Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee gained 13 paisas against the dollar on Wednesday on sufficient supply of the greenback to meet import and corporate demands, dealers said.

The rupee ended Rs160.55 to the dollar from the previous day’s close of Rs160.68 in the interbank foreign exchange market.

The dealers said that the rupee was appreciated after sufficient supply of the dollar in the market and it offset the demand for import and corporate payments.

They said that the market had positively responded to current account surplus.

The current account posted $1.64 billion surplus for the first five months of the current fiscal year as compared with a current account deficit of $1.74 billion in the corresponding period of the last fiscal year.

The dealer said that the new type of coronavirus detected in the UK also spread fears across the globe. The importers are also cautious in making new orders amid the discovery of new type of the COVID.

The currency experts hoped that the local unit would make gains in coming days despite year ending owing to improved economic indicators.

KARACHI: The Pak Rupee gained three paisas against the dollar on Tuesday owing to improved sentiments after reports of current account surplus during the first five months.

The rupee ended Rs160.68 to the dollar from the previous day’s closing of Rs160.71 in the interbank foreign exchange market.

Currency dealers said that the market remained positive due to reports of current account surplus as shown in Balance of Payment for the period July – November of fiscal year 2020/2021.

The current account posted $1.64 billion surplus for the first five months of the current fiscal year as compared with a current account deficit of $1.74 billion in the corresponding period of the last fiscal year.

The dealer said that the new type of coronavirus detected in the UK also spread fears across the globe. The importers are also cautious in making new orders amid the discovery of new type of the COVID.

The currency experts hoped that the local unit would make gains in coming days despite year ending owing to improved economic indicators.

The Pakistani Rupee experienced a significant drop of 62 paisas against the US Dollar on Monday, closing at Rs160.71 compared to the previous Friday’s rate of Rs160.09 in the interbank foreign exchange market. This decline is attributed to increased demand for foreign currency driven by import and corporate payment requirements.

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

The rupee ended Rs160.09 against the dollar from previous day’s closing of Rs160.11 in the interbank foreign exchange market.

Currency dealers said that demand for the foreign currency was remained higher due to upcoming weekly holidays. However, inflows of export receipts and workers remittances helped the rupee to make gain.

Currency experts said that the rupee likely to make gain in coming days due to positive economic indicators.

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

The rupee ended Rs160.11 against the dollar from previous day’s closing of Rs160.39 in the interbank foreign exchange market.

Currency dealers said that improved inflows of workers remittances and export receipts helped the rupee to make gain.

Besides, the lower demand for import and corporate payments due to rising coronavirus cases around the world also helped the rupee to appreciate.

Pak Rupee to US Dollar on August 21, 2021

KARACHI: The Pak Rupee recovered 20 paisas against the dollar on Wednesday after ease in demand for import and corporate payments and increase in foreign inflows.

The rupee ended Rs160.39 to the dollar from previous day’s closing of Rs160.59 in the interbank foreign exchange market.

The local unit recovered against the greenback after witnessing three straight trading sessions decline.

The currency experts said that the supply of the dollar was sufficient in the market. Further, demand for import and corporate payment also seen easing, they added.

KARACHI: The Pak Rupee depreciated by 12 paisas against the dollar on Tuesday as demand for the foreign currency remained high for import and corporate payments.

The rupee ended Rs160.59 to the dollar from the previous day’s closing of Rs160.47 in the interbank foreign exchange market.

Currency dealers said that positive sentiments prevailed on the expectation of normalcy after vaccination for prevention of COVID had been started in many countries.

They said that in Pakistan the government had decided not to close down businesses and commercial activities in the second wave of coronavirus. The importers in the hope of improved domestic manufacturing activities are placing orders to their foreign suppliers.

The currency experts said that the rupee may recover in coming days owing to improved inflows of export receipts and workers’ remittances.

KARACHI: The Pak Rupee fell by 33 paisas against the dollar on Monday owing to increasing demand for import and corporate payments.

The rupee ended at Rs160.47 to the dollar from last Friday’s closing of Rs160.14 in the interbank foreign exchange market.

Currency dealers said that demand for the foreign currency was higher because the market was opened after two weekly holidays.

They said that the demand for the greenback was higher because of improvement in the global economy after the introduction of covid vaccine.

KARACHI: The Pak Rupee gained 15 paisas against the dollar on Friday owing to significant inflows of workers’ remittances and improved foreign exchange reserves of the country.

The rupee ended Rs160.14 to the dollar from previous day’s closing of Rs160.29 in the interbank foreign exchange market.

Currency dealers said that positive sentiments prevailed in the foreign exchange market owing to improved foreign exchange reserves and inflows of workers remittances.

The liquid foreign exchange reserves of the country have increased by $160 million to $20.402 billion by week ended December 04, 2020, State Bank of Pakistan (SBP) said on a day earlier. The foreign exchange reserves of the country were at $20.242 billion by week ended November 27, 2020.

During the first five months of FY21, workers’ remittances have reached an unprecedented level of US$ 11.77 billion, 26.9 percent higher than the same period last year.

KARACHI: The Pak Rupee gained 19 paisas against the dollar on Thursday owing to supply of the foreign currency in the market.

The rupee ended Rs160.29 to the dollar from previous day’s closing of Rs160.48 in the interbank foreign exchange market.

Currency dealers said that the market witnessed demand for import and corporate payments. However, the supply of the dollar in the shape of export receipts and workers remittances.

They said that the pace of inflows likely help the local currency to further gain value against the dollar.

Rupee depreciates by 10 paisas against dollar