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Tag: Interbank Foreign Exchange Market

  • Rupee gains 24 paisas to dollar in interbank

    Rupee gains 24 paisas to dollar in interbank

    KARACHI: The Pakistan Rupee (PKR) gained 24 paisas against the dollar in interbank foreign exchange market on Friday owing to lackluster demand for import payments ahead of Eid holidays.

    The exchange rate ended Rs185.63 to the dollar from previous day’s closing of Rs185.87 in the interbank foreign exchange market.

    READ MORE: Dollar appreciates 42 paisas against PKR

    Currency experts said that importers were cautious in making new orders due to Eid Holidays which are from May 02 to May 05, 2022.

    The experts said that Eid related remittances also helped the rupee to make gain against the greenback. They said that overseas Pakistanis usually send additional amount to their loved ones for Eid related expenses.

    READ MORE: Rupee recovers third straight day against dollar

    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.

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

    READ MORE: Rupee recovers 43 paisas to dollar in interbank

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

    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.

    READ MORE: Rupee gains 70 paisas to dollar on IMF talks

    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.

  • Dollar appreciates 42 paisas against PKR

    Dollar appreciates 42 paisas against PKR

    KARACHI: Dollar made gain of 42 paisas against the Pakistan Rupee (PKR) on Thursday ending three days recovery streak of the local currency.

    The exchange rate ended at Rs185.87 to the dollar from previous day’s closing of Rs185.45 in the interbank foreign exchange market.

    READ MORE: Rupee recovers third straight day against dollar

    Currency dealers said that the local currency was under pressure due to upcoming holidays of Eid ul Fitr and importers placing advance demand for foreign payments.

    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: Rupee recovers 43 paisas to dollar in interbank

    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.

    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.

    READ MORE: Rupee gains 70 paisas to dollar on IMF talks

    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: Dollar rebounds to PKR 186.75 in interbank

  • Rupee recovers third straight day against dollar

    Rupee recovers third straight day against dollar

    KARACHI: Pakistan Rupee (PKR) has maintained recovery against the US dollar for third straight day on Wednesday following the positive outcome talks with the IMF.

    The rupee recovered 17 paisas to end at Rs185.45 to the dollar from previous day’s closing of Rs185.62 in the interbank foreign exchange market.

    READ MORE: Rupee recovers 43 paisas to dollar in interbank

    It was straight third day the rupee made recovery against the greenback. The local unit recovered Rs1.30 against the foreign currency during these days.

    Currency analysts attributed 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: Rupee gains 70 paisas to dollar on IMF talks

    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: Dollar rebounds to PKR 186.75 in interbank

    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.

    READ MORE: Rupee ends 4-day losing streak against dollar

    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.

  • Rupee recovers 43 paisas to dollar in interbank

    Rupee recovers 43 paisas to dollar in interbank

    KARACHI: The Pakistan Rupee (PKR) recovered another 43 paisas against the US dollar on Tuesday owing to expected inflows of funds from various avenues.

    The rupee ended Rs185.62 to the dollar from previous day’s closing of Rs186.05 in the interbank foreign exchange market.

    READ MORE: Rupee gains 70 paisas to dollar on IMF talks

    It was straight second day the rupee made recovery against the greenback. The local unit recovered 70 paisas against the foreign currency a day earlier.

    Currency analysts attributed 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 rebounds to PKR 186.75 in interbank

    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 ends 4-day losing streak 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: Dollar ends near PKR 187 in interbank market

  • Rupee gains 70 paisas to dollar on IMF talks

    Rupee gains 70 paisas to dollar on IMF talks

    KARACHI: The Pakistan Rupee (PKR) gained 70 paisas against the dollar on Monday owing to positive talks between the country and the International Monetary Fund (IMF) regarding continuation of loan program.

    The rupee ended Rs186.05 to the dollar from last Saturday’s closing (April 23, 2022) of Rs186.75 in the interbank foreign exchange market.

    READ MORE: Dollar rebounds to PKR 186.75 in interbank

    Currency analysts attributed 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.

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

    READ MORE: Rupee ends 4-day losing streak against dollar

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

    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.

    READ MORE: Dollar ends near PKR 187 in interbank market

    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 falls Rs4.37 to dollar in fresh wave

  • Dollar rebounds to PKR 186.75 in interbank

    Dollar rebounds to PKR 186.75 in interbank

    KARACHI: The US dollar rebounded against the Pakistan Rupee (PKR) on Saturday to reach 186.75 in the interbank foreign exchange market.

    The local unit lost five paisas against the dollar to end at Rs186.75 from previous day’s closing of Rs186.70 in the interbank foreign exchange market.

    READ MORE: Rupee ends 4-day losing streak against dollar

    Currency analysts said that advance dollar buying was seen due to weekly holiday next day.

    The analysts said that exchange rate was under immense pressure due to falling foreign exchange reserves and mounting dollar demand for import payments.

    Although the State Bank of Pakistan (SBP) recently took measures through enhancing policy rate aggressively but all in vain.

    READ MORE: Dollar ends near PKR 187 in interbank market

    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 falls Rs4.37 to dollar in fresh wave

    However, following the announcement the rupee rallied for seven straight days and recovered PKR 6.63 against the dollar.

    The appreciation in dollar value may be attributed to the further depletion in foreign exchange reserves of the county.

    Pakistan’s foreign exchange reserves hit a 22-month low after falling for nine consecutive weeks to $17.03 billion.

    However, Pakistan’s foreign exchange reserves inched up by $17 million to $17.045 billion by week ended April 16, 2022. The foreign exchange reserves of the country were at $17.028 billion a week ago.

    READ MORE: Dollar climbs up to Rs184.44 at interbank closing

    The official foreign exchange reserves of the State Bank also improved by $36 million to $10.886 billion by the week ended April 16, 2022 as compared with $10.85 billion a week ago.

    The foreign exchange held by commercial banks, however, fell by $19 to $6.157 billion by week ended April 16, 2022 as compared with $6.178 billion a week ago.

    Pakistan’s foreign exchange reserves have declined by around $10 billion in the past seven months owing to extreme pressure of dollar demand for import payments and external repayment of government debt.

    The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021.

  • Dollar ends near PKR 187 in interbank market

    Dollar ends near PKR 187 in interbank market

    KARACHI: The US dollar continued to make gain against the Pakistan Rupee (PKR) on Thursday and ended near PKR 187 in interbank foreign exchange market.

    The exchange rate witnessed a decline PKR 1.05 in rupee value to close at PKR 186.97 to the dollar from previous day’s closing of PKR 185.92 in interbank foreign exchange market.

    READ MORE: Rupee falls Rs4.37 to dollar in fresh wave

    The dollar continued to make gain for the last four trading sessions. The greenback stronger by PKR 5.42 since April 16, 2022 when the exchange rate was PKR 181.55.

    It is pertinent to mention that the local currency made this recovery after touching all-time low at PKR 188.18 on April 07, 2022.

    The fresh wave of rupee depreciation has been attributed to import and external debt payments.

    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.

    READ MORE: Dollar climbs up to Rs184.44 at interbank closing

    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.

    However, following the announcement the rupee rallied for seven straight days and recovered PKR 6.63 against the dollar.

    READ MORE: Dollar ends PKR recovery spree; closes at Rs182.54

    The appreciation in dollar value may be attributed to the further depletion in foreign exchange reserves of the county.

    Pakistan’s foreign exchange reserves hit a 22-month low after falling for nine consecutive weeks to $17.03 billion.

    According to data released by the State Bank of Pakistan (SBP), the foreign exchange reserves of the country fell by $449 million to $17.028 billion by week ended April 08, 2022 as compared with $17.477 billion a week ago.

    READ MORE: Dollar plummets against PKR for seven consecutive days

    The foreign exchange reserves were at $17.971 billion by week ended June 26, 2020.

    Pakistan’s foreign exchange reserves have declined by $10.23 billion in the past seven months owing to extreme pressure of dollar demand for import payments and external repayment of government debt.

  • Rupee falls Rs4.37 to dollar in fresh wave

    Rupee falls Rs4.37 to dollar in fresh wave

    KARACHI: The Pakistan Rupee (PKR) has lost Rs4.37 to the dollar during last three straight days on Wednesday.

    The rupee fell by Rs1.48 to the dollar on Wednesday to close at Rs185.92 as compared with previous day’s closing of Rs184.44 in the interbank foreign exchange market.

    READ MORE: Dollar climbs up to Rs184.44 at interbank closing

    The rupee lost around Rs4.37 against the dollar during past three trading sessions after making a sharp recovery to Rs181.55 on April 16, 2022. It is pertinent to mention that the local currency made this recovery after touching all-time low at Rs188.18 on April 07, 2022.

    The fresh wave of rupee depreciation has been attributed to import and external debt payments.

    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.

    READ MORE: Dollar ends PKR recovery spree; closes at Rs182.54

    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 Rs188.18 to the dollar on the day of monetary policy announcement.

    However, following the announcement the rupee rallied for seven straight days and recovered Rs6.63 against the dollar.

    The appreciation in dollar value may be attributed to the further depletion in foreign exchange reserves of the county.

    Pakistan’s foreign exchange reserves hit a 22-month low after falling for nine consecutive weeks to $17.03 billion.

    READ MORE: Dollar plummets against PKR for seven consecutive days

    According to data released by the State Bank of Pakistan (SBP), the foreign exchange reserves of the country fell by $449 million to $17.028 billion by week ended April 08, 2022 as compared with $17.477 billion a week ago.

    The foreign exchange reserves were at $17.971 billion by week ended June 26, 2020.

    Pakistan’s foreign exchange reserves have declined by $10.23 billion in the past seven months owing to extreme pressure of dollar demand for import payments and external repayment of government debt.

    READ MORE: Dollar retreats for 6th straight day; falls to Rs181.58

  • Dollar makes sharp midday gain to reach PKR 186

    Dollar makes sharp midday gain to reach PKR 186

    KARACHI: The US dollar made a sharp gain against the Pakistan Rupee (PKR) to reach Rs186 during midday trading at interbank foreign exchange market.

    The dollar gained around Rs1.56 to reach Rs186 during the midday trading against the last day’s closing of Rs184.44 in the interbank foreign exchange market.

    READ MORE: Dollar climbs up to Rs184.44 at interbank closing

    Currency analysts said that due to import and external debt payments the local currency was under severe pressure.

    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.

    The fresh wave of rupee depreciation may be attributed to higher demand of the foreign currency for external debt repayment.

    READ MORE: Dollar ends PKR recovery spree; closes at Rs182.54

    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 Rs188.18 to the dollar on the day of monetary policy announcement.

    However, following the announcement the rupee rallied for seven straight days and recovered Rs6.63 against the dollar.

    READ MORE: Dollar plummets against PKR for seven consecutive days

    The appreciation in dollar value may be attributed to the further depletion in foreign exchange reserves of the county.

    Pakistan’s foreign exchange reserves hit a 22-month low after falling for nine consecutive weeks to $17.03 billion.

    According to data released by the State Bank of Pakistan (SBP), the foreign exchange reserves of the country fell by $449 million to $17.028 billion by week ended April 08, 2022 as compared with $17.477 billion a week ago.

    READ MORE: Dollar retreats for 6th straight day; falls to Rs181.58

    The foreign exchange reserves were at $17.971 billion by week ended June 26, 2020.

    Pakistan’s foreign exchange reserves have declined by $10.23 billion in the past seven months owing to extreme pressure of dollar demand for import payments and external repayment of government debt.

    The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021.

    READ MORE: Rupee up 13 paisas to continue recovery against dollar

  • Dollar climbs up to Rs184.44 at interbank closing

    Dollar climbs up to Rs184.44 at interbank closing

    KARACHI: The Pakistan Rupee (PKR) fell sharply against the dollar on Tuesday and ended at Rs184.44 in the interbank foreign exchange market.

    The local currency fell by Rs1.9 to end at Rs184.44 to the dollar from previous day’s closing of Rs182.54 in the interbank foreign exchange market.

    It was second straight day when the rupee declined sharply against the greenback. The local currency deteriorated by Rs2.89 against the dollar.

    The fresh wave of rupee depreciation may be attributed to higher demand of the foreign currency for external debt repayment.

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

    READ MORE: Dollar ends PKR recovery spree; closes at Rs182.54

    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 Rs188.18 to the dollar on the day of monetary policy announcement.

    However, following the announcement the rupee rallied for seven straight days and recovered Rs6.63 against the dollar.

    READ MORE: Dollar plummets against PKR for seven consecutive days

    The rebound in dollar value on Monday may be attributed to the further depletion in foreign exchange reserves of the county.

    Pakistan’s foreign exchange reserves hit a 22-month low after falling for nine consecutive weeks to $17.03 billion.

    According to data released by the State Bank of Pakistan (SBP), the foreign exchange reserves of the country fell by $449 million to $17.028 billion by week ended April 08, 2022 as compared with $17.477 billion a week ago.

    READ MORE: Dollar retreats for 6th straight day; falls to Rs181.58

    The foreign exchange reserves were at $17.971 billion by week ended June 26, 2020.

    Pakistan’s foreign exchange reserves have declined by $10.23 billion in the past seven months owing to extreme pressure of dollar demand for import payments and external repayment of government debt.

    The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021.

    READ MORE: Rupee up 13 paisas to continue recovery against dollar