Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar hit 175 against Pak Rupee (PKR) during intraday trading in the interbank foreign exchange market on Tuesday.

The Pak Rupee so far lost 57 paisas against the dollar during intra-day trading in the interbank foreign exchange market.

The rupee ended Rs174.43 to the dollar a day earlier.

Currency experts said that the massive external payments of imports and repayment by the State Bank of Pakistan (SBP) had also put pressure on dollar demand.

The official foreign exchange reserves of the State Bank recorded a decline of $1.646 billion to $17.492 billion by the week ended October 15, 2021 as compared with $19.138 billion by week ended October 08, 2021.

The current account deficit ballooned to $3.4 billion during July – September 2021 as compared with a surplus of $865 million in the corresponding period of the last fiscal year, according to the SBP.

The import bill shown a 66.11 per cent growth to $18.74 billion during the first quarter of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

KARACHI: The US dollar on Wednesday touched a new peak of Rs173.47 in the interbank foreign exchange market. The free-fall in the value of Pak Rupee (PKR) continued as the local unit recorded 10 percent depreciation against dollar since the start of the current fiscal year.

The rupee lost Rs15.93 to the dollar when compared the value of Rs157.54 to dollar on June 30, 2021 with Rs173.47 as on October 20, 2021.

The rupee recorded 69 paisas decline from last trading on Monday October 18, 2021 at Rs172.78 to the dollar in interbank foreign exchange market.

Currency dealers said that the market opened after the public holiday which put pressure on import payment demand. Further, the reports of significant widening in the current account deficit also put pressure on dollar demand.

The current account deficit ballooned to $3.4 billion during July – September 2021 as compared with a surplus of $865 million in the corresponding period of the last fiscal year, according to the State Bank of Pakistan (SBP).

KARACHI: The US dollar is remained unabated as the greenback reached to a new peak of Rs173 in early day trade. The dollar is being traded at Rs173 in interbank foreign exchange market at 09:45AM. The local currency has lost around 22 paisas against the dollar from Monday’s October 18, 2021 when it closed on the record high of Rs172.78 in the interbank foreign exchange market.

Currency dealers said that the rupee is under pressure due to public holiday observed yesterday. Further, the State Bank of Pakistan (SBP) released balance of payment data on public holiday.

According to balance of payment (BOP) statistics released by the State Bank of Pakistan (SBP) on Tuesday, the current account deficit widened to $3.4 billion during the first quarter of the current fiscal year as compared with a surplus of $865 million in the corresponding period of the last fiscal year.

The country’s trade deficit has swollen by massive 102.10 per cent to $11.75 billion during the quarter under review as compared with the deficit of $5.81 billion in the corresponding quarter of the last fiscal year.

The import bill registered a sharp growth of 66.11 per cent to $18.75 billion during July – September of the current fiscal year as compared with $11.29 billion in the same period of the last fiscal year.

Meanwhile, the exports have also exhibited a growth of 28 per cent to $6.99 billion during the quarter under review as compared with $5.47 billion in the same period of the last fiscal year.

KARACHI: The US dollar lost two paisas against the Pak Rupee (PKR) on Friday amid external payment demand.

The rupee ended at Rs171.18 to the dollar from previous day’s closing of Rs171.20 in the interbank foreign exchange market. The dollar recorded all time high at Rs171.20 a day earlier.

Currency experts said that high international commodity prices and rising domestic demand after ease in coronavirus cases escalated the demand for imported goods.

The import bill registered a sharp growth of 65 per cent to $18.63 billion during the first quarter (July – September) of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

The State Bank of Pakistan (SBP) during the past few days introduced various measures to discourage outflow of dollars. However, these measures are unable to stop depreciation in rupee value.

The local currency remained under pressure since the start of the current fiscal year. The local unit has lost Rs13.64 or 8.66 per cent against the dollar from Rs157.54 on June 30, 2021 to Rs171.18 to date.

KARACHI: The US dollar has inched up to make new high at Rs171.20 in the interbank foreign exchange market on Thursday.

The Pak Rupee (PKR) fell by seven paisas against the dollar from previous day’s close of Rs171.13 in the interbank foreign exchange market.

Currency experts said that dollar demand for foreign payment remained high due enhanced economic activities and rise in international commodity prices.

The import bill registered a sharp growth of 65 per cent to $18.63 billion during first quarter (July – September) of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

The local currency remained under pressure since start of the current fiscal year. The local unit has lost Rs13.66 or 8.67 per cent against the dollar from Rs157.54 on June 30, 2021 to Rs171.20 to date.