Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee gained another 82 paisas against dollar on Wednesday owing to ease in demand for import payment and improved economic indicators.

The rupee ended Rs159.27 to the dollar from previous day’s closing of Rs160.09 in interbank foreign exchange market.

Currency dealers said that due to second phase of covid pandemic globally and subsequent lockdowns discouraged importers to place new orders.

Further the improved foreign exchange reserves and current account surplus also supported the rupee to make gain.

The local currency recovered Rs1.72 against dollar during past three trading days.

KARACHI: The Pak Rupee recovered 96 paisas against the dollar on Tuesday following the central bank kept the policy rate unchanged and lower demand of the foreign currency from importers.

The rupee ended Rs160.09 to the dollar from the previous day’s closing of Rs161.05 in the interbank foreign exchange market.

Currency dealers said that a day earlier the State Bank of Pakistan (SBP) kept the key policy rate unchanged at 7 percent giving confidence to trade and industry.

They further said that the imposition of lockdown to prevent spread of coronavirus in international markets also discouraged importers from placing new orders to their foreign suppliers.

The rupee gained to Rs158.30 against the dollar on November 17, 2020. However, since then the local currency witnessed a declining trend.

Rupee depreciates by 10 paisas against dollar

KARACHI: The US dollar strengthened against the Pakistani rupee on Monday, gaining 32 paisas due to increased demand for imports and corporate payments. The exchange rate settled at Rs161.05 to the dollar in the interbank foreign exchange market, rising from last Friday’s closing of Rs160.73.

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The Pakistani Rupee faced a modest decline of 11 paisas against the US dollar on Friday, closing at Rs160.73 in the interbank foreign exchange market.

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The Pakistani Rupee (PKR) continued its downward trend against the US Dollar on Thursday, depreciating by 79 paisas in the interbank market. The rupee closed at Rs160.62 against the dollar, compared to the previous day’s rate of Rs159.83, as demand surged for import and corporate payments.

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KARACHI: The Pak Rupee weakened by Rs1.53 against dollar on Wednesday owing to higher demand for import and corporate payments.

The rupee ended Rs159.83 to the dollar from previous day’s closing of Rs158.30 in interbank foreign exchange market.

Currency dealers said that the market witnessed higher demand for dollars during the day. They said that after government announcement of not imposing strict lockdown the importers were relaxed in placing orders to their foreign suppliers.

KARACHI – The Pakistani Rupee faced a decline of 13 paisas against the US Dollar on Tuesday, closing at Rs158.30 in the interbank foreign exchange market.

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KARACHI: The Pak Rupee eased against the dollar on Monday after maintaining a 23-day gaining streak. The rupee ended at Rs158.17 to the dollar from last Friday’s closing of Rs158.16 in the interbank foreign exchange market.

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Karachi, Pakistan: The Pakistani Rupee (PKR) extended its winning streak against the US Dollar (USD) for the 23rd consecutive trading day on Friday.

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KARACHI: The Pak Rupee made another gain of Rs16 paisas against dollar on Thursday owing to healthy inflows of workers’ remittances during the current fiscal year.

The rupee ended Rs158.33 to the dollar from previous day’s closing of Rs158.49 in interbank foreign exchange market.

Currency dealers said that the inflows of workers’ remittances during the current fiscal year helped the rupee to make gain.

Further, the importers are cautious in purchasing dollars due to the second phase of coronavirus.

The inflow of workers’ remittances has sharply increased by 26.5 percent to $9.43 billion during first four months (July – October) of current fiscal year 2020/2021. The central bank received $7.45 billion in the same months of the last fiscal year.

The SBP said that remittances remained above $2 billion for the fifth consecutive month in October 2020.

Workers’ remittances amounted to $ 2.3 billion during October 2020, increasing by 14.1 percent compared to October 2019.

A large part of y/y increase in October 2020 was sourced from Saudi Arabia (30 percent), United States (16 percent) and United Kingdom (14.6 percent).

Improvements in Pakistan’s FX market structure and its dynamics, efforts under the Pakistan Remittances Initiative (PRI) to formalize the flows contributed to the growth in remittances and limited cross-border travelling, the SBP said.