Tag: Interbank Foreign Exchange Market

KARACHI: The erosion in value of Pakistan Rupee (PKR) continued on Tuesday as dollar hit another high at Rs205.16 in interbank foreign exchange market.

The exchange rate recorded a decline of Rs1.30 in rupee value to close at Rs205.16 against dollar from previous day’s closing of Rs203.86, which is the previous record low of the rupee, in interbank foreign exchange market.

READ MORE: Pakistani rupee falls to historic low of Rs203.86 to dollar

Currency experts said that foreign payments kept pressure on rupee value during the day. Besides, massive fall in foreign exchange reserves also deteriorated the value of the local currency.

The official foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.

Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.

READ MORE: Rupee recovers to Rs201.52 to dollar in volatile trading

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 $10.92 billion by the week ended June 03, 2022 from touching the peak.

Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by the week ended June 03, 2022 as compared with $15.771 billion a week ago.

They said that usually import payments are high in the last month of a fiscal year, especially for oil imports.

It is pertinent to mention that the government had twice increased the prices of petroleum products since May 26, 2022 in order to satisfy the International Monetary Fund (IMF) for the release of next tranche of about $1 billion.

READ MORE: Dollar hits record high at Rs202.83 in interbank

Although the since announcement of raising petroleum prices the rupee witnessed a recovery. However, the falling foreign exchange reserves of the central bank once again put pressure on the local unit.

The government on May 26, 2022 decided partially withdraw the subsidy to get the next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during the past five sessions.

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.

READ MORE: Dollar hits Rs200.06 as rupee falls sharply in interbank

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

KARACHI: The US dollar reached another historic high of Rs205.40 during midday interbank trading on Tuesday.

The rupee witnessed a decline of R1.54 from last day’s closing of Rs203.86, which was the record low of the local unit to the dollar in interbank foreign exchange market.

READ MORE: Pakistani rupee falls to historic low of Rs203.86 to dollar

The currency experts said that the sharp decline in foreign exchange reserves also put pressure on exchange rate.

The rupee hit all-time low at 202.83 against the dollar at interbank closing on June 7, 2022.

Currency experts said that the market remained volatile during the day. This is causing discomfort in the market. Shaking confidence of importers, exporter and foreign investor, according to the expert.

READ MORE: Dollar hits new peak at Rs204 during midday trading

The currency experts said that the rupee was under immense pressure due to import payment demand and falling foreign exchange reserves.

The official foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.

Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.

READ MORE: Rupee recovers to Rs201.52 to dollar in volatile trading

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 $10.92 billion by the week ended June 03, 2022 from touching the peak.

Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by the week ended June 03, 2022 as compared with $15.771 billion a week ago.

They said that usually import payments are high in the last month of a fiscal year, especially for oil imports.

READ MORE: Dollar hits record high at Rs202.83 in interbank

It is pertinent to mention that the government had twice increased the prices of petroleum products since May 26, 2022 in order to satisfy the International Monetary Fund (IMF) for the release of next tranche of about $1 billion.

Although the since announcement of raising petroleum prices the rupee witnessed a recovery. However, the falling foreign exchange reserves of the central bank once again put pressure on the local unit.

The government on May 26, 2022 decided partially withdraw the subsidy to get the next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during the past five sessions.

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 hits Rs200.06 as rupee falls sharply in interbank

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. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

KARACHI: Pakistani Rupee (PKR) fell to a historic low of Rs203.86 against the dollar at closing of interbank foreign exchange market on Monday.

The exchange rate witnessed a decline of Rs1.51 in rupee value to end at Rs203.86 against the dollar from last Friday’s closing of Rs202.35 in the interbank foreign exchange market.

The local currency previously witnessed the lowest level of Rs202.83 to the dollar on June 07, 2022.

Currency experts said that massive decline in foreign exchange reserves and high import payment demand kept the local unit under pressure.

READ MORE: Rupee falls to Rs202.35 against dollar ahead budget announcement

They said that the market remained volatile during the day. This is causing discomfort in the market. Shaking confidence of importers, exporter and foreign investor, according to the expert.

The official foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.

Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.

READ MORE: Rupee gains against dollar, ends at Rs200.77 in interbank

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 $10.92 billion by the week ended June 03, 2022 from touching the peak.

Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by the week ended June 03, 2022 as compared with $15.771 billion a week ago.

They said that usually import payments are high in the last month of a fiscal year, especially for oil imports.

READ MORE: Rupee recovers to Rs201.52 to dollar in volatile trading

It is pertinent to mention that the government had twice increased the prices of petroleum products since May 26, 2022 in order to satisfy the International Monetary Fund (IMF) for the release of next tranche of about $1 billion.

Although the since announcement of raising petroleum prices the rupee witnessed a recovery. However, the falling foreign exchange reserves of the central bank once again put pressure on the local unit.

The government on May 26, 2022 decided partially withdraw the subsidy to get the next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during the past five sessions.

READ MORE: Dollar hits record high at Rs202.83 in interbank

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. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

KARACHI: The US dollar reached to all-time high at Rs204.00 during midday trading in interbank foreign exchange market on Monday.

The Pakistan Rupee (PKR) witnessed deterioration early this morning due to first day of the week and immense pressure from payment side.

READ MORE: Rupee falls to Rs202.35 against dollar ahead budget announcement

The rupee closed Rs202.35 to the dollar on June 10, 2022 in interbank market. So far the dollar gained Rs1.65 during today’s trading.

The currency experts said that the sharp decline in foreign exchange reserves also put pressure on exchange rate.

READ MORE: Rupee gains against dollar, ends at Rs200.77 in interbank

The rupee hit all-time low at 202.83 against the dollar at interbank closing on June 7, 2022.

Currency experts said that the market remained volatile during the day. This is causing discomfort in the market. Shaking confidence of importers, exporter and foreign investor, according to the expert.

READ MORE: Rupee recovers to Rs201.52 to dollar in volatile trading

The currency experts said that the rupee was under immense pressure due to import payment demand and falling foreign exchange reserves.

The official foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.

READ MORE: Dollar hits record high at Rs202.83 in interbank

Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.

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 $10.92 billion by the week ended June 03, 2022 from touching the peak.

READ MORE: Dollar hits Rs200.06 as rupee falls sharply in interbank

Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by the week ended June 03, 2022 as compared with $15.771 billion a week ago.

They said that usually import payments are high in the last month of a fiscal year, especially for oil imports.

READ MORE: Dollar rebounds to Rs197.92; halts rupee’s gaining streak

It is pertinent to mention that the government had twice increased the prices of petroleum products since May 26, 2022 in order to satisfy the International Monetary Fund (IMF) for the release of next tranche of about $1 billion.

Although the since announcement of raising petroleum prices the rupee witnessed a recovery. However, the falling foreign exchange reserves of the central bank once again put pressure on the local unit.

The government on May 26, 2022 decided partially withdraw the subsidy to get the next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during the past five sessions.

READ MORE: Dollar weakens for 5th straight day; ends at Rs197.59

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. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

KARACHI: The US dollar made a new historic high at Rs202.83 against the Pakistani Rupee (PKR) at closing of interbank foreign exchange market on Tuesday.

The exchange rate witnessed a fall of in PKR of Rs2.77 against the dollar to end at Rs202.86 as compared with the previous day’s closing of Rs200.06 in the interbank foreign exchange market.

The rupee previously fell to the record low at Rs202.01 on May 26, 2022.

READ MORE: Dollar hits Rs200.06 as rupee falls sharply in interbank

Currency experts said that the rupee was under immense pressure due to import payment demand and falling foreign exchange reserves.

They said that usually import payment high in the last month of a fiscal year, especially for the oil imports.

It is pertinent to mention that the government had twice increased the prices of petroleum products since May 26, 2022 in order to satisfy the International Monetary Fund (IMF) for the release of next tranche of about $1 billion.

Although the since announcement of raising petroleum prices the rupee witnessed a recovery. However, the falling foreign exchange reserves of the central bank once again put pressure on the local unit.

READ MORE: Dollar rebounds to Rs197.92; halts rupee’s gaining streak

The foreign exchange reserves of the State Bank of Pakistan (SBP) fell two years low to $9.72 billion by week ended May 27, 2022. The SBP foreign exchange reserves were at $10.089 billion a week ago i.e. May 20, 2022. The central bank said that its reserves were decreased by $366 million to $ 9.723 billion due to external debt repayment. The SBP’s foreign exchange reserves were at $9.96 billion on June 19, 2020.

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 $10.423 billion by week ended May 27, 2022 from touching the peak on August 27, 2021. The official reserves of the SBP also reduced to payment for 1.46 months for import cover.

READ MORE: Dollar weakens for 5th straight day; ends at Rs197.59

Overall the foreign exchange reserves of the country declined by $379 million to $15.771 billion by week ended May 27, 2022 as compared with $16.150 billion a week ago. 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 $11.547 billion.

The dollar hit record high at Rs202.01 on May 26, 2022. However, with the decision of the government to partially withdraw the subsidy to get next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during past five sessions.

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: SBP’s forex reserves fall two-year low to $9.72 billion

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 to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

Pakistan’s import bill massively increased to $72.18 billion during first 11 months (July – May) 2021/2022 as compared with $50.03 billion in the same period of the last fiscal year, showing an increase of 44.28 per cent.

READ MORE: Dollar loses Rs4.14 in four sessions; falls to Rs197.87

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s energy bill was $17.03 billion during the first nine 10 months (July – April) 2021/2022 as compared with $8.69 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.

KARACHI: The Pakistani Rupee (PKR) fell sharply by Rs2.14 to the US dollar on Monday to close at Rs200.06 in the interbank foreign exchange market.

The exchange rate was at Rs197.92 to the dollar on last Friday June 03, 2022.

Currency analysts said that the rupee was under severe pressure due to significant decline in foreign exchange reserves.

READ MORE: Dollar rebounds to Rs197.92; halts rupee’s gaining streak

The rupee hit all-time low of Rs202.01 to the dollar on May 26, 2022. On the same day, the government decided to increase petroleum prices to pave way for IMF loan program. Following this decision the rupee made significant recovery to Rs197.59 on June 02, 2022.

However, the foreign exchange reserves of the State Bank of Pakistan (SBP) recorded massive decline as per data issued on June 02, 2022. The local currency again under pressure and started losing value.

The foreign exchange reserves of the State Bank of Pakistan (SBP) fell two years low to $9.72 billion by week ended May 27, 2022. The SBP foreign exchange reserves were at $10.089 billion a week ago i.e. May 20, 2022. The central bank said that its reserves were decreased by $366 million to $ 9.723 billion due to external debt repayment. The SBP’s foreign exchange reserves were at $9.96 billion on June 19, 2020.

READ MORE: Dollar weakens for 5th straight day; ends at Rs197.59

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 $10.423 billion by week ended May 27, 2022 from touching the peak on August 27, 2021. The official reserves of the SBP also reduced to payment for 1.46 months for import cover.

Overall the foreign exchange reserves of the country declined by $379 million to $15.771 billion by week ended May 27, 2022 as compared with $16.150 billion a week ago. 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 $11.547 billion.

READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion

The dollar hit record high at Rs202.01 on May 26, 2022. However, with the decision of the government to partially withdraw the subsidy to get next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during past five sessions.

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.

READ MORE: Dollar loses Rs4.14 in four sessions; falls to Rs197.87

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

Pakistan’s import bill massively increased to $72.18 billion during first 11 months (July – May) 2021/2022 as compared with $50.03 billion in the same period of the last fiscal year, showing an increase of 44.28 per cent.

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s energy bill was $17.03 billion during the first nine 10 months (July – April) 2021/2022 as compared with $8.69 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.

KARACHI: The Pakistani Rupee (PKR) plunged by Rs1.88 to the US dollar during midday trading at interbank foreign exchange market on Monday.

The rupee is at Rs199.80 to the dollar during midday trading as compared with last Friday’s closing of Rs197.92 in the interbank foreign exchange market.

READ MORE: Dollar rebounds to Rs197.92; halts rupee’s gaining streak

The rupee hit all-time low of Rs202.01 to the dollar on May 26, 2022. On the same day, the government decided to increase petroleum prices to pave way for IMF loan program. Following this decision the rupee made significant recovery to Rs197.59 on June 02, 2022.

However, the foreign exchange reserves of the State Bank of Pakistan (SBP) recorded massive decline as per data issued on June 02, 2022. The local currency again under pressure and started losing value.

The foreign exchange reserves of the State Bank of Pakistan (SBP) fell two years low to $9.72 billion by week ended May 27, 2022. The SBP foreign exchange reserves were at $10.089 billion a week ago i.e. May 20, 2022. The central bank said that its reserves were decreased by $366 million to $ 9.723 billion due to external debt repayment. The SBP’s foreign exchange reserves were at $9.96 billion on June 19, 2020.

READ MORE: Dollar weakens for 5th straight day; ends at Rs197.59

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 $10.423 billion by week ended May 27, 2022 from touching the peak on August 27, 2021. The official reserves of the SBP also reduced to payment for 1.46 months for import cover.

Overall the foreign exchange reserves of the country declined by $379 million to $15.771 billion by week ended May 27, 2022 as compared with $16.150 billion a week ago. 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 $11.547 billion.

READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion

The dollar hit record high at Rs202.01 on May 26, 2022. However, with the decision of the government to partially withdraw the subsidy to get next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during past five sessions.

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.

READ MORE: Dollar loses Rs4.14 in four sessions; falls to Rs197.87

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

Pakistan’s import bill massively increased to $72.18 billion during first 11 months (July – May) 2021/2022 as compared with $50.03 billion in the same period of the last fiscal year, showing an increase of 44.28 per cent.

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s energy bill was $17.03 billion during the first nine 10 months (July – April) 2021/2022 as compared with $8.69 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.