022.
Pakistan’s foreign exchange reserves were seen at $13.597 billion on January 2019. 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 $13.668 billion.
However, the recent recovery in rupee value may be attributed to the efforts of the central bank.
READ MORE: Dollar continues to fall against PKR; ends at Rs218.88
The State Bank of Pakistan (SBP) initiated inspection against the exchange companies on August 01, 2022. On August 2, 2022, the SBP suspended the operations of four branches of two ECs (Galaxy Exchange Co and Al-Hameed International Money Exchange Co) for violation of SBP regulations.
The central bank also imposed monetary penalties on some ECs in the recent past. Besides, due to violations of SBP instructions, arrangements of 13 franchises have been terminated by six different ECs in the recent past.
The dealers said that after assurance from the International Monetary Fund (IMF) that Pakistan had met all the requirement for the disbursement of $1.2 billion tranche under Extended Fund Facility (EFF).
The currency experts said that the rupee was also supported by reduction in trade deficit during the first month of the current fiscal year.
READ MORE: Rupee jumps to Rs221.91 against dollar
The trade deficit narrowed by 18.33 per cent to $2.62 billion for the month of July 2022 as compared with the deficit of $3.23 billion in the same month of the last year.
The trade deficit was mainly contracted due to 12.8 per cent decline in import bill during the month under review. The import bill of the country was reduced to $4.86 billion in July 2022 as compared with $5.57 billion in the same month of the last year.
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Dollar falls for ten straight days against Pakistani Rupee; ends at Rs213.98
KARACHI: The US dollar continued to fall against the Pakistani Rupee (PKR) for ten straight trading days on Monday to end at Rs213.98 in the interbank foreign exchange market.
The exchange rate recorded a gain of Rs1.51 to end at Rs213.98 against the dollar from last Friday’s closing of Rs215.49 in the interbank foreign exchange market.
READ MORE: Dollar plummets to Rs215.49 against Pakistani Rupee on August 12, 2022
The local units gained about Rs25.96 or 10.82 per cent during past nine trading days. The rupee is continuously making recovery against the green back since making a historic low of Rs239.94 to the dollar on July 28, 2022.
Currency experts said that reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market.
Further, Pakistani authorities are confident about release of $1.2 billion tranche by the International Monetary Fund (IMF) in next few days.
READ MORE: Dollar continues to fall against PKR; ends at Rs218.88
Besides, they said that the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
Pakistan’s foreign exchange reserves have declined 43-month low at $13.56 billion by week ended August 05, 2022. The foreign exchange reserves of country fell by $648 million as those were $14.21 billion a week ago i.e. July 29, 2022.
READ MORE: Rupee jumps to Rs221.91 against dollar
Pakistan’s foreign exchange reserves were seen at $13.597 billion on January 2019. 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 $13.668 billion.
However, the recent recovery in rupee value may be attributed to the efforts of the central bank.
The State Bank of Pakistan (SBP) initiated inspection against the exchange companies on August 01, 2022. On August 2, 2022, the SBP suspended the operations of four branches of two ECs (Galaxy Exchange Co and Al-Hameed International Money Exchange Co) for violation of SBP regulations.
The central bank also imposed monetary penalties on some ECs in the recent past. Besides, due to violations of SBP instructions, arrangements of 13 franchises have been terminated by six different ECs in the recent past.
READ MORE: Pakistani rupee extends gain to dollar for sixth session
The dealers said that after assurance from the International Monetary Fund (IMF) that Pakistan had met all the requirement for the disbursement of $1.2 billion tranche under Extended Fund Facility (EFF).
The currency experts said that the rupee was also supported by reduction in trade deficit during the first month of the current fiscal year.
The trade deficit narrowed by 18.33 per cent to $2.62 billion for the month of July 2022 as compared with the deficit of $3.23 billion in the same month of the last year.
READ MORE: Dollar plunges to Rs226.15 at interbank closing on August 4, 2022
The trade deficit was mainly contracted due to 12.8 per cent decline in import bill during the month under review. The import bill of the country was reduced to $4.86 billion in July 2022 as compared with $5.57 billion in the same month of the last year.