Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee fell by 24 paisas against the dollar on Wednesday owing to high demand for import and corporate payments.

The rupee ended Rs153.23 to the dollar from previous day’s closing of Rs152.99 in the interbank foreign exchange market.

The dealers said that the rupee was remained under pressure due to corporate demand for dollars during the day. They said that the corporate buyers were active as multinational companies and foreign companies usually repatriate profit and dividends on close of every quarter.

They further said that the demand for import payment was also seen rising.

KARACHI: The Pak Rupee weakened by six paisas against dollar on Tuesday owing to demand for import and corporate payments.

The rupee ended Rs152.99 to the dollar from previous day’s closing of Rs152.93 in the interbank foreign exchange market.

Currency dealers said that the market witnessed demand from corporate buyers as foreign companies were sending their profit and dividends to their parent companies abroad.

Further, seasonal demand for import payments is also seen during the day.

The dealers said that the local currency likely to make gain against the dollar in coming days due to substantial inflows of foreign currency in shape of export receipts and workers’ remittances.

KARACHI: The Pak Rupee weakened by 11 paisas against the dollar on Monday owing to demand for import and corporate payments, dealers said.

The rupee ended Rs152.93 to the dollar from last Friday’s closing of Rs152.82 in the interbank foreign exchange market.

The currency dealers said that the rupee was under pressure because the market was opened after two weekly holidays.

However, they said that the market had sufficient supply of the greenback to meet the demand in coming days.

They said that the inflows of export receipts and workers’ remittances would support the local currency. Further, the market would remain positive due to high stock of foreign exchange reserves of the country.

KARACHI: The Pak Rupee ended firmer against the dollar on Friday amid demand for import and corporate payments, dealers said.

The rupee ended at Rs152.82 to the dollar from previous day’s closing of Rs152.83 in the interbank foreign exchange market.

The currency dealers said that the rupee was remained firmer despite the demand for import and corporate payments.

They said that significant increases in foreign exchange reserves of the country would help the rupee to make gain in coming days.

KARACHI: The Pak Rupee ended flat against the dollar on Thursday owing to lower demand for import and corporate payments.

The rupee closed at Rs152.83 to the dollar from the same closing of April 13, 2021 in the interbank foreign exchange market.

The banks were remained closed on April 14, 2021 for the Zakat deduction on first day of Ramazan ul Mubarak.

 The currency analysts said that the rupee likely to make gains in coming days due to better foreign exchange reserves, improved export receipts and workers’ remittances and external situation.

KARACHI: The Pak Rupee fell by eight paisas against the dollar on Tuesday owing to bank holiday a day ahead that may create pressure on import payment demand.

The rupee ended Rs152.83 to the dollar from previous day’s closing of Rs152.75 in the interbank foreign exchange market.

Currency experts said that the rupee witnessed a decline due to higher dollar demand for import and corporate payment as banks likely close on Wednesday due to Zakat deduction on the first day of Ramazan ul Mubarak.

The currency experts said that the rupee may continue to gain value in coming days owing to substantial increase in inflows of workers remittances and export receipts.

KARACHI: The Pak Rupee gained 19 paisas to close Rs152.75 against the dollar on Monday owing to lower demand for import payment.

The rupee maintained gaining momentum against the dollar. The rupee was closed last Friday at Rs152.94 to the dollar in the interbank foreign exchange market.

Currency experts said that due to high number of cases reported daily the importers were caution in placing orders to their foreign suppliers.

The rupee also posted an strengthened due to strong growth in inflows of workers’ remittances.

The inflow of workers’ remittances has registered 26 percent growth to $21.47 billion during first nine months (July – March) 2020/2021, State Bank of Pakistan (SBP) said on Monday.

The inflow of remittances was $17 billion during the same period of the last fiscal year.

The SBP said that workers’ remittances extended their unprecedented streak of above $2 billion for the 10th consecutive month in March 2021.

Remittances rose to $2.7 billion in March 2021, 20 percent higher than last month and 43 percent higher than March 2020.

Cumulatively during July-Mar FY 21, remittances have risen to $21.5 billion, up by 26 percent over the same period of FY20.

KARACHI: The US dollar fell by eight paisas against the Pak Rupee on Friday owing to foreign inflows of Eurobonds issuance and lower import payment demand.

The rupee ended Rs152.94 to the dollar from previous day’s closing of Rs153.02 in the interbank foreign exchange market.

Currency dealers said that the State Bank of Pakistan (SBP) had received $2.5 billion as proceeds of Eurobond issuance. This transfer helped increase in foreign exchange reserves and ease pressure on the rupee.

Further, they said that importers were remained cautious in placing new orders due to continuous rise on coronavirus cases in the country.

KARACHI: The US dollar weakened to Pak Rupee at Rs153.02 on Thursday owing to lower demand for import payments, dealers said.

The rupee ended Rs153.02 to the dollar from previous day’s closing of Rs153.18 in the interbank foreign exchange market.

The dealers said that due to rising case of coronavirus the importers were cautious in placing orders to their foreign suppliers.

Currency experts said that inflows of foreign remittances and export receipts had helped the local units to make gain against the greenback.

KARACHI: The Pak Rupee gained 15 paisas against the dollar on Wednesday owing to lower demand for import payment.

The rupee ended Rs153.18 to the dollar from previous day’s closing of Rs153.33 in the interbank foreign exchange market.

Currency dealers said that importers were cautious in placing orders for foreign purchases due to rising cases of coronavirus.

They further said that the inflows of export receipts, workers’ remittances and improved foreign exchange reserves also helped the rupee to make gain.