Tag: Interbank Foreign Exchange Market

KARACHI: Deterioration continued in Pak Rupee (PKR) against dollar on Wednesday as the local currency hit new record low at Rs171.13.

Previously, the rupee recorded the all-time low at Rs171.04 against the dollar a day ago on October 12, 2021 in interbank foreign exchange market.

Currency experts said that the dollar demand for import payment was continuously depreciating the rupee value.

The import bill surged by 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.

It is important to note that the State Bank of Pakistan (SBP) during past couple of weeks took 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 start of the current fiscal year. The local unit has lost Rs13.59 against the dollar from Rs157.54 on June 30, 2021 to Rs171.13 to date.

PKR at fresh low of Rs171.04 against dollar

KARACHI: The Pak Rupee (PKR) reached to a new historic low of Rs 171.04 against the dollar.on Tuesday in the interbank foreign exchange market.

Previously, the rupee recorded an all-time low at Rs170.96 against the dollar on October 06, 2021.

Currency experts said that the dollar demand for import payment was continuously depreciating the rupee value.

The import bill surged by 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.

It is important to note that the State Bank of Pakistan (SBP) during past couple of weeks took 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 start of the current fiscal year. The local unit has lost Rs13.50 or 8.57 per cent against the dollar from Rs157.54 on June 30, 2021 to Rs171.04 to date.

Rupee falls by 21 paisas against dollar

KARACHI: The Pak Rupee (PKR) depreciated by 21 paisas against the dollar on Monday, closing at Rs170.74 in the interbank foreign exchange market. This decline followed Friday’s closing rate of Rs170.53, reflecting a surge in dollar demand for external payments.

(more…)

KARACHI: The dollar depreciated by 34 paisas on Friday, closing at Rs170.53 in the interbank foreign exchange market. This marks a slight improvement for the Pakistani rupee, which had ended the previous trading session at Rs170.87 against the dollar.

(more…)

KARACHI: The Pak Rupee (PKR) recovered nine paisas to the dollar on Thursday owing to tightening of exchange companies regulations by the State Bank of Pakistan (SBP).

The rupee ended Rs170.87 to the dollar from the previous day’s closing of Rs170.96 in the interbank foreign exchange market.

Currency experts attributed the recovery in rupee value to measures taken by the SBP a day earlier.

The SBP imposed restrictions on persons traveling to Afghanistan. The central bank allowed persons traveling Afghanistan to carry only $1,000 per person per visit with a maximum annual limit of $6,000.

The SBP also made it mandatory for exchange companies to undertake biometric verification for foreign currency sale or purchase transactions above $500.

Dollar jumps up to make new high at Rs170.96

KARACHI: The US dollar jumped up to make a new high at Rs170.96 on Wednesday in the interbank foreign exchange market.

The Pak Rupee (PKR) fell by 16 paisas to end at Rs170.96 from previous day’s close of Rs170.80 in the interbank foreign exchange market.

Currency experts said that rising dollar demand for import payment had deteriorated the rupee value. They said that panic buying for dollars was seen during the day after the report of a massive surge in import bill during the first quarter of the current fiscal year.

The import bill of the country registered a record increase of 65 per cent to $18.63 billion during July – September of the current fiscal year as compared with $11.28 billion in the corresponding period of the last year.

The higher import bill also widened the trade deficit significantly. The trade deficit ballooned by 100 per cent to $11.66 billion during the quarter under review as compared with the deficit of $5.81 billion in the same period of the last year.

Since the start of the current fiscal year the rupee was under pressure. The high dollar demand for import payment may be attributed to ease in cases of coronavirus cases and enhanced industrial and commercial activities.

Dollar maintains record high level in interbank

KARACHI: The dollar maintained the highest peak against the Pak Rupee in the interbank foreign exchange market on Tuesday.

The rupee ended Rs170.80 to the dollar, which is also the same previous day’s closing level in the interbank foreign exchange market. The dollar is at the highest level against the local unit.

Currency experts said that a day earlier the State Bank of Pakistan (SBP) took another measure to support the rupee. The central bank reduced the retention period of foreign exchange by exporters from five days to three days.

They said that the dollar demand for import payment remained high. The dollar demand had increased further after the reports of 65 per cent growth in import bill during the first quarter of the current fiscal year.

Rupee makes fresh lows against dollar

KARACHI: The Pak Rupee (PKR) fell to a new record low against the dollar at Rs170.80 on Monday. The high demand for import and corporate payments kept the local unit under pressure.

The rupee fell by 32 paisas to Rs170.80 to the dollar from last Friday’s closing of Rs170.48 in the interbank foreign exchange market.

Currency experts attributed the fresh low of rupee to the opening of the market after two weekly-holiday. They further said that higher import bill also escalated the demand for the dollar.

The rupee hit all-time low at Rs170.66 against the dollar on September 30, 2021.

The State Bank of Pakistan (SBP) last week announced measures to discourage imports and support balance of payment. However, these measures have failed so far to support the local currency.

Dollar retreats after import restrictions

KARACHI: The US dollar retreated against Pak Rupee (PKR) on Friday after touching a record high at Rs170.66 a day earlier, which may be attributed to the imposition of import restrictions.

The rupee ended Rs170.48 to the dollar from the previous day’s closing of Rs170.66 in the interbank foreign exchange market.

A day earlier, the State Bank of Pakistan (SBP) announced a 100 percent cash margin requirement on an additional 114 items.

Currency experts said import restriction had been the reason for today’s rupee recovery. However, widening of deficit in current account due to rising import bills will remain a concern for rupee value.

PKR makes new historic low at Rs170.66 against dollar

KARACHI: The Pak Rupee (PKR) witnessed a new historic low at Rs170.66 against the dollar on Thursday owing to demand for import and corporate payments.

The rupee fell by 18 paisas to Rs170.66 against the dollar from the previous day’s closing of Rs170.48 in the interbank foreign exchange market.

Currency experts said that persistent demand for the dollar had further deteriorated the rupee value.

The rupee recorded a decline of Rs13.12 against the dollar since the closing of Rs157.54 on June 30, 2021.

Dollar hits new record high of Rs170.48 in interbank