Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee strengthened by 33 paisas against the dollar on Tuesday owing to decline in international oil prices and lower import payment demand after fast spread of coronavirus.

The rupee ended Rs153.33 to the dollar from previous day’s closing of Rs153.66 in the interbank foreign exchange market.

Currency experts said that demand for the foreign currency was eased following decline in international oil prices and lackluster response from the importers following rise in cases of coronavirus.

KARACHI: The Pak Rupee fell by 11 paisas against the dollar on Monday owing to rise in trade deficit and demand from corporate buyers.

The rupee ended Rs153.66 to the dollar from last Friday’s closing of Rs153.55 in the interbank foreign exchange market.

Currency experts said that the market was under pressure due to significant rise in import bill during the month of March 2021.

The import bill has recorded an unprecedented growth of 70 percent in March 2021 as compared with the same month of the last year, according to data released by Pakistan Bureau of Statistics (PBS).

The country spent $5.63 billion on the imports during March 2021 as compared with $3.31 billion in the same month of the last year.

The experts said that due to quarter ending on March 31, 2021 the corporate buyers were also seen active in purchasing dollars for repatriating profit and dividends to their parent companies abroad.

KARACHI: The Pak Rupee weakened by 25 paisas against the dollar on Friday owing to demand for import and corporate payments.

The rupee ended Rs153.55 to the dollar from previous day’s closing of Rs155.30 in the interbank foreign exchange market.

Currency dealers said that higher demand of the foreign currency for import and corporate payments depreciated the rupee value.

They said that due to quarter ending corporate buyers were seen active in purchasing the foreign currency for repatriation of profit and dividend to their parent companies abroad.

Similarly, the higher import bill in March 2021 also put pressure on demand for the dollar.

KARACHI: The Pak Rupee slipped by 54 paisas on Thursday owing to high demand for import and corporate payments.

The rupee ended Rs153.30 to the dollar from previous day’s closing of Rs152.76 in the interbank foreign exchange market.

Currency dealers said market witnessed high demand of the foreign currency for import and corporate payments during the day. They said that due to quarter ending corporate sector was seen buying the foreign currency to send profit and dividends to their parent companies abroad.

They, however, said that the encouraging inflows of remittances and export receipts would help the rupee to make gain in coming days.

KARACHI: The Pak Rupee gained 33 paisas against the dollar on Wednesday owing to improved external position.

The rupee ended Rs 152.76 to the dollar from previous day’s closing of 153.09 in the interbank foreign exchange market.

Currency experts said that the improved external position after the inflows of around $498 million under IMF loan program further helped the foreign exchange market.

In the early trade the dollar recorded a fall and traded at Rs152.25 in the interbank foreign exchange market.

Currency experts said that alarming rise in coronavirus cases had discouraged the demand of the foreign currency for import payment.

KARACHI: The US Dollar has fallen by 84 paisas to Rs152.25 in early day trade in interbank foreign exchange market on Wednesday, dealers said.

The dollar has fallen around 21 and half months and being traded at Rs152.25 from previous day’s closing of Rs153.09 in the interbank foreign exchange market.

Currency experts said that the rupee appreciated due to auction of Eurobond by the government that fetched around $2.5 billion.

KARACHI: The rupee recovered Rs14.58 against the dollar during first nine months (July – March) of fiscal year 2020/2021.

The rupee ended Rs153.09 on closing of March 30, 2021 as it was started the fiscal year Rs167.67 to the dollar.

The rupee gained 95 paisas to close at Rs153.09 to the dollar on Tuesday as compared with previous day’s closing of Rs154.04 in the interbank foreign exchange market.

Currency experts said that alarming rise in coronavirus cases had discouraged the demand of the foreign currency for import payment.

The rupee also recovered Rs5.01 against the dollar during March 01 to March 30, 2021.

KARACHI: The Pak Rupee gained 55 paisas against the dollar on Monday owing to improved in external front and discoursing demand for import payment after rise in coronavirus cases.

The rupee ended Rs154.04 to the dollar as compared with last Friday’s closing of Rs154.59 in the interbank foreign exchange market.

Currency experts said that the importers were remained cautious over placing new order owing to alarming rise in coronavirus cases and considerations of complete lockdown.

Besides, the experts said that approval of IMF tranche for Pakistan and expected inflows from sale of Eurobonds had also helped the rupee to make gain,

KARACHI: The Pakistani Rupee exhibited strength against the US dollar on Friday, appreciating by 58 paisas in the interbank foreign exchange market.

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KARACHI: The Pak Rupee gained 38 paisas against the dollar on Thursday as IMF approved transfer of $500 million to Pakistan under Extended Fund Facility (EFF).

The rupee ended Rs155.01 to the dollar from previous day’s closing of Rs155.39 in the interbank foreign exchange market.

Currency experts said that the market was remained positive due to approval of funds for Pakistan. A day earlier the IMF approved $500 million for Pakistan under EFF loan program.

Further, they said that the importers were remained cautious in placing new import orders due to rising case of coronavirus in the country.

The importers were expecting that the government would take harsh measures including strict lockdown in the wake of third wave of coronavirus.