Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee (PKR) gained 89 paisas against the dollar on Thursday after the International Monetary Fund (IMF) has approved 6^th tranche under Extended Fund Facility (EFF) for Pakistan.

The rupee ended Rs175.52 to the dollar from previous day’s closing of Rs176.41 in the interbank foreign exchange market.

READ MORE: Rupee gains two paisas against dollar

The rupee is gradually making recovery against the dollar for the last seven consecutive days. The local currency recovered Rs1.46 against the dollar since recording at Rs176.98 to the dollar on January 26, 2022.

READ MORE: Dollar falls by 29 paisas against PKR

Currency experts said that the rupee remained positive during the day after the decision of the IMF Executive Board to release $1 billion 6^th tranche of EFF program for Pakistan.

Analysts said that the transfer of IMF tranche would help the country to boost foreign exchange reserves and support the local currency.

READ MORE: Dollar slips five paisas to PKR

The foreign exchange reserves of the country deteriorated sharply. Pakistan’s liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022 as against $23.35 billion by week ended January 14, 2022.

READ MORE: Rupee rebounds amid high oil prices

KARACHI: The Pak Rupee (PKR) gained two paisas against the dollar on Wednesday as market sentiments were positive due to expected inflows from the IMF.

The rupee ended Rs176.41 to the dollar from previous day’s closing of Rs176.43 in the interbank foreign exchange market.

READ MORE: Dollar falls by 29 paisas against PKR

The dealers said that the local currency recovered due to inflows of export receipts and worker remittances. Besides, the expected inflows from the IMF also helped the rupee to stay stable.

READ MORE: Dollar slips five paisas to PKR

They said that the rupee would further strengthen in coming days as an amount of $1 billion was likely to be received by the government from IMF.

READ MORE: Rupee rebounds amid high oil prices

The IMF executive board is scheduled to meet on February 02, 2022 to review Pakistan’s Extended Fund Facility and to approve next tranche of $1 billion.

READ MORE: Rupee ends firmer amid rising international oil prices

The foreign exchange reserves of the country fell significantly last week. The liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022 as against $23.35 billion by week ended January 14, 2022.

KARACHI: The US dollar fell by 29 paisas against Pak Rupee (PKR) on Tuesday owing to external inflows.

The rupee ended Rs176.43 to the dollar from previous day’s closing of Rs176.72 in the interbank foreign exchange market.

READ MORE: Dollar slips five paisas to PKR

The dealers said that the local currency recovered due to inflows of export receipts and worker remittances.

They said that the rupee would further strengthen in coming days as an amount of $1 billion was likely to be received by the government from IMF.

READ MORE: Rupee rebounds amid high oil prices

The IMF executive board is scheduled to meet on February 02, 2022 to review Pakistan’s Extended Fund Facility and to approve next tranche of $1 billion.

READ MORE: Rupee ends firmer amid rising international oil prices

The foreign exchange reserves of the country fell significantly last week. The liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022 as against $23.35 billion by week ended January 14, 2022.

READ MORE: Rupee sinks for third straight day against dollar

KARACHI: The US dollar slipped by five paisas against the Pak Rupee (PKR) on Monday as sufficient supply of the foreign currency was seen during the day.

The rupee ended Rs176.72 to the dollar from last Friday’s closing of Rs176.77 in the interbank foreign exchange market.

READ MORE: Rupee rebounds amid high oil prices

Currency experts said that the market witnessed inflows of export receipts and remittances during the day. It helped the rupee to make gain against the foreign currency.

The experts said that the rupee witnessed decline earlier in the day due to reports of massive fall in foreign exchange reserves of the country.

READ MORE: Rupee ends firmer amid rising international oil prices

Pakistan’s liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022 as against $23.35 billion by week ended January 14, 2022.

READ MORE: Rupee sinks for third straight day against dollar

The experts said that the rupee may come under pressure during coming days as global oil prices escalating gradually.

Pakistan is the net importer of petroleum products. The rise in prices may increase oil import bill of the country.

READ MORE: Rupee falls 23 paisas on dollar demand surge

KARACHI: The Pak Rupee (PKR) edged up 21 paisas against the dollar, the first gain during the current week, on Thursday amid rise in international oil prices and fall in foreign exchange reserves.

The rupee ended Rs176.77 to the dollar from previous day’s gain in Rs176.98 in the interbank foreign exchange market.

READ MORE: Rupee ends firmer amid rising international oil prices

The local unit cumulatively declined by 74 paisas during first three trading sessions of the current week from closing of Rs176.24 on January 21, 2022. The rupee ended flat on January 27 and now made recovery today.

Currency experts attributed the rupee depreciation to fall in foreign exchange reserves of the country and surge in dollar demand for import payments.

READ MORE: Rupee sinks for third straight day against dollar

Pakistan’s liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022, the central bank said on Thursday.

The country’s foreign exchange reserves were at $23.35 billion by week ended January 14, 2022.

The official reserves of the central bank sharply declined by $846 million to $16.19 billion by week ended January 21, 2022 as compared with $17.036 billion a week ago. The SBP attributed the decline to external and other repayments.

READ MORE: Rupee falls 23 paisas on dollar demand surge

On the other hand the oil prices also at record high levels. The benchmark Brent touched over $91 per barrel a day earlier.

The oil bill of Pakistan jumped by 113.4 per cent during first half of the current fiscal year. The bill surged to $10.18 billion during July – December 2021/2022 as compared with $4.77 billion in the corresponding period of the last fiscal year.

Currency experts said that the passage of State Bank bill from the Senate would pave way for the release of over a one billion dollar tranche by the International Monetary Fund (IMF) during the next week.

READ MORE: Rupee plummets on high oil prices

KARACHI: The Pak Rupee (PKR) ended flat against dollar on Thursday amid rising prices of international oil prices.

The local currency ended Rs176.98, the same previous day’s level against the dollar, in the interbank foreign exchange market.

READ MORE: Rupee sinks for third straight day against dollar

The rupee ended firmer today after witnessing a gradual decline since start of the current week.

The local unit cumulatively declined by 74 paisas during first three trading sessions of the current week from closing of Rs176.24 on January 21, 2022.

READ MORE: Rupee falls 23 paisas on dollar demand surge

Currency experts attributed the rupee depreciation to fall in foreign exchange reserves of the country and surge in dollar demand for import payments.

Pakistan’s liquid foreign exchange reserves dropped by $551 million to $23.35 billion by week ended January 14, 2022 as compared with $23.901 billion by week ended January 07, 2022.

READ MORE: Rupee plummets on high oil prices

The experts said that the rupee was under pressure due to higher payments for oil imports. They said that the dollar demand went up owing to rise in international oil prices.

The oil bill of Pakistan jumped by 113.4 per cent during first half of the current fiscal year. The bill surged to $10.18 billion during July – December 2021/2022 as compared with $4.77 billion in the corresponding period of the last fiscal year.

READ MORE: Rupee recovers 25 paisas on easing oil prices

KARACHI: The Pak Rupee (PKR) fell by 23 paisas against the dollar on Tuesday owing to higher import demand and falling foreign exchange reserves.

The rupee ended Rs176.72 to the dollar from previous day’s closing of Rs176.49 in the interbank foreign exchange market.

READ MORE: Rupee plummets on high oil prices

Currency experts said that the rupee witnessed depreciation due fall in foreign exchange reserves of the country and surge in dollar demand for import payments.

READ MORE: Rupee recovers 25 paisas on easing oil prices

Pakistan’s liquid foreign exchange reserves dropped by $551 million to $23.35 billion by week ended January 14, 2022 as compared with $23.901 billion by week ended January 07, 2022.

The experts said that the rupee was under pressure due to higher payments for oil imports. They said that the dollar demand went up owing to rise in international oil prices.

READ MORE: Rupee drops 27 paisas against dollar

The oil bill of Pakistan jumped by 113.4 per cent during first half of the current fiscal year. The bill surged to $10.18 billion during July – December 2021/2022 as compared with $4.77 billion in the corresponding period of the last fiscal year.

READ MORE: Rupee falls four paisas on dollar demand

KARACHI: The Pak Rupee (PKR) plummeted by 25 paisas against the dollar on Monday owing as international oil prices hovered above $88 per barrel, market sources said.

The rupee ended Rs176.49 to the dollar as compared with last Friday’s closing of Rs176.24 in the interbank foreign exchange market.

READ MORE: Rupee recovers 25 paisas on easing oil prices

The sources said that the rupee was under pressure during the due to high dollar demand. They said that the dollar demand went up owing to rise in international oil prices.

READ MORE: Rupee drops 27 paisas against dollar

The benchmark Brent crude was recorded at $88.22 per barrel.

The oil bill of Pakistan jumped by 113.4 per cent during first half of the current fiscal year. The bill surged to $10.18 billion during July – December 2021/2022 as compared with $4.77 billion in the corresponding period of the last fiscal year.

READ MORE: Rupee falls four paisas on dollar demand

They said that the rupee was depreciated due to fall in foreign exchange reserves of the country.

Pakistan’s liquid foreign exchange reserves dropped by $551 million to $23.35 billion by week ended January 14, 2022 as compared with $23.901 billion by week ended January 07, 2022.

READ MORE: Rupee declines by 26 paisas to dollar on import demand

KARACHI: The Pak Rupee (PKR) recovered 25 paisas against the dollar on Friday owing to ease in international oil prices.

The rupee ended Rs176.24 to the dollar from previous day’s closing of Rs176.49 in the interbank foreign exchange market.

READ MORE: Rupee drops 27 paisas against dollar

Currency experts said that rising coronavirus around the globe caused ease in demand. The international oil prices also fell during past couple of days.

The benchmark Brent crude fell to $86.83 per barrel, which had touched $89.17 per barrel couple of days ago.

READ MORE: Rupee falls four paisas on dollar demand

It is important to note that the local currency recovered despite the reports of falling foreign exchange reserves.

Pakistan’s liquid foreign exchange reserves dropped by $551 million to $23.35 billion by week ended January 14, 2022 as against $23.901 billion by week ended January 07, 2022.

READ MORE: Rupee declines by 26 paisas to dollar on import demand

The official foreign exchange reserves of the SBP fell by $562 million to $17.036 billion by week ended January 14, 2022 as compared with $17.598 billion a week ago. The SBP attributed the fall in foreign exchange reserves to external debt and other payments.