Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee fell by 16 paisas against the dollar on Friday owing to demand for import and corporate payments ahead of weekly holidays.

The rupee ended Rs160.17 to the dollar from previous day’s closing of Rs160.01 in the interbank foreign exchange market.

Currency dealers said that the demand for the dollar was remained higher during the day due to two weekly holidays ahead.

The dealers said that the market also witnessed inflows for export receipts and workers’ remittances during the day but those were not sufficient to meet the demand.

The dealers hoped that the inflows export receipts and workers’ remittances would help the rupee to make gain.

On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

The Adviser said this was the highest export ever in the previous month of December 2020.

He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

KARACHI: The Pak Rupee strengthened by 28 paisas against the dollar on Thursday owing to improved inflows of export receipts and workers’ remittances.

The rupee ended Rs160.01 to the dollar from previous day’s closing of Rs160.29 in the interbank foreign exchange market.

Currency dealers said that the market had witnessed supply of the foreign currency in the shape of export receipts and workers’ remittances.

The dealers said that the market had demand for import and corporate payments but the inflows were sufficient to meet the demand.

On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

The Adviser said this was the highest export ever in the previous month of December 2020.

He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

KARACHI: The Pak Rupee recovered four paisas against the dollar on Wednesday owing to improved supply of the foreign currency to meet demand for import and corporate payments.

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KARACHI: The Pak Rupee fell by 35 paisas against the dollar on Tuesday owing to jack up in foreign currency demand for imports and corporate payments.

The rupee ended Rs160.33 to the dollar from the previous day’s closing of Rs159.98 in the interbank foreign exchange market.

Currency dealers said that the demand of the greenback remained high due to improvement in foreign trade following vaccination initiated for coronavirus.

They further said that the foreign companies operating in Pakistan were also buying dollars to repatriate profit and dividend for the period ended December 31, 2020.

They however hoped that the improved export receipts and inflows of workers remittances would help the local unit to gain value.

On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

The Adviser said this was the highest export ever in the previous month of December 2020.

He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

KARACHI: The Pak Rupee fell by 15 paisas against the dollar on Monday – the first trading day of 2021 – as the foreign exchange market opened after three days break.

The rupee ended Rs159.98 to the dollar from the closing of Rs159.83 of last trading day on December 31, 2020 in interbank foreign exchange market.

Currency dealers said that the rupee was under pressure because of high demand of the foreign currency for import and corporate payments.

The market was opened after three days due to bank holiday on January 01 and the two weekly holidays.

The dealers said that the market also witnessed supply of the dollar in the shape of export receipts and workers’ remittances, which supported the rupee from significant fall.

They said that the market was remained optimistic about improvement in rupee value in coming days due to improved inflows of export receipts.

Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood commented on the exports in December 2020 which have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019.

KARACHI: The Pak Rupee ended the year 2020 at Rs159.83 to the dollar, gaining 45 paisas on Thursday from previous day’s closing value. However, the local unit fell by Rs4.96 against dollar during the year.

The rupee ended Rs159.83 to the dollar on December 31, 2020 on Thursday from previous day’s closing of Rs160.28 in the interbank foreign exchange market.

The currency experts said that the market witnessed sufficient supply of the foreign currency during the day offsetting the demand for import and corporate payments.

During the year 2020, the local unit witnessed a decline of Rs4.96 against the dollar. The rupee ended the year at Rs159.83 as compared with the value of Rs154.87 to the dollar on January 02, 2020.

The dollar value reached to all time high of Rs168.43 on August 26, 2020.

KARACHI: The Pakistani rupee gained strength against the US dollar on Wednesday, appreciating by 11 paisas in the interbank foreign exchange market. This upward movement was largely attributed to improved inflows from workers’ remittances and export receipts, which provided much-needed support to the local currency.

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KARACHI: The Pak Rupee eased by one paisa against the dollar on Tuesday as sufficient supply of the foreign currency was available during the day.

The rupee ended at Rs160.39 to the dollar from last day’s closing of Rs160.38 in the interbank foreign exchange market.

Currency dealers said that although demand for the foreign currency remained higher due to year ending. They said the supply of the greenback was sufficient to meet the demand.

They said that due to year ending the demand for import and corporate payments was higher. They however said that the rupee may remain stable in the coming days.

KARACHI: The Pak Rupee fell by six paisas against the dollar on Monday as the market opened after public and weekly holidays and witnessed higher demand for import and corporate payments.

The rupee ended at Rs160.38 to the dollar from last Thursday’s closing of Rs160.32 in the interbank foreign exchange market.

Currency dealers said that the rupee came under pressure during the day as the market opened after three days for public holiday on account of Qauid-e-Azam day and two weekly holidays.

The demand remained higher during the day despite inflows of workers’ remittances and export receipts. However, these inflows were not sufficient to support the local unit.

KARACHI – The Pakistani Rupee strengthened by 23 paisas against the US dollar on Thursday, driven by an adequate supply of the greenback to meet import and corporate demand, according to market dealers.

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