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Tag: Interbank Foreign Exchange Market

  • Rupee ends to new low at Rs226.81 against dollar in interbank

    Rupee ends to new low at Rs226.81 against dollar in interbank

    KARACHI: The Pakistan Rupee (PKR) fell to a new historic low at Rs226.81 to the US dollar on Thursday due to scarcity of the greenback and further rise in political instability.

    The exchange rate recorded a decline of Rs1.89 in rupee value to end at Rs226.81 to the dollar from previous day’s closing of Rs224.92 in the interbank foreign exchange market.

    Currency dealers said that the importers were running pillars to post for dollars to make payments to their foreign suppliers.

    READ MORE: PKR plunges Rs227 to dollar at interbank midday trading

    They further said that the market remained uncertain due to political instability. The dealers said that the fall in foreign exchange reserves also fueled the uncertainty in the market.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by the week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 2022.

    The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.486 billion.

    READ MORE: Rupee hits fresh low Rs224.92 to dollar at interbank closing

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by the week ended June 30, 2022 as compared with $10.309 billion a week ago.

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by the week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.33 billion.

    READ MORE:

    READ MORE: Pakistani Rupee crashes to Rs222 against Dollar at closing on July 19, 2022

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring it to 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

  • PKR plunges Rs227 to dollar at interbank midday trading

    PKR plunges Rs227 to dollar at interbank midday trading

    KARACHI: The Pakistani Rupee (PKR) on Thursday plunged to a new low of Rs227 against the US dollar during midday trading at interbank foreign exchange market.

    The exchange rate recorded a decline of Rs2.08 in rupee value to trade at Rs227 against the dollar, which is all time low in midday trading from previous day’s closing of Rs224.92 in interbank foreign exchange market.

    READ MORE: Rupee hits fresh low Rs224.92 to dollar at interbank closing

    Currency experts said that the local unit was under pressure due to political instability.

    The experts also believed that the falling foreign exchange reserves also putting pressure on rupee stability.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 2022.

    READ MORE: Pakistani Rupee crashes to Rs222 against Dollar at closing on July 19, 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 $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    READ MORE: Rupee plummets record low at Rs215.20 to dollar

    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 $10.33 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: Fitch revises Pakistan’s outlook to negative

  • Rupee hits fresh low Rs224.92 to dollar at interbank closing

    Rupee hits fresh low Rs224.92 to dollar at interbank closing

    KARACHI: The free-fall continued in Pakistan Rupee (PKR) against the dollar on Wednesday as the local currency ended fresh low of Rs224.92 in the interbank foreign exchange market.

    The exchange rate recorded a decline of Rs2.93 to end at Rs224.92 to the dollar from last day’s closing of Rs221.99, the previous historic low of the rupee, in the interbank foreign exchange market.

    READ MORE: Pakistani Rupee crashes to Rs222 against Dollar at closing on July 19, 2022

    Currency experts said that the local unit was under pressure due to political instability.

    Furthermore, the Fitch rating agency has downgraded the Pakistan outlook to negative from positive.

    The experts also believed that the falling foreign exchange reserves also putting pressure on rupee stability.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 2022.

    READ MORE: Rupee plummets record low at Rs215.20 to dollar

    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 $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    READ MORE: Fitch revises Pakistan’s outlook to negative

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    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 $10.33 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: PKR slips to Rs210.95 against dollar despite IMF agreement

  • Pakistani Rupee crashes to Rs222 against Dollar at closing on July 19, 2022

    Pakistani Rupee crashes to Rs222 against Dollar at closing on July 19, 2022

    KARACHI: The Pakistani Rupee (PKR) crashed against the US dollar to make new historic low at around Rs222 on Tuesday at closing of interbank foreign exchange market.

    The exchange rate recorded a decline of Rs6.79 and ended at Rs221.99 to the dollar from previous day’s closing of Rs215.20 in the interbank foreign exchange market.

    READ MORE: Rupee plummets record low at Rs215.20 to dollar

    The rupee fell to the record low of Rs215.20 at interbank closing on July 18, 2022.

    Currency experts said that the local unit was under pressure due to political instability.

    Furthermore, the Fitch rating agency has downgraded the Pakistan outlook to negative from positive.

    READ MORE: Fitch revises Pakistan’s outlook to negative

    The experts also believed that the falling foreign exchange reserves also putting pressure on rupee stability.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 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 $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    READ MORE: PKR slips to Rs210.95 against dollar despite IMF agreement

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    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 $10.33 billion.

    READ MORE: Rupee recovers 30 paisas to dollar on IMF agreement

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

  • Dollar hits Rs220 to make new midday high in interbank

    Dollar hits Rs220 to make new midday high in interbank

    KARACHI: The US dollar made new record against the Pakistani Rupee to reach at Rs220 during midday trading in interbank foreign exchange market on Tuesday.

    The rupee has lost Rs4.8 so far during the day against the dollar. The exchange rate is at Rs220 to the dollar from previous day’s closing of Rs215.20.

    READ MORE: Rupee plummets record low at Rs215.20 to dollar

    The rupee fell to the record low of Rs215.20 at interbank closing on July 18, 2022.

    Currency experts said that the local unit was under pressure due to political instability.

    Furthermore, the Fitch rating agency has downgraded the Pakistan outlook to negative from positive.

    READ MORE: Fitch revises Pakistan’s outlook to negative

    The experts also believed that the falling foreign exchange reserves also putting pressure on rupee stability.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 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 $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    READ MORE: PKR slips to Rs210.95 against dollar despite IMF agreement

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    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 $10.33 billion.

    READ MORE: Rupee recovers 30 paisas to dollar on IMF agreement

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

  • Rupee plummets record low at Rs215.20 to dollar

    Rupee plummets record low at Rs215.20 to dollar

    KARACHI: The Pakistani Rupee (PKR) plunged to record low at Rs215.20 against the dollar on Monday in interbank foreign exchange market.

    The exchange rate ended with a loss of Rs4.25 in the rupee value to end at Rs215.20 to the dollar from last Friday’s closing of Rs210.95 in the interbank foreign exchange market, according to data released by the State Bank of Pakistan (SBP).

    Previously, the local currency hit the historic low at Rs211.92 on June 22, 2022.

    READ MORE: PKR slips to Rs210.95 against dollar despite IMF agreement

    Currency experts said that political uncertainty caused panic in the market. The PTI secured major seats in by-election of Punjab, which imbalanced the power in the center and the provincial level governments. Besides, the fall in foreign exchange reserves also causing rupee depreciation.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 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 $11.486 billion.

    READ MORE: Rupee recovers 30 paisas to dollar on IMF agreement

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    READ MORE: Rupee drops to Rs210.10 against dollar in interbank

    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 $10.33 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: Rupee recovers to dollar ahead Eid holidays

  • Dollar nears Rs215 in intraday interbank; hits historic high

    Dollar nears Rs215 in intraday interbank; hits historic high

    KARACHI: The US dollar is being traded at about Pakistan Rupee (PKR) Rs215 in intraday interbank foreign exchange market on Monday. The dollar has also made record high in intraday trading.

    During intraday trading the rupee lost Rs3.92 as the dollar is being traded at Rs214.87 from last Friday’s closing of Rs210.95 in the interbank foreign exchange market.

    READ MORE: PKR slips to Rs210.95 against dollar despite IMF agreement

    Currency experts said that political uncertainty caused panic in the market. The PTI secured major seats in by-election of Punjab, which imbalanced the power in the center and the provincial level governments.

    Besides, the fall in foreign exchange reserves also causing rupee depreciation.

    The rupee has recorded all-time low at Rs211.92 on June 22, 2022 closing in interbank foreign exchange market.

    READ MORE: Rupee recovers 30 paisas to dollar on IMF agreement

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 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 $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    READ MORE: Rupee drops to Rs210.10 against dollar in interbank

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    READ MORE: Rupee recovers to dollar ahead Eid holidays

    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 $10.33 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: Dollar ends near Rs208 in interbank; Rupee fall continues

  • PKR slips to Rs210.95 against dollar despite IMF agreement

    PKR slips to Rs210.95 against dollar despite IMF agreement

    KARACHI: Pakistani Rupee (PKR) slipped to Rs210.95 against the dollar on Friday despite an agreement signed by the country with the international Monetary Fund (IMF).

    The exchange rate recorded a decline of Rs1.15 in the rupee value to end at rs210.95 to the dollar from previous day’s closing of Rs209.80 in the interbank foreign exchange market.

    READ MORE: Rupee recovers 30 paisas to dollar on IMF agreement

    A day earlier, the IMF issued a statement regarding the signing of staff level agreement with Pakistan for release of next tranche subject to approval the IMF executive board.

    IMF staff and the Pakistani authorities have reached a staff level agreement on policies to complete the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF). The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the program to about $4.2 billion, the IMF said.

    The rupee has recorded all-time low at Rs211.92 on June 22, 2022.

    READ MORE: Rupee drops to Rs210.10 against dollar in interbank

    Currency experts said that falling foreign exchange reserves were also major reason for the rupee depreciation.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 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 $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    READ MORE: Rupee recovers to dollar ahead Eid holidays

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    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 $10.33 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: Dollar ends near Rs208 in interbank; Rupee fall continues

  • Rupee recovers 30 paisas to dollar on IMF agreement

    Rupee recovers 30 paisas to dollar on IMF agreement

    KARACHI: Pakistani Rupee (PKR) recovered 30 paisas against the dollar on Thursday after the country reached a Staff Level Agreement with the International Monetary Fund (IMF).

    The exchange rate recorded an appreciation of 30 paisas in rupee value to end at Rs209.80 to the dollar from previous day’s closing of Rs210.10 in the interbank foreign exchange market.

    READ MORE: Rupee drops to Rs210.10 against dollar in interbank

    Earlier today a statement issued by the IMF regarding the agreement. IMF staff and the Pakistani authorities have reached a staff level agreement on policies to complete the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF). The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the program to about $4.2 billion, the IMF said.

    Additionally, in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion.

    READ MORE: Rupee recovers to dollar ahead Eid holidays

    The rupee has recorded all-time low at Rs211.92 on June 22, 2022.

    Currency experts said that falling foreign exchange reserves were also major reason for the rupee depreciation.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 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 $11.486 billion.

    READ MORE: Dollar ends near Rs208 in interbank; Rupee fall continues

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    READ MORE: Rupee sharply falls Rs206.94 to dollar in interbank

    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 $10.33 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

  • Rupee drops to Rs210.10 against dollar in interbank

    Rupee drops to Rs210.10 against dollar in interbank

    KARACHI: The Pakistani Rupee (PKR) fell sharply by Rs2.19 to Rs210.10 against the US dollar in the interabnk foreign exchange market on Wednesday owing to high demand for import payments and uncertainty over IMF loan program.

    The exchange rate ended recorded a decline in rupee value of Rs2.19 to end at Rs210.10 to the dollar from previous closing of Rs207.91 on July 07, 2022, in the interbank foreign exchange market.

    READ MORE: Rupee recovers to dollar ahead Eid holidays

    The foreign exchange market was opened after five days long Eid holidays, which resulted in high dollar demand for import and corporate payments.

    Further, the uncertainty over IMF loan program has also created panic in the market.

    The rupee has recorded all-time low at Rs211.92 on June 22, 2022.

    Currency experts said that falling foreign exchange reserves were also major reason for the rupee depreciation.

    READ MORE: Dollar ends near Rs208 in interbank; Rupee fall continues

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 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 $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    READ MORE: Rupee sharply falls Rs206.94 to dollar in interbank

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    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 $10.33 billion.

    READ MORE: Rupee falls 46 paisas to dollar despite Chinese inflows

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value.

    However, the effort of the SBP failed to support the rupee value.