Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee strengthened by 46 paisas against the dollar on Wednesday owing to lower demand of the foreign currency on expectation of declining demand.

The rupee ended Rs155.39 to the dollar from Monday’s closing of Rs155.85 in the interbank foreign exchange market.

The market was remained closed on Tuesday on the occasion of Pakistan Day.

Currency experts said that the importers were 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.

KARACHI: The Pak Rupee gained 12 paisas against the dollar on Monday as current account remained surplus during first eight months of the current fiscal year.

The rupee ended Rs155.85 to the dollar from last Friday’s closing of Rs155.97 in the interbank foreign exchange market.

Currency dealers said that positive sentiments prevailed as current account remained in surplus during the first eight months of the current fiscal year.

The balance of payment has posted a current account surplus of $881 million during first eight months (July – February) of 2020/2021 as compared with a deficit of $2.74 billion in the corresponding months of the last fiscal year, State Bank of Pakistan (SBP) said on Sunday.

According to balance of payment data, trade deficit ballooned to $16.08 billion during first eight months of the current fiscal year as compared with the deficit of $13.16 billion in the same months of the last fiscal year.

KARACHI: The Pak Rupee weakened by 52 paisas against the dollar on Friday owing to higher demand for import and corporate payments.

The rupee ended Rs155.97 to the dollar from previous day’s closing of Rs155.45 in the interbank foreign exchange market.

Currency dealers said that foreign exchange market was under pressure due to higher demand of the foreign currency. They said that upcoming two weekly holidays and public holiday announced by the government on March 23, 2021 on occasion of Pakistan Day also put pressure on demand side.

The latest depreciation of the local unit also stopped the four days consecutive gaining spree of the rupee.

However, they said that the improved inflows would help the local unit to further make gain.

They said that the third wave of coronavirus has also discouraged the importers to place new purchase orders.

KARACHI: The Pak Rupee strengthened for the four consecutive days on Thursday owing to improved inflows and stable economic indicators.

The rupee gained 29 paisas to close at Rs155.45 to the dollar from the previous day’s closing of Rs155.74 in the interbank foreign exchange market.

The stable economic indicators and improved inflows of the foreign currency helped the rupee to make gain.

The rupee gained around Rs1.69 during the last four trading days. The exchange rate was at Rs157.14 to the dollar on March 12, 2021 and it was recorded at Rs155.45 on March 18, 2021.

Currency experts said that the improved inflows would help the local unit to further make gain.

They said that the third wave of coronavirus has also discouraged the importers to place new purchase orders.

The Pakistani Rupee demonstrated resilience in the foreign exchange market on Wednesday, gaining 98 paisas against the US Dollar.

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KARACHI: The US Dollar fell 28 paisas against Pak Rupee on Tuesday owing to supply of foreign currency during the day, dealers said.

The exchange rate closed at Rs156.72 to the dollar from previous day’s closing of Rs157.00 in the interbank foreign exchange market.

Currency dealers said that despite demand of the foreign currency during the day the rupee recovered. They said that the marketed witnessed sufficient supply of the foreign currency.

They said that the sentiments were remained positive due to improved inflows of export receipts and workers’ remittances during first eight months of the current fiscal year.

KARACHI: The Pak Rupee gained 14 paisas against the dollar on Monday owing to improved inflows of workers’ remittances and export receipts.

The rupee ended Rs157.00 to the dollar against last Friday’s closing of Rs157.14 in the interbank foreign exchange market.

Currency dealers said that despite demand of the foreign currency during the day the rupee recovered. They said that the marketed witnessed sufficient supply of the foreign currency.

They said that the sentiments were remained positive due to improved inflows of export receipts and workers’ remittances during first eight months of the current fiscal year.

KARACHI: The Pak Rupee fell by five paisas against the dollar on Friday owing to demand for import and corporate payments ahead of two weekly holidays.

The rupee ended Rs157.14 to the dollar from previous day’s closing of Rs157.09 in the interbank foreign exchange market.

Currency dealers said that the market witnessed higher demand for the foreign currency ahead of two weekly holidays.

The dealers said that the market sentiments were remained positive due to significant increase in workers’ remittances and export receipts.

They hoped the local unit would make gain in coming days owing to better inflows.

KARACHI: The Pak Rupee gained four paisas against the dollar on Thursday owing to inflows of export receipts and workers’ remittances.

The rupee ended Rs157.09 to the dollar from previous day’s closing of Rs157.13 in the interbank foreign exchange market.

Currency dealers said that the rupee made gain on supply of the foreign currency during the day.

They however, said that the market was optimistic and hopes of inflows in shape of workers’ remittances and export receipts the rupee likely to make more gain in coming days.

KARACHI: The Pakistani rupee experienced a minor depreciation against the US dollar on Wednesday, declining by nine paisas in the interbank market. The rupee closed at Rs157.13 against the dollar, compared to the previous day’s closing rate of Rs157.04.

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