Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar on Thursday gained 21 paisas against the Pak Rupee (PKR) as international oil prices surged to eight years high.

The rupee ended at Rs177.83 to the dollar from previous day’s closing of Rs177.62 in the interbank foreign exchange market.

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

The international oil prices recorded gradual increase following Russian supply concerns after war with Ukraine. The benchmark Brent crude recorded 8-year high at $119 per barrel.

Currency experts said dollar demand for oil payment may further rise in coming days. The local unit fell to historic low at Rs178.24 against the dollar on December 29, 2021.

READ MORE: Dollar eases by six paisas to PKR

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 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.

READ MORE: Rupee plunges 72 paisas to dollar on Russia War

KARACHI: On Wednesday, the US dollar gained 21 paisas against the Pakistani Rupee (PKR) in response to soaring international oil prices, which surpassed $113 per barrel.

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KARACHI: The US dollar eased by six paisas against the Pak Rupee (PKR) on Tuesday due to foreign inflows seen during the day.

The rupee ended at Rs177.41 to the dollar from previous day’s closing of Rs177.47 in the interbank foreign exchange market.

READ MORE: Rupee dips 36 paisas to dollar in interbank

Currency experts said that inflows in the shape of export receipts and foreign remittances were also seen during the day. They however said that rising oil prices in the international markets may put pressure on the local currency.

The oil prices in the international markets remained volatile since Russia launched attacks on Ukraine.

Pakistan is one of the major importers of petroleum products. 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 plunges 72 paisas to dollar on Russia War

Due to rising import payments, the current account deficit of the country is also widening. The Current Account Deficit (CAD) widened 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 slides 23 paisas to dollar on Russia-Ukraine war

The external payments also depleting foreign exchange reserves. The liquid foreign exchange reserves of Pakistan declined by $264 million to $23.226 billion by the week ended February 18, 2022. The foreign exchange reserves of the country were $23.49 billion by the week ended February 11, 2022. The official reserves of the State Bank fell by $289 million to $16.807 billion by the week ended February 18, 2022 as compared with $17.096 billion a week ago.

READ MORE: PKR gains seven paisas to dollar in interbank

KARACHI: The Pak Rupee (PKR) dipped by 36 paisas against the dollar on Monday owing to higher demand for import payments as the market opened after two weekly holidays.

The rupee ended Rs177.47 to the dollar from last Friday’s closing of Rs177.11 in the interbank foreign exchange market.

READ MORE: Rupee plunges 72 paisas to dollar on Russia War

The rupee depreciated by around Rs1.09 against the dollar during last three trading sessions.

Currency experts said that the rupee witnessed a decline since Russia launched attack on Ukraine and resultantly oil prices climbing up in the international markets.

Pakistan is a major importer of petroleum products, the impact is directly seen on the rupee value.

Besides, the impact of high oil prices and the ballooning current account deficit also pressured the rupee during the day.

READ MORE: PKR slides 23 paisas to dollar on Russia-Ukraine war

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.

The rupee was also falling due to ease in foreign exchange reserves of the country.

READ MORE: PKR gains seven paisas to dollar in interbank

The liquid foreign exchange reserves of Pakistan declined by $264 million to $23.226 billion by the week ended February 18, 2022. The foreign exchange reserves of the country were $23.49 billion by the week ended February 11, 2022. The official reserves of the State Bank fell by $289 million to $16.807 billion by the week ended February 18, 2022 as compared with $17.096 billion a week ago.

READ MORE: Rupee plummets 48 paisas to dollar

KARACHI: The Pakistan Rupee (PKR) witnessed a decline of 23 paisas against the US Dollar on Thursday, succumbing to the pressures of soaring international oil prices triggered by Russia’s military actions in Ukraine.

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KARACHI: The Pak Rupee (PKR) made a gain of 7 paisas to the dollar on Wednesday as easing prices of international oil.

The rupee ended Rs176.16 to the dollar from previous day’s closing of Rs176.23 in the interbank foreign exchange market.

READ MORE: Rupee plummets 48 paisas to dollar

Currency experts said that the oil prices in the international market witnessed ease which helped the local currency to rebound against the dollar.

The benchmark Brent crude fell to $76.25 per barrel after hitting $99.50 on Tuesday owing to Russia – Ukraine tensions.

READ MORE: Dollar falls 11 paisas to PKR

Pakistan is net importers of oil products to meet the local demand. The oil bill of the country surged by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

READ MORE: PKR slides 47 paisas to dollar on payment demand

On the other hand, the scheduled repayment of foreign debt by the government was another reason for rupee depreciation.

The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.

READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide

KARACHI: The Pak Rupee (PKR) fell by 48 paisas against the dollar on Tuesday amid rising oil prices in the international markets.

The rupee ended Rs176.23 to the dollar from previous day’s close of Rs175.75 in the interbank foreign exchange market.

READ MORE: Dollar falls 11 paisas to PKR

Currency experts said that rupee was under pressure during the day owing to expectations of rising oil import bill.

The oil prices in the international market continuously rising after Russia-Ukraine tensions. The benchmark Brent crude reached to near $100 barrel.

READ MORE: PKR slides 47 paisas to dollar on payment demand

Pakistan is net importers of oil products to meet the local demand. The oil bill of the country surged by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide

On the other hand, the scheduled repayment of foreign debt by the government was another reason for rupee depreciation.

The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.

READ MORE: Dollar falls 11 paisas to PKR as global oil prices ease

KARACHI: The US dollar fell by 11 paisas against the Pak Rupee (PKR) on Monday owing to lower dollar demand for import payments.

The rupee ended Rs175.75 to the dollar from last Friday’s closing of Rs175.86 in the interbank foreign exchange market.

READ MORE: PKR slides 47 paisas to dollar on payment demand

Currency experts said that the market witnessed advance trading because financial markets are closing in the US due to public holiday.

They also said that the ease in international oil prices also helped the local currency to make gain.

The dealers said that possible diplomatic talks on Russia-Ukraine tensions had brought down the oil prices in the international markets.

READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide

Pakistan is net importers of energy products to meet the domestic demand. The oil bill of the country sharply increased by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

READ MORE: Dollar falls 11 paisas to PKR as global oil prices ease

The experts said that the falling foreign exchange reserves however a major concern for the rupee stability in coming days.

The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.

READ MORE: PKR slips for second straight day against dollar

KARACHI: The Pak Rupee (PKR) fell by 47 paisas against the dollar on Friday owing to rising dollar demand for import payment demand.

The rupee ended Rs175.86 to the dollar from previous day’s closing of Rs175.39 in the interbank foreign exchange market.

READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide

Currency experts said that the rupee remained under pressure during the day owing to dollar demand for import payments in the wake of next two weekly holidays.

Further they said that the volatile international oil prices also adversely impacting the local unit.

READ MORE: Dollar falls 11 paisas to PKR as global oil prices ease

Pakistan is one of the major importers of the petroleum products. The upward movement in the international oil prices also increase the demand for the foreign currency in the local market.

The oil import bill of the country surged by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

READ MORE: PKR slips for second straight day against dollar

The experts said that the declining foreign exchange reserves were also another reason for depreciation in the rupee value.

The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.

READ MORE: Dollar jumps up by 76 paisas to PKR on high oil prices