Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee ended down by six paisas against the dollar on Thursday due to demand for import and corporate payments.

The rupee closed at Rs154.84 to the dollar from previous day’s closing of Rs154.78 in the interbank foreign exchange market.

Currency experts said that the due to improved GDP growth forecast the domestic demand had increased for imported good.

They also attributed the higher demand of the foreign currency to the government decision for not imposing strict lockdown and using alternate ways to prevent coronavirus pandemic.

The experts said that the improved inflows of export receipts and remittances would help the rupee to gain values in coming days.

KARACHI:The Pak Rupee fell by 41 paisas against the dollar on Wednesday owing to the high demand for import and corporate payments.

The rupee closed at Rs 154.78 to the dollar from previous day’s closing of Rs 154.37 in the interbank foreign exchange market.

Currency experts said that economic growth forecast had escalated the demand for the domestic demand for import goods.

The Pakistani Rupee (PKR) witnessed a sharp decline against the US Dollar on Tuesday, weakening by 67 paisas due to increased demand for import and corporate payments. The rupee closed at Rs154.37 against the dollar in the interbank foreign exchange market, compared to the previous Friday’s closing of Rs153.70.

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KARACHI: The Pak Rupee fell by 34 paisas against the dollar on Monday owing to demand for import and corporate payments.

The rupee ended Rs153.70 to the dollar from last Friday’s closing of Rs153.36 in the interbank foreign exchange market.

Currency experts said that due to first day of the week the demand for import and corporate payments was high.

They said that the improved GDP growth forecast would escalate the domestic demand for imported raw material and finished products.

The rising demand for import payment would depress the local currency in coming days.

KARACHI: The Pak Rupee recovered nine paisas against the dollar on Friday owing to reduction in requirement of statutory liquidity ratio (SLR) for exchange companies.

The rupee ended Rs153.36 to the dollar from previous day’s closing of Rs153.45 in the interbank foreign exchange market.

The rupee was continuously deteriorating against the dollar on resumption of trading after Eid holidays.

Currency experts said that a day earlier the State Bank of Pakistan (SBP) reduced the requirement of SLR from 25 percent to 15 percent for exchange companies in order to facilitate inflow of home remittances through banking channels.

Further, the experts said that the inflows of export receipt also helped the rupee to make gain.

They said that the dollar may rebound in coming days due to payment demand for imports and corporate sector.

KARACHI: Deterioration in Pak Rupee continued on Thursday owing to demand for import and corporate payments.

The rupee closed at Rs153.45 to the dollar from the previous day’s closing of Rs153.22 in the interbank foreign exchange market.

The rupee recorded a decline of Rs1.18 against the dollar since resumption of trading after Eid Holidays. The government had announced Eid Holidays from May 10, 2021 to May 15, 2021, which followed Sunday on May 16, 2021.

Currency experts said that due to extended Eid holidays the rupee remained under pressure.
They also said that ease in restriction related to coronavirus also encouraged importers to place orders to their foreign buyers.

They, however, said that the record inflows of workers’ remittances and export receipts of the local currency would make gains in the coming days.

KARACHI: The Pak Rupee weakened by 33 paisas against the dollar on Wednesday owing to higher demand for import and corporate payments.

The rupee closed at Rs153.22 to the dollar from previous day’s closing of Rs152.89 in the interbank foreign exchange market.

The rupee recorded a decline of 95 paisas against the dollar since resumption of trading after Eid Holidays. The government had announced Eid Holidays from May 10, 2021 to May 15, 2021, which followed Sunday on May 16, 2021.

Currency experts said that due to extended Eid holidays the rupee was remained under pressure.

They also said that ease in restriction related to coronavirus also encouraged importers to place orders to their foreign buyers.

They, however, said that the record inflows of workers’ remittances and export receipts the local currency would make gain in coming days.

KARACHI: The Pak Rupee ended down by 29 paisas against the dollar on Tuesday owing to demand of the foreign currency for import and corporate payments.

The rupee ended Rs152.89 to the dollar from previous day’s closing of Rs152.60 in the interbank foreign exchange market.

Currency experts said that the demand for the dollar was seen from importers and corporate buyers after the Eid holidays.

The experts however said that the local unit might recover the losses in coming days due to significant rise in workers’ remittances and export receipts.

KARACHI: The Pak Rupee fell by 33 paisas on Monday owing to higher demand from import and corporate buyers as the market was opened after 10-day Eid holidays.

The rupee ended Rs152.60 to the dollar from previous closing on May 07, 2021 at Rs152.27 in the interbank foreign exchange market.

Currency experts said that the market witnessed demand from importers and corporate buyers for making payments. They said that the demand pressure came on the foreign currency because the market was remained closed for past 10 days due to Eid Holidays.

The experts said that the local currency likely to gain in coming days due to strong inflows of remittances and export receipts.

KARACHI: The Pak Rupee gained 32 paisas against the dollar on Friday owing to inflows of home remittances and export receipts.

The rupee ended Rs152.28 to the dollar from last day’s closing of Rs152.60 in the interbank foreign exchange market.

Currency experts said that demand for dollar was remained in the market due to extended holidays for Eid ul Fitr announced by the government. The government announced Eid holidays from May 10 to May 15, 2021.

However, they said that inflows of Eid related remittances and export receipts helped the rupee to make gain.

They further said that the latest instructions of the central bank to open bank branches on May 10 and May 11, 2021 to facilitate general public during extended Eid holidays also improved market sentiments.