Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee (PKR) dropped by 27 paisas against the dollar on Thursday on the foreign currency demand for import payments.

The rupee ended at Rs176.49 to the dollar from previous day’s closing of Rs176.22 in the interbank foreign exchange market.

READ MORE: Rupee falls four paisas on dollar demand

Currency experts said that the market witnessed higher dollar demand due to rise in international oil prices. They said that the local currency plummeted for the third consecutive trading sessions due to gradual rise in international oil prices.

The Brent crude recorded $89.17 at closing of Wednesday.

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

The experts said that the falling foreign exchange reserves of the country were another reason for the rupee depreciation.

The foreign exchange reserves of the country fell by $118 million to $23.901 billion by the week ended January 07, 2022 as compared with $24.019 billion by the week ended December 31, 2021. The official reserves of the SBP declined by $88 million to $17.598 billion by the week ended January 07, 2022 as compared with $17.686 billion a week ago.

READ MORE: Rupee recovers 15 paisas against dollar in interbank

The experts said that the latest measures of the State Bank of Pakistan (SBP) had supported the rupee from free-fall. The SBP on January 05, 2022 made it mandatory for exporters to ensure export receipts within 120 days instead of 150 days.

READ MORE: SBP shortens period to 120 days for bringing export earnings

KARACHI: The Pak Rupee (PKR) declined by four paisas against the dollar on Wednesday owing to dollar demand after surge in international oil prices.

The rupee ended Rs176.22 to the dollar from previous day’s closing of 176.18 in the interbank foreign exchange market.

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

Currency experts said that the dollar demand was increasing in the local market as international oil prices were gradually rising.

According to media reports Brent crude futures rose 80 cents, or 0.9 per cent, to $88.31 a barrel at 1035 GMT, adding to a 1.2 per cent jump in the previous session. The benchmark contract touched $89.05, its highest since October 13, 2014.

READ MORE: Rupee recovers 15 paisas against dollar in interbank

Pakistan is the net importer of petroleum products. The country’s oil import bill surged by 113.39 per cent to $10.18 billion during first half (July – December) of the current fiscal year as compared with $4.77 billion in the corresponding half of the last fiscal year.

READ MORE: NBP directed to pay Rs0.5 million to fraud victim

The experts said that the latest rise in international oil price had offset the measures taken by the State Bank of Pakistan (SBP) regarding realization of export receipts. The SBP on January 05, 2022 made it mandatory for exporters to ensure their receipts within 120 days instead of 150 days.

READ MORE: SBP shortens period to 120 days for bringing export earnings

KARACHI: The Pak Rupee recovered 15 paisas against the dollar on Monday owing to import restrictions measures introduced through the mini-budget.

The rupee ended Rs175.92 to the dollar from last Friday’s closing of Rs176.07 in the interbank foreign exchange market.

READ MORE: Dollar falls 31 paisas to PKR in interbank

Currency experts said that the implementation of Finance (Supplementary) Bill, 2021 has positively impacted the foreign currency market.

They said that the higher rates of duty and taxes imposed through the bill had discouraged the dollar demand.

The government on December 30, 2021 tabled the Finance (Supplementary) Bill, 2021. The bill was adopted by the National Assembly and was granted ascent by the President last week.

READ MORE: Finance (Supplementary) Bill gets presidential approval

They further said that the US markets were closed on Monday which reduced the import payment demand. The US markets were observing the holiday on account of Martin Luther King Jr. Day.

The currency experts said that the measures taken by the State Bank of Pakistan (SBP) related to reducing days for realizing export receipts also helped the rupee to make gain.

READ MORE: SBP shortens period to 120 days for bringing export earnings

They however said that the higher import bill and falling foreign exchange reserves remained major challenges for the rupee stability in coming days.

KARACHI: The US dollar fell by 31 paisas against the Pak Rupee (PKR) on Friday owing to improved supply of the foreign currency.

The interbank foreign exchange market ended at Rs176.07 to the dollar from the previous day’s closing of Rs176.38.

Currency experts said that the market witnessed sufficient supply of dollars by the commercial banks to feed the demand for import payments. They said that dollar demand remained high due to the last trading day of the week.

The experts said that positive sentiments also prevailed following the National Assembly passing the Finance (Supplementary) Bill, 2021 a day earlier. The bill contained several import restrictions through imposition of duty and taxes on non-essential and luxury items.

They said that recent measures introduced by the State Bank of Pakistan (SBP) had also helped the rupee to recover against the foreign currency. The SBP on January 05, 2022 directed exporters to realise their export receipts within 120 days from date of shipment instead of 150 days.

The experts said that falling foreign exchange reserves and rising oil prices in the international market remained a challenge for the rupee’s stability in the coming days.

KARACHI: The Pak Rupee (PKR) fell by 15 paisas against the dollar on Thursday owing to foreign currency demand for import payments.

The rupee ended at Rs176.38 to the dollar from previous day’s closing of Rs176.23 in the interbank foreign exchange market.

Currency experts attributed to rise in global oil prices behind increase in dollar demand in the local market.

The prices in the international market recorded two-month high a day earlier.

The experts said that since Pakistan was net importer of petroleum products therefore import bill would increase as well.

The oil import bill of the country increased by 112 per cent to $8.38 billion during first five months (July – November) of 2021/2022 as compared with $3.94 billion in the corresponding months of the last fiscal year.

KARACHI: The dollar fell by five paisas against the Pak Rupee (PKR) on Tuesday owing to improved supply of the foreign currency for external payments.

The rupee ended at Rs176.63 to the dollar from previous day’s closing of Rs176.68 in the interbank foreign exchange market.

Currency experts said that the market witnessed sufficient supply from the banks to feed the demand for import and other external payments.

They said that dollar demand remained high during the day owing to rise in international oil and other commodity prices.

The experts said that the latest measures of the State Bank of Pakistan (SBP) helped the local currency to make gain. The central bank recently restricted the exporters to realize the export proceeds in 120 days instead of 150 days.

However, the rising import bill and falling foreign exchange reserves have still posed challenge to rupee stability in coming days.

The oil import bill of the country sharply increased by 112 per cent to $8.38 billion during first five months of the current fiscal year as compared with $3.94 billion in the corresponding months of the last fiscal year.

Similarly, the foreign exchange reserves of the country fell by $255 million to $24.019 billion by week ended December 31, 2021 as compared with $24.274 billion a week ago. The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $170 million to $17.686 billion by week ended December 31, 2021 as compared with $17.856 billion a week ago.

KARACHI: The Pak Rupee (PKR) lost one paisa against the dollar on Monday due to high dollar demand after start of market after two weekly holidays.

The exchange rate in interbank market ended at Rs176.68 to the dollar from last Friday’s closing of Rs176.67.

Currency experts said that the market witnessed high dollar demand due to start of the market after two weekly holiday. However, the market also witnessed sufficient flows of the foreign currency which helped the rupee to stable.

The experts said that rupee might come under pressure due to surge in international oil prices and ease in foreign exchange reserves of Pakistan.

Pakistan’s oil bill recorded a 112 per cent massive growth to $8.38 billion during first five months (July – November) 2021/2022 as compared with $3.94 billion in the corresponding months of the last fiscal year.

On the other hand, the foreign exchange reserves of the country fell by $255 million to $24.019 billion by week ended December 31, 2021 as compared with $24.274 billion a week ago.

KARACHI: The US dollar fell by 25 paisas to end Rs176.67 to the dollar in the interbank foreign exchange market on Friday.

The Pak Rupee (PKR) closed at Rs176.67 to the dollar from last day’s closing of Rs176.92 in the interbank foreign exchange market.

Currency experts said that banks had provided sufficient dollars during the day which supported the rupee value. They said that the banks had received the foreign currency under the head of export receipts and workers’ remittances.

The experts said that the market witnessed demand for dollar for week-end import payments. They said that the market would close next two days due to weekly holidays.

The rupee recovered sharply during the last two days of the year 2021 and closed the year at Rs176.51 from the lowest level of Rs178.24 to the dollar on December 29, 2021.

The experts said that ease in import bill in month on month basis also supported the local unit to make recovery. The import bill eased to $6.9 billion in December 2021 as compared with $7.9 billion in November 2021.

KARACHI: The Pak Rupee (PKR) ended down by 18 paisas against the dollar on Thursday owing to rising demand for import payments.

The rupee ended Rs176.92 to the dollar from previous day’s closing of Rs176.74 in the interbank foreign exchange market.

Currency experts said that the market witnessed higher dollar demand for import payments.

They said that inflows of workers’ remittances and export receipts were not sufficient to support the local unit.

The experts said that the local currency had recovered sharply last week owing to presentation of mini-budget by the government, which contained import restriction measures.

However, the bill is still awaiting approval from both the upper and lower houses.

On the other hand the foreign exchange reserves were falling owing to scheduled foreign payments.

The official foreign exchange reserves of the central bank slipped by $299 million to $17.85 billion by week ended December 24, 2021 when compared with $18.15 billion a week ago. The official reserves of the SBP is import cover of 2.25 months, which is below the benchmark of three months.