Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee made 20 paisas gain against dollar on Wednesday owing to rising coronavirus cases and lockdown discourage lowered demand for import payments, dealers said.

The rupee ended Rs158.49 to the dollar from previous day’s closing of Rs158.69 in interbank foreign exchange market.

The dealers said that the rising number of coronavirus cases and as a result of imposition of lockdown across the world dampened the demand of the foreign currency for import payment.

The dealers said that positive sentiments, however, remained prevailed due to improved economic indicators including inflows of foreign remittances and export receipts.

The rupee hit an all-time low of Rs168 on August 26, 2020.

According to Pakistan Bureau of Statistics (PBS) the exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

KARACHI: The Pak Rupee gained 22 paisas against dollar on Tuesday owing improved remittances and export receipts.

The rupee ended Rs158.69 to the dollar from previous day’s closing of Rs158.91 in interbank foreign exchange market.

The currency dealers said that importers were cautious in placing new orders due to the second wave of coronavirus across the glob.

They further said that the inflows of export receipts and workers’ remittances are helping the local unit to improve levels.

The rupee hit an all-time low of Rs168 on August 26, 2020.

According to Pakistan Bureau of Statistics (PBS) the exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

KARACHI – The Pakistani Rupee strengthened against the US Dollar on Monday, gaining 18 paisas. The improved economic indicators and reduced demand for import payments were cited as contributing factors to the rupee’s resurgence.

(more…)

KARACHI: The Pakistani Rupee gained 37 paisas against the US dollar on Friday, closing at Rs159.09 from the previous day’s rate of Rs159.46 in the interbank foreign exchange market. This appreciation was attributed to lower imports and higher inflows of export receipts and workers’ remittances, according to currency dealers.

(more…)

KARACHI: The Pak Rupee gained 35 paisas against the dollar on Thursday owing to inflows of export receipts and workers’ remittances, dealers said.

The rupee ended Rs159.46 to the dollar from the previous day’s close of Rs159.81 in the interbank foreign exchange market.

The dealer said that the importers were cautious over upsurge in coronavirus cases in the country as well as in the world. On the other hand, positive sentiments prevailed in the market over improved export numbers in October 2020.

The rupee hit an all-time low of Rs168 on August 26, 2020. Since then the local unit recovered Rs8.97 against the greenback.

According to Pakistan Bureau of Statistics (PBS) the exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

KARACHI: The Pak Rupee gained 16 paisas against the dollar on Wednesday owing to lower imports and inflows of export receipts and workers remittances, dealers said.

The rupee ended Rs159.81 to the dollar from the previous day’s close of Rs159.97 in the interbank foreign exchange market.

The dealer said that the importers were cautious over the upsurge in coronavirus cases in the country as well as in the world. On the other hand, positive sentiments prevailed in the market over-improved export numbers in October 2020.

The rupee hit an all-time low of Rs168 on August 26, 2020. Since then the local unit recovered Rs8.62 against the greenback.

According to the Pakistan Bureau of Statistics (PBS) the exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

KARACHI: The Pak Rupee gained 14 paisas against dollar on Tuesday amid inflows of workers’ remittances and export receipts, dealers said.

The rupee ended at Rs159.97 to the dollar from last day’s closing of Rs160.11 in interbank foreign exchange market.

Currency experts said that improved receipts of exports and workers’ remittances helped the rupee to make gain.

They said that the second wave of coronavirus also reduced dollar demand for import payments.

KARACHI: The Pak Rupee made another gain of 15 paisas against dollar on Monday owing to improved economic indicators.

The rupee ended at Rs160.11 to the dollar from closing of last trading day of October 29, 2020 at Rs160.26 in interbank foreign exchange market.

Currency experts said that the improved economic indicators and significant inflows of workers’ remittances and export receipts helped the local currency to make gain.

The State Bank of Pakistan (SBP) said that the remittances increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August 2020.

Workers’ remittances remained above $2 billion for the fourth consecutive month in September, the central bank said.

On a cumulative basis, remittances rose to a record $ 7.1 billion in the first quarter of current fiscal year, 31.1 higher than the same period last year.

The level of remittances in September was slightly higher than SBP’s projections of $2 billion.

KARACHI: The Pak Rupee gained another 36 paisas against the dollar on Thursday owing to inflows of workers’ remittances and export receipts offset the demand for import payment.

The rupee ended Rs160.26 to the dollar from the previous day’s closing of Rs160.62 in the interbank foreign exchange market.

Currency experts said that due to positive economic indicators and current account surplus the rupee made gain. They said that during the day the market witnessed demand for dollars but the inflows helped the rupee to further appreciate against the greenback.

The inflow of workers’ remittances has registered a sharp increase of 31.2 percent after making the fourth consecutive month of over $2 billion received in September 2020.

The State Bank of Pakistan (SBP) said that the remittances increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August 2020.

Workers’ remittances remained above $2 billion for the fourth consecutive month in September, the central bank said.

On a cumulative basis, remittances rose to a record $ 7.1 billion in the first quarter of current fiscal year, 31.1 higher than the same period last year.

The level of remittances in September was slightly higher than SBP’s projections of $2 billion.

The Pak Rupee experienced a notable appreciation of 29 paisas against the US dollar on Wednesday, closing at Rs160.62 in the interbank foreign exchange market. This marked an improvement from the previous day’s closing rate of Rs160.91 to the dollar.

(more…)