Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee (PKR) rallied 28 paisas against the dollar on Thursday as decline in international oil prices continued.

The rupee ended at Rs175.39 to the dollar from previous day’s closing of Rs175.67 in the interbank foreign exchange market.

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

The rupee strengthened for the second straight day. It recovered around 39 paisas against the dollar owing to ease in oil prices in the international market.

The oil import bill surged by 107 per cent to $11.7 billion during the first seven months (July – January) 2021/2022 as compared with $5.64 billion in the same period of the last fiscal year.

READ MORE: PKR slips for second straight day against dollar

On the other hand external inflows have supported the rupee to some extent. The State Bank of Pakistan (SBP) recently received over a billion dollars from the IMF and another a billion dollars under Sukuk proceeds, which helped the central bank to strengthen the foreign exchange reserves.

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

The total liquid foreign exchange reserves of the country increased by $1.637 billion to $23.721 billion by the week ended February 04, 2022 as against $22.084 billion by the week ended January 28, 2022.

The official reserves of the State Bank climbed up by $1.61 billion to $17.337 billion by the week ended February 04, 2022 as compared with $15.727 billion a week ago.

READ MORE: Dollar slips 16 paisas to PKR on rising forex reserves

The local currency remained under pressure since the start of the current fiscal year. The rupee lost Rs17.85 or 11.33 per cent against the dollar from Rs157.54 on June 30, 2021 to the present level of Rs175.39.

KARACHI: The US dollar fell by 11 paisas against the Pak Rupee (PKR) on Wednesday as the international oil prices witnessed a decline.

The rupee ended Rs175.67 to the dollar from previous day’s closing of Rs175.78 in the interbank foreign exchange market.

READ MORE: PKR slips for second straight day against dollar

The experts said that positive sentiments were prevailed after a decline recorded in international oil prices.

The oil import bill surged by 113.40 per cent to $10.18 billion during the first half (July –December) 2021/2022 as compared with $4.77 billion in the same period of the last fiscal year.

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

However, the local currency was supported due to significant increase in foreign exchange reserves of the country.

READ MORE: Dollar slips 16 paisas to PKR on rising forex reserves

The total liquid foreign exchange reserves of the country increased by $1.637 billion to $23.721 billion by the week ended February 04, 2022 as against $22.084 billion by the week ended January 28, 2022. The official reserves of the State Bank climbed up by $1.61 billion to $17.337 billion by the week ended February 04, 2022 as compared with $15.727 billion a week ago.

READ MORE: Dollar softens by two paisas to PKR

KARACHI: The Pak Rupee (PKR) slipped for the second straight day against the US dollar on Tuesday owing to surge in international oil prices.

The rupee ended down by 31 paisas against the dollar to Rs175.78 from previous day’s closing of Rs175.47 in the interbank foreign exchange market.

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

Currency experts said that the rupee was under pressure due to higher import payment for petroleum products.

The international oil prices have witnessed a continuous rise due to Russia-Ukraine tensions.

The Brent crude hit a seven-year high at $96.48 in the international markets.

READ MORE: Dollar slips 16 paisas to PKR on rising forex reserves

Pakistan is dependent on import of petroleum products to meet domestic demand. The oil import bill rose by 113.40 per cent to $10.18 billion during the first half (July –December) 2021/2022 as compared with $4.77 billion in the same period of the last fiscal year.

The local currency fell around Rs1.07 during the past two days. The rupee was able to recover after falling Rs178.24 on December 29, 2021 following to strong economic indicators and external inflows.

READ MORE: Dollar softens by two paisas to PKR

The total liquid foreign exchange reserves of the country significantly climbed up by $1.637 billion to $23.721 billion by the week ended February 04, 2022 as against $22.084 billion by the week ended January 28, 2022. The official reserves of the State Bank of Pakistan (SBP) also increased by $1.61 billion to $17.337 billion by the week ended February 04, 2022 as compared with $15.727 billion a week ago.

READ MORE: Dollar rises 39 paisas to PKR

KARACHI, February 11, 2022 – The US dollar extended its losses against the Pakistani Rupee (PKR) on Friday, marking a retreat in the interbank foreign exchange market.

(more…)

The Pakistani Rupee (PKR) made a modest gain against the US dollar on Thursday, appreciating by two paisas to close at Rs174.87 in the interbank foreign exchange market, compared to the previous day’s closing rate of Rs174.89. Despite the high demand for import payments, positive market sentiment helped the rupee stabilize.

(more…)

KARACHI: The US dollar gained 39 paisas against the Pak Rupee (PKR) on Wednesday due to increase in dollar demand for import payment.

The rupee ended Rs174.89 to the dollar from previous day’s closing of Rs174.50 in the interbank foreign exchange market.

READ MORE: Dollar ends up three paisas to PKR

Currency experts said that high oil prices and rise in domestic demand increased the dollar demand for import payments.

The oil import bill surged by 113.40 per cent to $10.18 billion during first half (July –December) 2021/2022 as compared with $4.77 billion in the same period of the last fiscal year.

READ MORE: Rupee ends flat to dollar amid import payment demand

The experts said that fate of the local currency would be dependent upon the demand for import payments.

The import bill for the month of January 2022 fell by 22 per cent to $5.9 billion as compared with $7.58 billion in the previous month of December 2021.

READ MORE: Dollar plunges by PKR 1.04 in interbank

However, total import bill is still growing at 59 per cent to $46.47 billion during first seven months (July – January) 2021/2022 as compared with $29.25 billion in the corresponding period of the last fiscal year.

READ MORE: PKR up 89 paisas to dollar as IMF okays Pak tranche

KARACHI: The US dollar gained three paisas against the dollar on Tuesday owing to demand of the foreign currency for import payments.

The interbank foreign exchange market ended at Rs174.50 to the dollar from previous day’s closing of Rs174.47.

READ MORE: Rupee ends flat to dollar amid import payment demand

Currency experts said that the local unit was under pressure due to escalation in international oil prices during the past few days. However, the rupee recovered the losses on reports that the international prices eases.

READ MORE: Dollar plunges by PKR 1.04 in interbank

The benchmark Brent crude rose to $94 per barrel a day earlier, which was the highest since October 2014. However, the softening in tension between the US and Iran over civil nuclear issue the oil settled at over $92.

READ MORE: PKR up 89 paisas to dollar as IMF okays Pak tranche

Pakistan is dependent on imported oil and any change in international prices it directly hit the balance of payment. The high international prices resulted massive growth in oil import bill during the first half of the current fiscal year.

The oil import bill surged by 113.40 per cent to $10.18 billion during first half (July –December) 2021/2022 as compared with $4.77 billion in the same period of the last fiscal year.

READ MORE: Rupee gains two paisas against dollar

KARACHI: The Pak Rupee (PKR) ended flat against the dollar on Monday amid demand of the foreign currency for import payment.

The rupee ended Rs176.47 to the dollar from the last Friday’s closing rs176.48 in the interbank foreign exchange market.

READ MORE: Dollar plunges by PKR 1.04 in interbank

Currency experts said that the dollar demand seen during the day but rupee was stable owing to positive sentiments.

The market was positive due to foreign inflows received during the last week in the shape of IMF funds and Sukuk proceeds.

READ MORE: PKR up 89 paisas to dollar as IMF okays Pak tranche

The IMF Executive Board on February 02, 2022 approved over a billion dollars for Pakistan as sixth tranche of Extended Fund Facility (EFF), which was received by the State Bank of Pakistan (SBP).

Further, the Sukuk proceeds also helped the rupee to make gain during the last week.

READ MORE: Rupee gains two paisas against dollar

The experts said that easing import bill also supported the rupee to make recovery.

However, they said that the rising international oil prices would incur pressure on the rupee stability in coming days.

READ MORE: Dollar falls by 29 paisas against PKR