Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar advanced to make a new record high at Rs178.05 on Tuesday at the closing of the interbank foreign exchange market.

The Pak Rupee fell by one paisa against the dollar from the previous day’s closing of Rs178.04, which was the previous record low of the local currency.

READ MORE: Dollar hits record high of Rs178.04 at interbank closing

Currency experts said that the market had witnessed high demand for the dollar during the day. However, the latest curbs imposed by the State Bank of Pakistan (SBP) prevented the local currency from deteriorating.

The SBP on last Sunday restricted foreign exchange buying by individuals to discourage speculative gains.

READ MORE: SBP sets limits for sale of foreign exchange to individuals

The SBP measure helped the local currency to resist the dollar during the past two days. But the latest numbers of the balance of payment further created uncertainty about the rupee stability.

The current account deficit has widened to $7 billion during the first five months (July – November) 2021/2022. The current account posted a surplus of $1.87 billion in the same period of the last fiscal year.

KARACHI: The US dollar breached the level of Rs178 on Friday due to mounting demand for the foreign currency for import payments.

The Pak Rupee (PKR) ended at Rs178.04 to the dollar from the previous day’s closing of Rs177.98 in the interbank foreign exchange market.

Currency experts said that dollar demand for import and corporate payments remained high during the day. They said that dollar demand for import and corporate payments remained high due to the closing of the year.

READ MORE: Dollar maintains record high level at Rs177.98

They said that the measures taken by the State Bank through tightening of monetary policy has failed to support the rupee.

The State Bank of Pakistan (SBP) on December 14, 2021 announced a monetary statement and increased the key policy rate by 100 basis points to 9.75 per cent. The SBP increased the policy rate by 250 basis points in less than a month to support the local currency by reducing the demand.

READ MORE: Rupee falls to new record low despite policy rate hike

The dealers said that there was no letup in import payment. The import bill of the country surged by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

KARACHI: The US dollar on Thursday maintained the record high level of Rs177.98 at closing of interbank foreign exchange market.

The Pak Rupee ended unchanged against the dollar at previous day’s closing of Rs177.98, which was the lowest level of the rupee.

READ MORE: Rupee falls to new record low despite policy rate hike

Currency experts said that the market witnessed high dollar demand for import and corporate payments. However, sufficient inflows of the dollar helped the rupee to keep value at previous day’s level.

The State Bank of Pakistan (SBP) on December 14, 2021 announced another 100 basis points increase in the key policy rate to 9.75 per cent. It was the third straight increase in the policy rate by the central bank since September 2021. However, the free-fall in rupee continued due to higher dollar demand for import payments.

READ MORE: Dollar eases against PKR on expected policy rate rise

According to the official data of Pakistan Bureau of Statistics (PBS), the import bill of the country surged by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

READ MORE: Dollar touches Rs178 intraday trading, retreats

KARACHI: The Pak Rupee recorded a new low of Rs177.98 to the dollar on Wednesday despite the hike in key policy rate by 100 basis points announced a day earlier.

The rupee lost 10 paisas to the dollar from the previous day’s closing of Rs177.88 in the interbank foreign exchange market.

The previous historic low in rupee value was recorded at Rs177.89 on December 13, 2021.

A day earlier the State Bank of Pakistan (SBP) announced an increase of 100 basis points in the key policy rate to 9.75 per cent.

Currency experts said that the rupee was under immense pressure due to high dollar demand for import and corporate payments.

According to the official data of Pakistan Bureau of Statistics (PBS), the import bill of the country surged by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

Dollar eases against PKR on expected policy rate rise

KARACHI: The deterioration in Pak Rupee (PKR) value continued on Monday as the dollar touched new peak at Rs177.89 at closing of interbank foreign exchange market.

The PKR lost 18 paisas against the dollar to close at Rs177.89 as compared with last Friday’s closing of Rs177.71, which was the previous all-time high of dollar, in the interbank foreign exchange market.

READ MORE: Dollar makes new highs for 4th straight day at Rs177.71

Today’s was the fifth straight day when the dollar touched new record high as it made a record high at Rs176.79 on December 07, 2021. Since then the dollar is making new record every session.

Currency experts said that the high imports were the major reason behind rupee decline. They said that all efforts of the government to curb the imports of unnecessary and luxury items apparently failed as the trade deficit widened massively.

READ MORE: Dollar touches Rs178 intraday trading, retreats

The import bill of the country grew by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

READ MORE: Dollar makes new high at PKR 177.35 at midday trading

The trade deficit during the months under review widened by 112 per cent to $20.59 billion as compared with the deficit of $9.72 billion in the corresponding period of the last fiscal year.

READ MORE: Rupee slide continues; dollar hits new high at Rs176.79

KARACHI: The US dollar continued its upward journey to make new record highs against the Pak Rupee (PKR) for the fourth straight day on Friday as it ended at Rs177.71 in foreign currency market.

The recorded 11 paisas loss against the dollar from previous day’s closing of Rs177.61 in interbank foreign exchange market. The dollar made new highs for the fourth straight day as it made a record high at Rs176.79 on December 07, 2021. The foreign currency continued to make record highs in the next three trading sessions.

Currency experts said that the high imports were the major reason behind rupee decline. They said that all efforts of the government to curb the imports of unnecessary and luxury items apparently failed as the trade deficit widened massively.

The import bill of the country grew by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

The trade deficit during the months under review widened by 112 per cent to $20.59 billion as compared with the deficit of $9.72 billion in the corresponding period of the last fiscal year.

Dollar touches Rs178 intraday trading, retreats

KARACHI: The US dollar recorded a new record high of Rs178 at intraday trading on Thursday but retreated and closed at Rs177.61, which is also an all-time high by closing at interbank foreign exchange market.

Currency experts said that during the intraday trading the dollar touched Rs178, which was never seen in the past. However, the Pak Rupee (PKR) recovered some losses during the day but closed at yet another historic low of Rs177.61 in interbank foreign exchange market.

The experts said that burgeoning import bill kept pressure on dollar demand during the day. They said that the external inflows were not sufficient to support the local unit.

Last week the Saudi Fund deposited an amount of $3 billion with the State Bank of Pakistan (SBP) to support Pakistan, to manage balance of payment.

The experts said that high international prices and growing domestic demand escalated the import bill.

The official data of Pakistan Bureau of Statistics (PBS) showed the import bill of the country climbed up by 69.17 per cent to $33 billion during first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

Dollar climbs up to historic high at Rs177.43

KARACHI: The US dollar climbed up to a new record high of Rs177.43 at the closing of interbank foreign exchange market on Wednesday.

The dollar reached crossed the previous record high which was on December 7, 2021 at Rs176.79 in the interbank foreign exchange market. The Pak Rupee (PKR) lost 64 paisas against the dollar when compared with the last day closing.

Currency experts said that the dollar demand for import and corporate payments were remained high during the day.

They said that deposit of $3 billion by Saudi Development Fund (SDF) with the State Bank of Pakistan (SBP) had failed to impact the rupee value. Further, the monetary tightening by the SBP also unable to support the rupee. The SBP in its last monetary policy on November 19, 2021 jacked up the key policy rate by 150 basis points to 8.75 per cent.

READ MORE: SBP increases policy rate by 150 basis points to 8.75%

The experts said that the local unit would only be supported by curtailing the imports.

The import bill of the country surged by 69.17 per cent to $33 billion during first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

Dollar makes new high at PKR 177.35 at midday trading