Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar jumped to make new record high against the Pak Rupee (PKR) at Rs182.19 in the interbank foreign exchange market on Monday.

The rupee declined by 41 paisas to close at Rs182.19 against the dollar from last Friday’s closing of Rs181.78 in the interbank foreign exchange market. The previous closing was already the record low of the local currency.

READ MORE: Dollar continues historic journey; tops at PKR 181.78

Currency experts said that the dollar demand remained high during the day as market was opened after two weekly holidays. Further, falling foreign exchange reserves, volatiles commodity prices in international markets and political uncertainty further depressed the rupee value.

READ MORE: Dollar maintains record high against PKR at Rs181.73

Large external payments against foreign debts depressed the rupee value. Pakistan’s foreign exchange reserves fell by $2.28 billion to $21.44 billion by March 18, 2022 as compared with $23.72 billion as of February 4, 2022. The foreign exchange reserves of the country hit record high at $27.23 billion on August 27, 2021.

READ MORE: Rupee’s losing streak continues as dollar tops Rs181.73

The ballooning current account deficit escalated the dollar value. Pakistan’s current account deficit ballooned to $12 billion during first eight months (July – February) 2021/2022 against a surplus of $994 million in the corresponding months of the last fiscal year. Although the current account deficit narrowed to $545 million in February 2022 as compared with the deficit of $2.53 billion in January 2022, scheduled external repayments are still a threat to balance of payment.

READ MORE: Rupee collapses to dollar at record low Rs181.25

KARACHI: The US dollar touched a new peak against Pakistan Rupee (PKR) at Rs182.15 at midday trading in interbank foreign exchange market.

The rupee was ended Rs181.78 against the dollar at closing on March 25, 2022. It was previous record high of the dollar against the rupee.

READ MORE: Dollar continues historic journey; tops at PKR 181.78

Currency experts said that the rupee was under immense pressure due to external payments, political unrest and Russia-Ukraine war.

READ MORE: Dollar maintains record high against PKR at Rs181.73

The massive outflow of foreign exchange for repayment of external debt kept pressure on the exchange rate.

READ MORE: Dollar maintains record high against PKR at Rs181.73

Pakistan’s foreign exchange reserves fell by $2.28 billion to $21.44 billion by March 18, 2022 as compared with $23.72 billion as of February 4, 2022. The foreign exchange reserves of the country hit record high at $27.23 billion on August 27, 2021.

READ MORE: Rupee’s losing streak continues as dollar tops Rs181.73

The rupee was under pressure due to political uncertainty, external payment demand and volatile international oil prices. A no-confidence motion moved against the prime minister by the opposition parties had resulted in negative sentiments in the market.

The dollar demand was also rising due to import of commodities related to the holy month of Ramzan. The local forex market is also uncertain due to volatile oil prices in the international markets. The oil prices have seen continuous fluctuation since the Russia-Ukraine war began on February 24, 2022.

Dollar continues historic journey; tops at PKR 181.78

KARACHI: The US dollar maintained the record high level of Rs181.73 on Thursday as Pakistan Rupee (PKR) ended unchanged in interbank foreign exchange market.

The greenback hit the record high level of Rs181.73 on March 22, 2022. The rupee ended at this level despite import pressure owing to the market opened after a day of holiday.

READ MORE: Rupee’s losing streak continues as dollar tops Rs181.73

Currency experts said that high import payments and widening of current account deficit kept the pressure on rupee value. Besides, the political uncertainty also added the pressure on exchange rate.

Furthermore, the dollar demand was also rising due to import of commodities related to the holy month of Ramzan. The local forex market is also uncertain due to volatile oil prices in the international markets.

READ MORE: Rupee collapses to dollar at record low Rs181.25

Further, the external payments, foreign exchange reserves declined and it pushed the rupee to fall sharply.

The foreign exchange reserves of the country fell by $386 million to $22.283 billion by the week ended March 11, 2022 as against $22.669 billion a week ago. The official reserves of the State Bank fell by $381 million to $15.831 billion by the week ended March 11, 2022 as compared with $16.212 billion a week ago.

READ MORE: Dollar continues to make historic high; hits Rs180.57

The country spent $11.69 billion for the import of petroleum products during the first seven months (July – February) 2021/2022 as compared with $5.64 billion in the corresponding period of the last fiscal year, showing an increase of 107 per cent.

READ MORE: Dollar climbs new peak PKR 180.07 at interbank closing

KARACHI: The losing streak of Pakistan Rupee (PKR) against dollar for the seventh consecutive session on Tuesday as the foreign currency hit another high of Rs181.73 in the interbank foreign exchange market.

In today’s trading the rupee fell 48 paisas against the dollar from previous day’s closing of Rs181.25 in the interbank foreign exchange market.

READ MORE: Rupee collapses to dollar at record low Rs181.25

The local currency depreciated by Rs3.22 or 1.80 per cent during the past seven trading sessions.

Currency experts said political uncertainty, current account deficit and trade deficit put pressure on the rupee value.

They said that a no-confidence motion moved against the prime minister by the opposition parties had resulted in negative sentiments in the market.

READ MORE: Dollar continues to make historic high; hits Rs180.57

The dollar demand was also rising due to import of commodities related to the holy month of Ramzan.

The local forex market is also uncertain due to volatile oil prices in the international markets.

Further, the external payments, foreign exchange reserves declined and it pushed the rupee to fall sharply.

READ MORE: Dollar climbs new peak PKR 180.07 at interbank closing

The foreign exchange reserves of the country fell by $386 million to $22.283 billion by the week ended March 11, 2022 as against $22.669 billion a week ago. The official reserves of the State Bank fell by $381 million to $15.831 billion by the week ended March 11, 2022 as compared with $16.212 billion a week ago.

READ MORE: Dollar advances to fresh high at Rs179.44

The country spent $11.69 billion for the import of petroleum products during the first seven months (July – February) 2021/2022 as compared with $5.64 billion in the corresponding period of the last fiscal year, showing an increase of 107 per cent.

KARACHI: The Pakistan Rupee (PKR) collapsed against dollar for sixth consecutive sessions on Monday and fell to new record low at Rs181.25 to the dollar.

The rupee lost 68 paisas against the dollar from last Friday’s closing of Rs180.57, which was the previous record low of the rupee against the dollar, in the interbank foreign exchange market.

READ MORE: Dollar continues to make historic high; hits Rs180.57

Currency experts said that external payment pressure had kept pressure on dollar demand.

The massive outflows of the dollar had resulted in over $12 billion current account deficit during first eight months of the current fiscal year.

Further, the external payments, foreign exchange reserves declined and it pushed the rupee to fall sharply.

READ MORE: Dollar climbs new peak PKR 180.07 at interbank closing

The foreign exchange reserves of the country fell by $386 million to $22.283 billion by the week ended March 11, 2022 as against $22.669 billion a week ago. The official reserves of the State Bank fell by $381 million to $15.831 billion by the week ended March 11, 2022 as compared with $16.212 billion a week ago.

READ MORE: Dollar advances to fresh high at Rs179.44

The oil prices in the international markets are highly volatile since the Russia-Ukraine war began on February 24, 2022. The benchmark Brent crude is currently trading at around $108 per barrel (March 18, 2022 at 4:30 PM PST), which fell below $100 per barrel a few days ago, after making $140 per barrel.

The country spent $11.69 billion for the import of petroleum products during the first seven months (July – February) 2021/2022 as compared with $5.64 billion in the corresponding period of the last fiscal year, showing an increase of 107 per cent.

READ MORE: Dollar makes new record high at PKR 179.22

Similarly, dollar demand will rise due to imports related to holy month of Ramzan. The country usually imports palm oil and soybean oil for domestic consumption. The edible oil has also witnessed a sharp increase in prices during past few months.

KARACHI: The US dollar climbed to new peak against Pakistan Rupee (PKR) to close at Rs180.07 at interbank foreign exchange market on Thursday.

The rupee plunged by 63 paisas to end at Rs180.07 to the dollar from previous day’s closing of Rs179.44.

Rupee depreciated for the fourth consecutive day and lost Rs1.56 against the dollar.

READ MORE: Dollar advances to fresh high at Rs179.44

The rupee was declining due political uncertainty and high commodity prices in the international markets.

Currency experts said that a no-confidence motion moved against the prime minister by the opposition parties had resulted in negative sentiments in the market.

They said that the dollar demand was also mounting due to import of commodities related to the holy month of Ramzan.

READ MORE: Dollar makes new record high at PKR 179.22

The local forex market is also uncertain due to volatile oil prices in the international markets.

The oil prices have seen continuous fluctuation since the Russia-Ukraine war began on February 24, 2022.

Pakistan is a net importer of petroleum products and changes in the prices directly affects the oil import bill.

READ MORE: Dollar jumps to historic high at PKR 178.98

The import of petroleum products recorded over 100 per cent increase to $12.94 billion during the first eight months (July – February) 2021/2022 as compared with Rs6.44 billion in the corresponding months of the last fiscal year.

Furthermore, the fall in foreign exchange reserves also put pressure on the rupee value. The liquid foreign exchange reserves of the country slipped by $206 million to $22.669 billion by the week ended March 04, 2022 as against $22.875 billion a week ago.

READ MORE: Dollar eases by 12 paisas to PKR in interbank

KARACHI: The US dollar recorded a fresh historic high against Pakistan Rupee (PKR) at Rs179.44 on Wednesday.

The rupee declined by 22 paisas to end at Rs179.44 against the dollar as compared with previous day’s closing of Rs179.22 in the interbank foreign exchange market.

It was third straight day decline in rupee value.

READ MORE: Dollar makes new record high at PKR 179.22

The major reasons for the rupee decline may be political unrest, volatile international oil prices and higher commodity import payments.

The rupee is under pressure as a no-confidence motion moved against the prime minister by the opposition parties had resulted negative sentiments in the market.

READ MORE: Dollar jumps to historic high at PKR 178.98

The dollar demand was also rising due to import of commodities related to the holy month of Ramzan.

Besides, the oil prices have seen continuous fluctuation since Russia-Ukraine war begun on February 24, 2022.

READ MORE: Dollar eases by 12 paisas to PKR in interbank

Pakistan is net importer of petroleum products and changes in the prices directly affects the oil import bill.

The import of petroleum products recorded over 100 per cent increase to $12.94 billion during first eight months (July – February) 2021/2022 as compared with Rs6.44 billion in the corresponding months of the last fiscal year.

READ MORE: Rupee ends flat to dollar, maintains all-time low level

Furthermore, the fall in foreign exchange reserves also put pressure on the rupee value. The liquid foreign exchange reserves of the country slipped by $206 million to $22.669 billion by the week ended March 04, 2022 as against $22.875 billion a week ago.