KARACHI: The US dollar recorded an all-time high of Rs177.35 during midday trading at Interbank Foreign Exchange Market on Wednesday.
The Pak Rupee (PKR) ended previous record low at Rs176.79 to the dollar on December 07, 2021.
The rupee is facing deterioration due to large import bill.
According to the official data of the Pakistan Bureau of Statistics (PBS) released a day earlier, showed 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.
KARACHI: The free fall in rupee value continued on Tuesday as the dollar hit new high at Rs176.79 in the interbank foreign exchange market.
The Pak Rupee (PKR) lost 31 paisas against the dollar to end at Rs176.79 from the previous day’s closing of Rs176.48 in the interbank foreign exchange market.
Currency experts said that dollar demand remained high and offset the impact of Saudi fund support.
The Saudi Development Fund (SDF) placed an amount of $3 billion with the State Bank of Pakistan (SBP) on December 04, 2021. The market was expecting some gain in rupee value following the fund transfers. However, large import bill remained big challenge for the rupee stability.
According to the official data of the Pakistan Bureau of Statistics (PBS) released a day earlier, showed 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.
KARACHI: The US dollar eased by 29 paisas against the dollar on Monday to close at Rs176.48 in the interbank foreign exchange market.
The dollar witnessed an all-time high against the Pak Rupee (PKR) on December 03, 2021.
The dollar weakened today due to the foreign inflows to the tune of $3 billion deposited by the Saudi Development Fund (SDF) to the State Bank of Pakistan (SBP) on December 04, 2021.
Currency experts said that the market was expected sharp recovery in rupee value owing to the Saudi fund deposit. But the local unit only recovered 29 paisas.
They said that the dollar demand remained high during the day for import payment as the market was opened after two weekly holidays.
The dealers said that the large import bill remained a threat to the rupee value in the coming days.
According to the official data of the Pakistan Bureau of Statistics (PBS) released a day earlier, showed 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.
The dollar gained 35 paisas against the previous day’s closing of Rs176.42 in the interbank foreign exchange market. The dollar made a new peak just after a day reaching the historic high.
The official reserves of the State Bank fell by $244 million to $16.01 billion by the week ended November 26, 2021 as compared with $16.254 billion a week ago.
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.
The exports of the country also grew at 27 per cent but much lower than the pace in the growth of the import bill during the period under review. The exports of the country increased to $12.34 billion during July – November 2021/2022 as compared with $9.74 billion in the same period of the last fiscal year.
Earlier in the day the US dollar has breached the level of Rs177 to make a new record high during intraday trading. The exchange rate reached at Rs177.30 to the dollar during midday trading in the interbank foreign exchange market.
KARACHI: The US dollar has breached the level of Rs177 to make a new record high during intraday trading on Friday. So far the rupee lost 88 paisas against the dollar as the foreign currency is being traded at Rs177.30 in the interbank foreign exchange market. The rupee closed at Rs176.42 to the dollar a day earlier in the interbank foreign exchange market.
The Pak Rupee is under severe pressure due to a surge in import bills and a widening of trade deficit.
Official data revealed that Pakistan’s trade deficit ballooned by 112 per cent to $20.59 billion during the first five months (July – October) of the current fiscal year 2021/2022.
The trade deficit was at $9.72 billion in the same months of the last fiscal year, revealed by the data released by the Pakistan Bureau of Statistics (PBS).
Pakistan’s import bill surged by 69.17 per cent to $32.934 billion during July – November 2021/2022 as compared with $19.468 billion in the same period of the last fiscal year.
The exports of the country also exhibited by 26.68 per cent to $12.344 billion during the period under review as compared with $9.744 billion in the corresponding period of the last fiscal year.
The falling official foreign exchange reserves of the State Bank of Pakistan (SBP) are also another reason for the rupee deterioration. According to the data released by the SBP, its official reserves were declined by $244 million to $16.01 billion by the week ended November 26, 2021, as compared with $16.254 billion a week ago.
The rupee lost 94 paisas against the dollar from the previous day’s closing of Rs175.48 in the interbank foreign exchange market.
Previously, the rupee recorded an all-time low of Rs176.20 on November 29, 2021.
Currency experts said that higher imports and widening of trade deficit were the major reasons behind rupee deterioration.
During the first five months of the current fiscal year, exports and imports reached $12.4 billion and $33.1 billion, respectively. The trade deficit jumped up by 117 per cent YoY during the first five months of the current fiscal year to $20.8 billion.
The market was anticipating a recovery in the local unit after tightening of monetary policy stance by the State Bank of Pakistan (SBP) and signing for a Saudi support package for Pakistan. However, all these positive outcomes have failed to support the local currency.
The Pakistani Rupee (PKR) strengthened against the US Dollar for the second consecutive day in the interbank foreign exchange market on Wednesday, closing at Rs175.48 per US Dollar, a recovery of 24 paisas from the previous day’s rate of Rs175.72.
KARACHI: The Pak Rupee (PKR) recovers 48 against the dollar on Tuesday after positive sentiments prevailing in the market over the signing of the Saudi packages for Pakistan.
A day earlier, the State Bank of Pakistan (SBP) and Saudi Fund for Development (SFD) signed a deposit agreement. Under the deposit agreement, the SFD would place a deposit of $3 billion with the SBP. The deposit amount under the agreement would become part of SBP’s foreign exchange reserves.
The rupee hit an all-time low of Rs176.20 on November 29, 2021.
Currency experts said that the market had witnessed high dollar demand for import and corporate payments. However, the reports of the Saudi support package helped the rupee to make some recovery.
In order to support the local currency, the SBP on November 19, 2021, decided to tighten the monetary policy stance. The SBP enhanced the key policy rate by 150 basis points to 8.75 per cent.
Although, the rupee recovered some value following the policy decision but the dollar demand persist for external payment and rupee plunged to the historic low.
The rupee lost 74 paisas to end at Rs176.20 to the dollar from last Friday’s closing of Rs175.46 in the interbank foreign exchange market. The rupee previously recorded the historic low at Rs175.73 on November 12, 2021.
Currency experts said that the rupee deteriorated because the dollar demand for import and corporate payments remained high during the day.
The rupee was also under pressure as the market was opened after two weekly holidays.
The experts said that the large import bill of the country has kept the rupee under pressure. The import bill of the country recorded an increase of 65.40 per cent to $25.1 billion during the first four months of the current fiscal year as compared with $15.17 billion in the corresponding period of the last fiscal year.
The rupee is likely to recover in the coming days as the State Bank of Pakistan (SBP) on Monday signed a deposit agreement with the Saudi Fund.
KARACHI: The US dollar hit all-time high at Rs176.50 during intraday trading on Friday but later reversed to close at Rs175.46 in the interbank foreign exchange market.
The Pak Rupee (PKR) closed at Rs175.46 to the dollar as against the previous day’s closing of Rs174.98 in the interbank foreign exchange market.
Currency experts said that the rupee remained under pressure due to the outflow of the foreign currency in the shape of external debt repayment.
Pakistan’s foreign exchange reserves fell by $766 million to $22.774 billion due a week. According to the State Bank of Pakistan (SBP), the country’s foreign exchange reserves were at $22.774 billion by week ended November 19, 2021 as compared with $23.55 billion by the week ended November 12, 2021.
They further said that the large imports are a major threat to the rupee stability. The import bill registered 65 per cent growth to $25.1 billion during first four months of the current fiscal year as compared with $15.17 billion in the corresponding months of the last fiscal year.
The Pak Rupee hit the all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.
