Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar ended near Rs208 as the Pakistan Rupee (PKR) continued depreciation on Wednesday in interbank foreign exchange market.

The exchange rate recorded a decline of Rs1.05 in rupee value to end at Rs207.99 to the dollar from previous day’s closing of Rs206.94 in the interbank foreign exchange market.

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

The local currency fell for the second straight day after making a recovery on the first trading day i.e. July 04, 2022.

The rupee recorded an all-time low Rs211.93 to the dollar on June 22, 2022.

Currency experts said that market witnessed advance demand for dollars due to long holidays ahead. The government has announced July 8 to July 12 as Eid holidays.

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

The local currency ended the fiscal year 2021/2022 with a massive decline of 30 per cent against the dollar. The exchange rate witnessed a decline of Rs47.31 or 30 per cent from Rs157.54 on the start of July 01, 2021 to the closing of Rs204.85 on June 30, 2022.

During the year the currency was under pressure due to higher economic demand, political instability and severe balance of payment crisis.

READ MORE: Dollar gains 25 paisas to PKR on forex reserves decline

The rupee is making recovery after the country received $2.3 billion from Chinese banks. Furthermore, reports of finalization of agreement between Pakistan and IMF also supported the rupee. The country is expecting an inflow of around $1.9 billion from the IMF.

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

READ MORE: Dollar retreats to Rs207.23 at interbank closing

The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

In addition to that the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.

READ MORE: Rupee slips to new low at Rs211.93 against dollar

KARACHI: The Pakistan Rupee (PKR) fell sharply by Rs2.38 to Rs206.94 against the US dollar on Tuesday owing to long holidays ahead for Eid ul Adha.

The exchange rate witnessed a decline of Rs2.38 in rupee value to end at Rs206.94 against the dollar as compared with previous day’s closing of Rs204.56 in the interbank foreign exchange market.

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

Currency experts said that higher demand was seen due to long holidays on the occasion of Eid ul Adha. The government has announced July 8 to July 12 as Eid holidays.

The rupee during the fiscal year 2021/2022 remained under pressure and lost value sharply. The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

READ MORE: Dollar gains 25 paisas to PKR on forex reserves decline

The local currency ended the fiscal year 2021/2022 with a massive decline of 30 per cent against the dollar, according to data made available to PkRevenue.com on Thursday.

The exchange rate witnessed a decline of Rs47.31 or 30 per cent from Rs157.54 on the start of July 01, 2021 to the closing of Rs204.85 on June 30, 2022.

During the year the currency was under pressure due to higher economic demand, political instability and severe balance of payment crisis.

The rupee is making recovery after the country received $2.3 billion from Chinese banks. Furthermore, reports of finalization of agreement between Pakistan and IMF also supported the rupee. The country is expecting an inflow of around $1.9 billion from the IMF.

READ MORE: Dollar retreats to Rs207.23 at interbank closing

These inflows would help the State Bank of Pakistan (SBP) to improve its foreign exchange reserves. The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

READ MORE: Rupee slips to new low at Rs211.93 against dollar

The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

In addition to that the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.

KARACHI: The Pakistan Rupee (PKR) started FY23 (fiscal year 2022/2023) with a recovery of 29 paisas against the dollar on Monday.

The exchange rate witnessed a recovery of 29 paisas in rupee value to end at Rs204.56 to the dollar from last closing of Rs204.85 on June 30, 2022 in the interbank foreign exchange market.

READ MORE: Rupee plunges 30% to dollar in fiscal year 2021-2022

The foreign exchange market was opened after bank holiday and weekly holidays.

The local currency ended the fiscal year 2021/2022 with a massive decline of 30 per cent against the dollar, according to data made available to PkRevenue.com on Thursday.

The exchange rate witnessed a decline of Rs47.31 or 30 per cent from Rs157.54 on the start of July 01, 2021 to the closing of Rs204.85 on June 30, 2022.

During the year the currency was under pressure due to higher economic demand, political instability and severe balance of payment crisis.

READ MORE: Dollar slips to end at Rs205.12 in interbank

The rupee is making recovery after the country received $2.3 billion from Chinese banks. Furthermore, reports of finalization of agreement between Pakistan and IMF also supported the rupee. The country is expecting an inflow of around $1.9 billion from the IMF.

These inflows would help the State Bank of Pakistan (SBP) to improve its foreign exchange reserves. The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

READ MORE: Rupee recovers sharply on expected IMF inflows

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

In addition to that the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.

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

KARACHI: The Pak Rupee (PKR) has recorded a massive decline of 30 per cent against the dollar during fiscal year 2021/2022, according to data made available to PkRevenue.com on Thursday.

The exchange rate witnessed a decline of Rs47.31 or 30 per cent from Rs157.54 on the start of July 01, 2021 to the closing of Rs204.85 on June 30, 2022.

READ MORE: Dollar slips to end at Rs205.12 in interbank

During the year the currency was under pressure due to higher economic demand, political instability and severe balance of payment crisis.

On Thursday the exchange rate witnessed an appreciation of 27 paisas to end at Rs204.85 against the dollar from previous day close of Rs205.12 in the interbank foreign exchange market. The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

The rupee has been recovering during the last two days after the country received $2.3 billion from Chinese banks. Furthermore, reports of finalization of agreement between Pakistan and IMF also supported the rupee. The country is expecting an inflow of around $1.9 billion from the IMF.

READ MORE: Rupee recovers sharply on expected IMF inflows

These inflows would help the State Bank of Pakistan (SBP) to improve its foreign exchange reserves. The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

The official foreign exchange reserves of State Bank of Pakistan (SBP) have decreased around 32-month low to $8.238 billion by the week ended June 17, 2022. The official reserves of the central bank fell by $747 million to $8.238 billion by week ended June 17, 2022 as compared with $8.985 billion by week ended June 10, 2022.

Previously, the foreign exchange reserves of the SBP were seen on November 01, 2019 when they were at $8.358 billion.

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

Considering the current official reserves of the State Bank at $8.238 billion, the import cover is only for 1.21 months.

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 touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.91 billion by the week ended June 17, 2022 from touching the peak on August 27, 2021.

The total foreign exchange reserves of Pakistan have declined to around three-year low at $14.21 billion by the week ended June 17, 2022. Previously, the foreign exchange reserves of the country were seen at $14.259 billion by the week ended July 5, 2019. The country’s foreign exchange reserves have fallen by $733 million to $14.21 billion by week ended June 17, 2022 as compared with $14.943 billion a week ago i.e. June 10, 2022.

READ MORE: Dollar gains 25 paisas to PKR on forex reserves decline

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 $13.018 billion.

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

In addition to that the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.

KARACHI: The Pakistan Rupee (PKR) made sharp recovery of Rs1.07 against the dollar on Tuesday amid expectation of $2 billion inflows from the International Monetary Fund (IMF).

The exchange rate ended at Rs206.87 to the dollar from previous day’s closing of Rs207.94 in the interbank foreign exchange market.

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

Prime Minister Shehbaz Sharif earlier in the day said that a significant amount was expected from the IMF.

“Miftah Ismail [the finance minister] sent a message this morning saying that Pakistan will receive not $1 billion but $2 billion from the IMF. I told him in response, Alhamdulillah, but our ultimate goal is self-reliance,” the prime minister said.

The prime minister announced shortly after Ismail confirmed Pakistan had received the Memorandum of Economic and Financial Policies (MEFP) from the IMF for the seventh and eighth reviews.

The rupee was remained under pressure due to high import payments and falling foreign exchange reserves. Recently, Pakistan received about $2.3 billion from China.

The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

READ MORE: Dollar gains 25 paisas to PKR on forex reserves decline

The official foreign exchange reserves of State Bank of Pakistan (SBP) have decreased around 32-month low at $8.238 billion by week ended June 17, 2022. The official reserves of the central bank fell by $747 million to $8.238 billion by week ended June 17, 2022 as compared with $8.985 billion by week ended June 10, 2022.

Previously, the foreign exchange reserves of the SBP were seen on November 01, 2019 when those were at $8.358 billion.

Considering the current official reserves of the State Bank at $8.238 billion, the import cover is only for 1.21 months.

The central bank attributed the decline in foreign exchange reserves for external debt repayments. However, SBP reserves are expected to increase in coming days on realization of proceeds of China Development Bank (CDB) loan.

READ MORE: Dollar retreats to Rs207.23 at interbank closing

The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.91 billion by week ended June 17, 2022 from touching the peak on August 27, 2021.

The total foreign exchange reserves of Pakistan have declined to around three-year low at $14.21 billion by week ended June 17, 2022. Previously, the foreign exchange reserves of the country were seen at $14.259 billion by week ended July 5, 2019. The country’s foreign exchange reserves have fallen by $733 million to $14.21 billion by week ended June 17, 2022 as compared with $14.943 billion a week ago i.e. June 10, 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 $13.018 billion.

READ MORE: Rupee slips to new low at Rs211.93 against dollar

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

Recently the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.

KARACHI: The Pakistan Rupee (PKR) fell 46 paisas against the US dollar on Monday despite inflows received from China.

The exchange rate recorded a decline of 46 paisas to end at Rs207.94 to the dollar from last Friday’s closing of Rs207.48 in the interbank foreign exchange market.

READ MORE: Dollar gains 25 paisas to PKR on forex reserves decline

Currency experts said that the rupee was remained under pressure due to higher dollar demand for import payments. They said that despite inflows from China the local currency failed to make recovery.

The country received about $2.3 billion from China about two days ago.

The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

The official foreign exchange reserves of State Bank of Pakistan (SBP) have decreased around 32-month low at $8.238 billion by week ended June 17, 2022. The official reserves of the central bank fell by $747 million to $8.238 billion by week ended June 17, 2022 as compared with $8.985 billion by week ended June 10, 2022.

READ MORE: Dollar retreats to Rs207.23 at interbank closing

Previously, the foreign exchange reserves of the SBP were seen on November 01, 2019 when those were at $8.358 billion.

Considering the current official reserves of the State Bank at $8.238 billion, the import cover is only for 1.21 months.

The central bank attributed the decline in foreign exchange reserves for external debt repayments. However, SBP reserves are expected to increase in coming days on realization of proceeds of China Development Bank (CDB) loan.

The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.91 billion by week ended June 17, 2022 from touching the peak on August 27, 2021.

The total foreign exchange reserves of Pakistan have declined to around three-year low at $14.21 billion by week ended June 17, 2022. Previously, the foreign exchange reserves of the country were seen at $14.259 billion by week ended July 5, 2019. The country’s foreign exchange reserves have fallen by $733 million to $14.21 billion by week ended June 17, 2022 as compared with $14.943 billion a week ago i.e. June 10, 2022.

READ MORE: Rupee slips to new low at Rs211.93 against 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 $13.018 billion.

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

Recently the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.

READ MORE: Free-fall in rupee continues; dollar peaks at Rs211.48

KARACHI: The US dollar retreated against the Pakistan Rupee (PKR) on Thursday after the country entered in a deal of $2.3 billion, which is likely to be transferred in a day.

The rupee gained Rs4.70 to end at Rs207.23 to the dollar from previous day’s closing at Rs211.93 in interbank foreign exchange market.

The rupee made the latest record low of Rs211.93 on June 22, 2022.

READ MORE: Rupee slips to new low at Rs211.93 against dollar

Currency experts said that Pakistan would get an amount of $2.3 billion as the country and Chinese consortium banks finalized an agreement in this regard.

Besides, the market also responded positively to expected deal between Pakistan and the IMF as the government authorities had agreed to many tough conditions, including revision of the federal budget targets.

They said that the foreign exchange reserves had declined to critically low, which created panic in the market. Besides, high oil prices and rise in commodity prices globally also pushed dollar demand for import payments.

READ MORE: Free-fall in rupee continues; dollar peaks at Rs211.48

According to data released by the State Bank of Pakistan (SBP) a day earlier, the official reserves of the central bank had declined to provide about one month import cover.

The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $241 million to $8.985 billion by week ended June 10, 2022 as compared with $9.226 billion a week ago i.e. June 03, 2022.

The present level of the SBP’s reserves showed that the central bank has import cover for around only one months.

Pakistan’s import bill for the month of May 2022 recorded at $6.777 billion, according to Pakistan Bureau of Statistics (PBS).

The latest foreign exchange reserves of the SBP showed it fell around 2½ years low. Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.

READ MORE: Dollar hits historic high against rupee, ends near Rs210

The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021.

Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.16 billion by week ended June 10, 2022 from touching the peak on August 27, 2021.

The country is facing serious balance of payment crisis during the past many months. The foreign exchange reserves of the central bank have seen a constant decline.

READ MORE: Rupee collapses to fresh low against dollar to Rs208.75

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

Recently the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.