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Tag: Interbank Foreign Exchange Market

  • Dollar hits Rs179.50 in intraday trading

    Dollar hits Rs179.50 in intraday trading

    KARACHI: The US dollar hit Rs179.50 in the interbank foreign exchange market during intraday trading on Wednesday. The dollar made a gain of 28 paisas against the Pak Rupee (PKR) to reach record level in midday trading.

    The rupee ended at Rs179.22 to the dollar on March 15, 2022, which was the all-time low at closing in the interbank foreign exchange market.

    READ MORE: Dollar makes new record high at PKR 179.22

    Currency experts said that the rupee was depreciating due to various reasons including overall rise in dollar value against other major currencies, volatile international oil prices and political unrest locally.

    They said that political uncertainty due to no-confidence motion moved against the prime minister also depressed the local unit.

    Besides, the dollar demand was also mounting due to import of commodities related to the holy month of Ramzan.

    READ MORE: Dollar jumps to historic high at PKR 178.98

    The oil prices are remained volatile since Russia-Ukraine war started on February 24, 2022.

    Pakistan is one of the major importers of petroleum products and changes in the prices directly affects the oil import bill.

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

    The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during the first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

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

    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 inches up to make new high at PKR 178.63

  • Dollar makes new record high at PKR 179.22

    Dollar makes new record high at PKR 179.22

    KARACHI: The US dollar appreciated against Pakistan Rupee (PKR) to hit new record high at Rs179.22 in the interbank foreign exchange market.

    The rupee fell by 24 paisas to end at Rs179.22 to the dollar from last day’s closing of Rs178.98 in the interbank foreign exchange market.

    READ MORE: Dollar jumps to historic high at PKR 178.98

    The previous record low of the rupee was Rs178.98 to the dollar on March 14, 2022.

    Currency experts said that the rupee was depreciated due to overall fall in other currencies against the dollar.

    They said that political uncertainty due to no-confidence motion moved against the prime minister also depressed the local unit.

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

    Besides, the dollar demand was also mounting due to import of commodities related to the holy month of Ramzan.

    The domestic foreign exchange market was also uncertain due to volatile oil prices in the international markets.

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

    The oil prices are remained volatile since Russia-Ukraine war started on February 24, 2022.

    Pakistan is one of the major importers of petroleum products and changes in the prices directly affects the oil import bill.

    The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during the first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    READ MORE: Dollar inches up to make new high at PKR 178.63

    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.

  • Dollar jumps to historic high at PKR 178.98

    Dollar jumps to historic high at PKR 178.98

    KARACHI: The US dollar jumped to the historic high against the Pak Rupee at Rs178.98 on Monday owing to foreign currency demand for import payments.

    The rupee ended Rs178.98 to the dollar from last Friday’s closing of Rs178.51 in the interbank foreign exchange market.

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

    The dollar previously hit all-time high at Rs178.63 on March 10, 2022.

    Currency experts said that the rupee was under pressure because the market was opened after two weekly holidays.

    Further, dollar demand for commodity imports related to the holy month of Ramzan put pressure on the local currency.

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

    The volatile oil prices in international markets also brought down the local currency.

    The oil prices in the international markets are still above $108 per barrel, which is much above the calculated prices of petroleum products in the domestic market.

    It is important to note that the PTI government had announced to reduce Rs10 per liter each on petrol and diesel. In order to lower the prices. The government is absorbing billions of rupees loss every month through zero rating of sales tax on petroleum products and lowering the petroleum levy.

    READ MORE: Dollar inches up to make new high at PKR 178.63

    Pakistan is one of the major importers of petroleum products and changes in the prices directly affects the oil import bill.

    The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during the first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    The fall in foreign exchange reserves also deteriorating 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: Rupee falls to all-time low against dollar at Rs178.61

  • Dollar eases by 12 paisas to PKR in interbank

    Dollar eases by 12 paisas to PKR in interbank

    KARACHI: The US dollar fell by 12 paisas against the Pak Rupee (PKR) on Friday due to decline in oil prices in the international markets.

    The rupee ended Rs178.51 to the dollar as compared with previous day’s close of Rs178.63 in the interbank foreign exchange market.

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

    The dollar hit all-time high to the PKR at Rs178.63 a day earlier. The local currency was under pressure since the start of Russia-Ukraine war, which skyrocketed the oil prices in the international markets. Pakistan is highly reliant on the import of petroleum products.

    READ MORE: Dollar inches up to make new high at PKR 178.63

    The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during the first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year. The rupee value was also under pressure due to surge in demand of imported commodities due to holy month of Ramzan.

    READ MORE: Rupee falls to all-time low against dollar at Rs178.61

    The continuous decline in foreign exchange reserves also is also putting pressure on the local unit.

    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: Rupee ends near record low against dollar

  • Rupee ends flat to dollar, maintains all-time low level

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

    KARACHI: The Pak Rupee (PKR) ended flat against the dollar to remain at the historic low level of Rs178.63 on Thursday.

    The rupee recorded the historic low level of Rs178.63 to the dollar in the interbank foreign exchange market.

    READ MORE: Dollar inches up to make new high at PKR 178.63

    Currency experts said that the ease in international oil prices helped the rupee to maintain level. However, they said that dollar demand for imports related to holy month of Ramzan is still high.

    They said that the oil prices in the international markets fell sharply and recorded 13 per cent decline in a single day in last two years. Pakistan is net importer of petroleum products and changes in prices in international markets directly affect the balance of payment of the country.

    READ MORE: Rupee falls to all-time low against dollar at Rs178.61

    The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    READ MORE: Rupee ends near record low against dollar

    The higher imports have resulted in widening of current account deficit. The country’s Current Account Deficit (CAD) surged to its highest ever monthly deficit of $2.6 billion in January 2022 ($1.9 billion in December 2021) taking CAD of $11.6 billion during the first seven months of the current fiscal year.

    READ MORE: PKR gains 33 paisas to dollar after 3-day depreciation

  • Dollar inches up to make new high at PKR 178.63

    Dollar inches up to make new high at PKR 178.63

    KARACHI: The US dollar hit another high against the Pak Rupee (PKR) on Wednesday after inching up by two paisas in the interbank foreign exchange market.

    The rupee ended Rs178.63 to the dollar from last day’s close of Rs178.61, the previous historic low of the rupee, in the interbank foreign exchange market.

    READ MORE: Rupee falls to all-time low against dollar at Rs178.61

    Currency experts said that the local unit remained under pressure due to import payments to foreign buying related to the holy month of Ramzan and volatile oil prices in the international market.

    They said that inflows in the shape of export receipts and remittances were seen in the market, which prevented significant losses in the rupee value.

    READ MORE: Rupee ends near record low against dollar

    The experts said that overseas Pakistanis usually send money to their loved ones for expenses related to holy month of Ramzan and Eid festival.

    The high oil prices in the international market due to Russia-Ukraine war kept the rupee value under pressure as further spike in the prices would make the local currency to maintain levels.

    READ MORE: PKR gains 33 paisas to dollar after 3-day depreciation

    The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    The country’s Current Account Deficit (CAD) surged to its highest ever monthly deficit of $2.6 billion in January 2022 ($1.9 billion in December 2021) taking CAD of $11.6 billion during the first seven months of the current fiscal year.

    READ MORE: Dollar up 21 paisas to PKR amid surge in global oil prices

  • Rupee falls to all-time low against dollar at Rs178.61

    Rupee falls to all-time low against dollar at Rs178.61

    KARACHI: The Pakistan Rupee (PKR) fell to an all-time low at Rs178.61 against the dollar on Tuesday amid significant rise in international oil prices and Ramzan related demand for imported goods.

    The rupee previously recorded the all-time low at Rs178.24 to the dollar on December 29, 2021.

    READ MORE: Rupee ends near record low against dollar

    The rupee ended Rs178.61 to the dollar from previous day’s closing of Rs178.13 in the interbank foreign exchange market.

    The local currency recorded a decline of Rs21.07 or 13.37 per cent from Rs157.54 on June 30, 2021 to the present level of Rs178.61.

    READ MORE: PKR gains 33 paisas to dollar after 3-day depreciation

    Currency experts said that Ramzan related commodity buying escalated the dollar demand. Besides rising oil prices in the international market also depreciated the rupee value.

    The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    READ MORE: Dollar up 21 paisas to PKR amid surge in global oil prices

    The dealers said that the rise in import bill will also widen the current account deficit.

    The country’s Current Account Deficit (CAD) surged to its highest ever monthly deficit of $2.6 billion in January 2022 ($1.9 billion in December 2021) taking CAD of $11.6 billion during the first seven months of the current fiscal year.

    READ MORE: Dollar surges 21 paisas to PKR on high oil price concerns

  • Rupee ends near record low against dollar

    Rupee ends near record low against dollar

    KARACHI: The Pak Rupee (PKR) ended near to historic low against the dollar on Monday owing to oil prices spiked to multi-year high in international markets.

    The rupee fell by 63 paisas and was trading at Rs178.13 to the dollar as compared with last Friday’s closing of Rs177.50 in interbank foreign exchange market.

    READ MORE: PKR gains 33 paisas to dollar after 3-day depreciation

    The rupee recorded historic low at Rs178.24 to the dollar on December 29, 2021.

    Currency experts said that the uncertainty over oil prices pressured the local currency. The oil prices soared to $140 per barrel in international markets.

    READ MORE: Dollar up 21 paisas to PKR amid surge in global oil prices

    They said that the rising international oil prices were still threat to the rupee stability. The rupee was witnessed sharp decline since start of Russia-Ukraine war, which resulted in massive jump in international oil prices.

    READ MORE: Dollar surges 21 paisas to PKR on high oil price concerns

    Pakistan’s import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    The surge in dollar demand for import bill will further weaken balance of payment as current account deficit already touched record in January 2022.

    READ MORE: Dollar eases by six paisas to PKR

    The country’s Current Account Deficit (CAD) surged to its highest ever monthly deficit of $2.6 billion in January 2022 ($1.9 billion in December 2021) taking CAD of $11.6 billion during the first seven months of the current fiscal year.

  • PKR falls near historic low to dollar in intraday trading

    PKR falls near historic low to dollar in intraday trading

    KARACHI: The Pak Rupee (PKR) is heading towards to record low against dollar after falling 60 paisas against the dollar in intra-day trading on Monday.

    The rupee fell by 60 paisas and was trading at Rs178.10 to the dollar in intraday trading as compared with last Friday’s closing of Rs177.50 in interbank foreign exchange market.

    READ MORE: PKR gains 33 paisas to dollar after 3-day depreciation

    The rupee recorded historic low at Rs178.25 to the dollar on December 29, 2021.

    Currency experts said that the uncertainty over oil prices pressured the local currency. The oil prices soared to $130 per barrel in international markets.

    READ MORE: Dollar up 21 paisas to PKR amid surge in global oil prices

    They said that the rising international oil prices were still threat to the rupee stability. The rupee was witnessed sharp decline since start of Russia-Ukraine war, which resulted in massive jump in international oil prices.

    READ MORE: Dollar surges 21 paisas to PKR on high oil price concerns

    Pakistan’s import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    The surge in dollar demand for import bill will further weaken balance of payment as current account deficit already touched record in January 2022.

    READ MORE: Dollar eases by six paisas to PKR

    The country’s Current Account Deficit (CAD) surged to its highest ever monthly deficit of $2.6 billion in January 2022 ($1.9 billion in December 2021) taking CAD of $11.6 billion during the first seven months of the current fiscal year.

  • PKR gains 33 paisas to dollar after 3-day depreciation

    PKR gains 33 paisas to dollar after 3-day depreciation

    KARACHI: The Pak Rupee (PKR) gained 33 paisas against the dollar on Friday after depreciation for past three trading sessions.

    The rupee ended Rs177.50 to the dollar from last day’s closing of Rs177.83 in the interbank foreign exchange market.

    READ MORE: Dollar up 21 paisas to PKR amid surge in global oil prices

    Currency experts attributed the recovery in rupee value to rescheduling of foreign debt.

    Pakistan a day earlier signed agreements with Saudi Fund for Development signed debt service suspension agreements amounting $846 million. The agreements have been signed under the G-20 Debt Service Suspension Initiative (DSSI) Framework.

    READ MORE: Dollar surges 21 paisas to PKR on high oil price concerns

    The currency experts said that the rising international oil prices were still threat to the rupee stability. The rupee was witnessed sharp decline since start of Russia-Ukraine war, which resulted in massive jump in international oil prices.

    READ MORE: Dollar eases by six paisas to PKR

    Pakistan’s import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    The surge in dollar demand for import bill will further weaken balance of payment as current account deficit already touched record in January 2022.

    READ MORE: Rupee dips 36 paisas to dollar in interbank

    The country’s Current Account Deficit (CAD) surged to its highest ever monthly deficit of $2.6 billion in January 2022 ($1.9 billion in December 2021) taking CAD of $11.6 billion during the first seven months of the current fiscal year.