Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee eased by four paisas against the dollar on Monday owing to demand of the foreign currency for import and corporate payments.

The rupee ended Rs160.79 to the dollar from last Friday’s closing of 160.75 in the interbank foreign exchange market.

Currency dealers said that the rupee remained under pressure due to higher dollar demand as the market was reopened after two-day weekly holidays.

The currency experts said that sufficient foreign exchange reserves of the country and inflows of export receipts and workers’ remittance would help the local unit to improve value in coming days.

KARACHI: The Pak Rupee depreciated by 13 paisas against the dollar on Friday owing to higher demand ahead of weekly holidays and deficit in current account on increased import bill.

The rupee ended Rs160.75 to the dollar from previous day’s closing of Rs160.62 in the interbank foreign exchange market.

Currency dealers said that the demand for the dollar was remained higher ahead of two weekly holidays. Further, the current account posted a deficit in December 2020 after staying in positive for five consecutive months.

Pakistan’s Current Account (C/A) clocked in a deficit of $662 million in Dec-2020 (vs. a surplus of 513 million in November 2020), worst since October 2019 and breaking a streak of five consecutive monthly C/A surplus.

Vis-à-vis last month, C/A recorded a variance of US$1,175 million, which was largely fueled by an increase of US$940 million in imports of goods. The exports of goods increased by $13 million and home remittances grew by $98 million.

KARACHI: The Pak Rupee ended down by 12 paisas against the dollar on Thursday owing to negative sentiments prevailed after higher than expected current account deficit in December 2020, dealers said.

The rupee ended Rs160.62 to the dollar from the previous day’s closing of Rs160.50 in the interbank foreign exchange market.

The dealers said that the market sentiments were negative on reports of current account deficit in the month of December 2020.

Analysts at Topline Securities said that Pakistan’s Current Account (C/A) clocked in a deficit of $662 million in Dec-2020 (vs. a surplus of 513 million in November 2020), worst since October 2019 and breaking a streak of five consecutive monthly C/A surplus.

Vis-à-vis last month, C/A recorded a variance of US$1,175 million, which was largely fueled by an increase of US$940 million in imports of goods. The exports of goods increased by $13 million and home remittances grew by $98 million.

Karachi – In a positive turn of events, the Pakistani Rupee demonstrated resilience against the US Dollar on Wednesday, gaining 11 paisas in the interbank foreign exchange market.

KARACHI: The Pak Rupee weakened by 9 paisas against the dollar on Tuesday owing to demand for import and corporate payments, dealers said.

The rupee ended Rs160.61 to the dollar form last day’s closing of Rs160.52 in the interbank foreign exchange market.

The dealers said that the rupee weakened owing to dollar demand for import and corporate payments.

KARACHI: The Pak Rupee fell by 19 paisas against the dollar on Monday owing to demand for import and corporate payments, dealers said.

The rupee ended Rs160.52 to the dollar form last day’s closing on of Rs160.33 in the interbank foreign exchange market.

The dealers said that the rupee weakened owing to dollar demand for import and corporate payments. They said that the demand was seen because the market opened after two weekly holidays.

Karachi: The Pak Rupee came down by 15 paisas against the dollar on Friday due to demand for import and corporate payments ahead of weekly holidays.

The rupee ended Rs160.33 to the dollar from the previous day’s closing of Rs160.18 in the interbank foreign exchange market.

The demand for the dollar was remained high during the day due to the next two days weekly holidays. The dealers said that the market had seen the demand for advance payment from importers and corporate buyers.

They said that the inflows of workers’ remittances and export receipts were remained encouraging in the current fiscal year, which would help the rupee gain value in the coming days.

KARACHI: The Pak Rupee gained 17 paisas against the dollar on Thursday owing to inflows of export receipts and workers’ remittances, dealers said.

The rupee ended Rs160.18 to the dollar from previous day’s closing of Rs160.35 in the interbank foreign exchange market.

The dealers said that the market witnessed sufficient supply of the greenback during the day, which helped the rupee to gain value.

The dealers said that the sentiments were remained positive due to significant improvement in export receipts during first six months of the current fiscal year.

KARACHI: The Pak Rupee gained two paisas against the dollar on Wednesday amid higher demand for import and corporate payments.

The rupee ended Rs160.35 to the dollar from last day’s closing of Rs160.37 in the interbank foreign exchange market.

Currency dealers said that the local unit saw further recovery. They said that the market witnessed demand for import and corporate payments. However, supply of the foreign currency supported the local unit to make gain.

The dealers hoped that the rupee likely to make gain in coming days owing to inflows of workers’ remittances and export receipts.

KARACHI – The Pakistani Rupee saw a slight recovery on Tuesday, appreciating by two paisas against the US Dollar despite increased demand for imports and corporate payments. The rupee closed at Rs160.37 per dollar in the interbank foreign exchange market, improving from the previous day’s closing rate of Rs160.39.