Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar reached to all time high at Rs193 during midday trading at interbank foreign exchange market on Friday.

The rupee lost Rs1.23 to the dollar and being traded at Rs193 from previous day’s closing of Rs191.77 in the interbank foreign exchange market.

Currency experts said that falling foreign exchange reserves and high import payments had escalated dollar demand.

READ MORE: Rupee crashes to record low at Rs190.02 against dollar

The rupee continued its free fall for the seventh consecutive day yesterday.

Pakistan is net importer of petroleum products to meet its domestic demand. The country’s import bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 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 country.

READ MORE: Rupee hits all-time low at Rs188.66 to dollar

The depleting foreign exchange reserves are also putting pressure on the local currency.

Pakistan total import bills recorded an increase of 49 per cent to $58.87 billion during the first nine months of the current fiscal year as compared with $39.49 billion in the corresponding period of the last fiscal year.

READ MORE: Dollar ends Rs187.53 at interbank market close

This resulted in huge widening in trade deficit of 70 per cent. The trade deficit of the country swelled to $35.39 billion during first nine months of the current fiscal year as compared with the deficit of $20.8 billion in the corresponding months of the last fiscal year.

READ MORE: Rupee fall continues; dollar hits new high at Rs191.77

KARACHI: The free-fall in Pakistan Rupee (PKR) continued on Thursday as the US dollar advanced to make a new high at Rs191.77 at close of interbank foreign exchange market.

The exchange rate witnessed a decline of Rs1.75 in Pak Rupee (PKR) to end at Rs191.77 from previous close of Rs190.02 in the interbank foreign exchange market.

READ MORE: Rupee crashes to record low at Rs190.02 against dollar

Currency experts said that falling foreign exchange reserves and high import payments were the main reasons behind rupee fall.

The rupee continued its free fall for the seventh consecutive day.

Pakistan is net importer of petroleum products to meet its domestic demand. The country’s import bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 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 country.

READ MORE: Rupee hits all-time low at Rs188.66 to dollar

The depleting foreign exchange reserves are also putting pressure on the local currency.

According to details released by the State Bank of Pakistan (SBP), the official reserves of the central bank fell by $328 million to $10.558 billion by the week ended April 23, 2022 as compared with $10.886 billion a week ago. The net foreign exchange reserves of the SBP also include $3 billion from Saudi Arabia, which was deposited with the central bank to support balance of payment.

The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.

READ MORE: Dollar ends Rs187.53 at interbank market close

Pakistan total import bills recorded an increase of 49 per cent to $58.87 billion during the first nine months of the current fiscal year as compared with $39.49 billion in the corresponding period of the last fiscal year.

This resulted in huge widening in trade deficit of 70 per cent. The trade deficit of the country swelled to $35.39 billion during first nine months of the current fiscal year as compared with the deficit of $20.8 billion in the corresponding months of the last fiscal year.

READ MORE: Rupee falls Rs187.50 to dollar at market open

KARACHI: The Pakistan Rupee (PKR) crashed to new record low at Rs191.50 to the dollar in midday trading of interbank foreign exchange market on Thursday.

The exchange rate witnessed a decline of Rs1.48 and is trading at Rs191.50 to the dollar from previous day’s closing of Rs190.02 in the interbank foreign exchange market.

Currency experts said that balance of payment crisis were impacting the rupee value. They said that high import payment and scheduled repayment of foreign debt had increased dollar demand.

READ MORE: Rupee crashes to record low at Rs190.02 against dollar

The rupee has fallen sharply during first three days of the current week.

Pakistan is net importer of petroleum products to meet its domestic demand. The country’s import bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 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 country.

READ MORE: Rupee hits all-time low at Rs188.66 to dollar

The depleting foreign exchange reserves are also putting pressure on the local currency.

According to details released by the State Bank of Pakistan (SBP), the official reserves of the central bank fell by $328 million to $10.558 billion by the week ended April 23, 2022 as compared with $10.886 billion a week ago. The net foreign exchange reserves of the SBP also include $3 billion from Saudi Arabia, which was deposited with the central bank to support balance of payment.

The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.

READ MORE: Dollar ends Rs187.53 at interbank market close

Pakistan total import bills recorded an increase of 49 per cent to $58.87 billion during the first nine months of the current fiscal year as compared with $39.49 billion in the corresponding period of the last fiscal year.

This resulted in huge widening in trade deficit of 70 per cent. The trade deficit of the country swelled to $35.39 billion during first nine months of the current fiscal year as compared with the deficit of $20.8 billion in the corresponding months of the last fiscal year.

READ MORE: Rupee falls Rs187.50 to dollar at market open

KARACHI: The Pakistan Rupee (PKR) crashed to new record low at Rs190.02 to the dollar in interbank foreign exchange market on Wednesday.

The exchange rate witnessed a decline of Rs1.36 to end at Rs190.02 to the dollar from previous day’s closing of Rs188.66 in the interbank foreign exchange market.

READ MORE: Rupee hits all-time low at Rs188.66 to dollar

Currency experts said that balance of payment crisis were impacting the rupee value.

They said that high import payment and scheduled repayment of foreign debt had increased dollar demand.

The rupee has fallen sharply during first three days of the current week.

READ MORE: Dollar ends Rs187.53 at interbank market close

Pakistan is net importer of petroleum products to meet its domestic demand. The country’s import bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 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 country.

The depleting foreign exchange reserves are also putting pressure on the local currency.

READ MORE: Rupee falls Rs187.50 to dollar at market open

According to details released by the State Bank of Pakistan (SBP), the official reserves of the central bank fell by $328 million to $10.558 billion by the week ended April 23, 2022 as compared with $10.886 billion a week ago. The net foreign exchange reserves of the SBP also include $3 billion from Saudi Arabia, which was deposited with the central bank to support balance of payment.

The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.

READ MORE: Rupee falls 94 paisas to dollar in post Eid holidays

Pakistan total import bills recorded an increase of 49 per cent to $58.87 billion during the first nine months of the current fiscal year as compared with $39.49 billion in the corresponding period of the last fiscal year.

This resulted in huge widening in trade deficit of 70 per cent. The trade deficit of the country swelled to $35.39 billion during first nine months of the current fiscal year as compared with the deficit of $20.8 billion in the corresponding months of the last fiscal year.

KARACHI: The Pakistan Rupee (PKR) fell to an all-time low against dollar on Tuesday as exchange rate ended at Rs188.66 at closing of interbank foreign exchange market.

The local currency fell by Rs1.13 to the dollar to hit the new record low as compared with the previous day’s closing of Rs187.53 in the interbank foreign exchange market.

READ MORE: Dollar ends Rs187.53 at interbank market close

Currency experts said that the local unit was continuously declining due to balance of payment crisis in the country.

They said that due to higher international oil and commodity prices the dollar demand has been seen in the market.

The rupee hit an all-time low at Rs188.18 on April 07, 2022.

Currency experts said that dollar demand was high at market open because of weekly holidays.

READ MORE: Rupee falls Rs187.50 to dollar at market open

Pakistan is net importer of petroleum products to meet its domestic demand. The country’s import bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 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 country.

The depleting foreign exchange reserves are also putting pressure on the local currency.

According to details released by the State Bank of Pakistan (SBP), the official reserves of the central bank fell by $328 million to $10.558 billion by the week ended April 23, 2022 as compared with $10.886 billion a week ago. The net foreign exchange reserves of the SBP also include $3 billion from Saudi Arabia, which was deposited with the central bank to support balance of payment.

READ MORE: Rupee falls 94 paisas to dollar in post Eid holidays

The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.

Pakistan total import bills recorded an increase of 49 per cent to $58.87 billion during the first nine months of the current fiscal year as compared with $39.49 billion in the corresponding period of the last fiscal year.

READ MORE: Dollar gains six paisas against PKR in interbank

This resulted in huge widening in trade deficit of 70 per cent. The trade deficit of the country swelled to $35.39 billion during first nine months of the current fiscal year as compared with the deficit of $20.8 billion in the corresponding months of the last fiscal year.

KARACHI: The Pakistan Rupee (PKR) fell 94 paisas against the dollar on Friday due to higher external payment demand as the market opened after long holidays.

The exchange rate ended at Rs186.63 to the dollar from previous closing on April 30, 2022 of Rs185.69 in the interbank foreign exchange market.

READ MORE: Dollar gains six paisas against PKR in interbank

Currency experts said that dollar demand remained high during the day because the market reopened after Eid holidays. The government announced the public holidays from May 02 to May 05, 2022 on account of Eid-ul-Fitr.

The experts said that the rupee was also under pressure after the prices of crude oil rebounded in the international markets. Brent futures rose $2.08, or 1.88 per cent, to $112.98per barrel by 0922 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $2.00, or 1.85 per cent, to $110.26 a barrel, according to Reuters.

READ MORE: Rupee gains 24 paisas to dollar in interbank

Pakistan is net importer of petroleum products to meet its domestic demand. The country’s import bill was $14.81 billion during first nine months (July – March) 2021/2022 as compared with $7.55 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 country.

The depleting foreign exchange reserves are also putting pressure on the local currency.

According to details released by the State Bank of Pakistan (SBP), the official reserves of the central bank fell by $328 million to $10.558 billion by week ended April 23, 2022 as compared with $10.886 billion a week ago. The net foreign exchange reserves of the SBP also include $3 billion from Saudi Arabia, which was deposited with the central bank to support balance of payment.

READ MORE: Dollar appreciates 42 paisas against PKR

The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.

Pakistan total import bills recorded an increase of 49 per cent to $58.87 billion during the first nine months of the current fiscal year as compared with $39.49 billion in the corresponding period of the last fiscal year.

READ MORE: Rupee recovers third straight day against dollar

This resulted in huge widening in trade deficit of 70 per cent. The trade deficit of the country swelled to $35.39 billion during first nine months of the current fiscal year as compared with the deficit of $20.8 billion in the corresponding months of the last fiscal year.

The higher foreign outflows caused payment imbalances. The current account deficit ballooned to $12.1 billion during July-February 2021/2022 when compared with a surplus of $994 million in the same period of the last fiscal year.

KARACHI: The US dollar gained six paisas against the Pakistan Rupee (PKR) on Saturday due to higher foreign currency demand on the last day before long holidays.

The exchange rate ended at Rs185.69 to the dollar from previous day’s closing of Rs185.63 in the interbank foreign exchange market.

READ MORE: Rupee gains 24 paisas to dollar in interbank

Currency experts said that the market had seen dollar demand for import and other external payments ahead holidays for Eid ul Fitr.

The government has announced holidays from May 02 to May 05, 2022 on account of Eid ul Fitr.

The rupee during the outgoing week made recovery owing to resumption of talks with the IMF.

The appreciation in rupee value to recent talks of Pakistan’s new finance minister with the management of the IMF regarding initiation of stalled loan program.

READ MORE: Dollar appreciates 42 paisas against PKR

Further, both the sides also agreed to remove unnecessary subsidy to ease burden on the government to spare funds for development projects.

The exchange rate is remained volatile during past one month due to uncertain political situation and massive decline in foreign exchange reserves.

READ MORE: Rupee recovers third straight day against dollar

The recent measures of the State Bank of Pakistan (SBP), including raising the key policy rate by 2.5 per cent, have failed to support the local currency.

Previously, the rupee made significant recovery for seven consecutive trading sessions after the central bank announced a sharp increase in key policy rate.

The SBP on April 07, 2022 announced 2.5 per cent increase in interest rate to enhance the key policy rate to 12.25 per cent from 9.75 per cent. The rupee was at all-time low PKR 188.18 to the dollar on the day of monetary policy announcement.

READ MORE: Rupee recovers 43 paisas to dollar in interbank