Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee made another 14 paisas gain against dollar on Tuesday owing to improved inflows of workers’ remittances and export receipts.

The rupee ended Rs160.91 to the dollar from previous day’s close of Rs161.05 in the interbank foreign exchange market.

Currency experts said that foreign exchange market remained positive due to higher foreign exchange reserves of the country and frequent inflows of workers’ remittances and export receipts.

They said that during the day the market witnessed demand for dollar however sufficient supply of the greenback helped the rupee to make gain.

The liquid foreign exchange reserves of the country increased by $287 million to $19.302 billion by week ended October 16, 2020. The foreign exchange reserves of the country were at $19.015 billion by week ended October 09, 2020.

The official reserves of the central bank also increased by $269 million to $12.067 billion by week ended October 16, 2020 as compared with $11.798 billion a week ago. The SBP attributed the increase in official reserves to the government inflows.

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

The State Bank of Pakistan (SBP) on Monday 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 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 appreciated by 32 paisas to the dollar on Monday owing to improved foreign exchange reserves of the country and better inflows.

The rupee ended at Rs161.05 to the dollar from last Friday’s closing of Rs161.37 in interbank foreign exchange market.

Currency experts said that improvement in foreign exchange reserves of the country and inflows under export receipts and workers’ remittances helped the rupee to make gain.

The liquid foreign exchange reserves of the country increased by $287 million to $19.302 billion by week ended October 16, 2020. The foreign exchange reserves of the country were at $19.015 billion by week ended October 09, 2020.

The official reserves of the central bank also increased by $269 million to $12.067 billion by week ended October 16, 2020 as compared with $11.798 billion a week ago. The SBP attributed the increase in official reserves to the government inflows.

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

The State Bank of Pakistan (SBP) on Monday 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 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 45 paisas against the dollar on Friday owing to substantial inflows of export receipts and workers’ remittances.

The rupee ended Rs161.37 to the dollar from previous day’s closing of Rs161.82 in interbank foreign exchange market.

Currency experts said that the inflows under export receipts and workers’ remittances helped the rupee to make gain.

The frequent decline in dollar value brings the foreign currency to five-month low. Last time the dollar was seen at Rs161.98 on May 28, 2020.

The local unit gained Rs7.06 since its record low of Rs168.43.

The experts said that the ease in dollar value to help in reducing pressure on debt burden by almost Rs760 billion.

KARACHI: The Pak Rupee continued its gaining momentum and further advanced by 31 paisas against the dollar on Thursday as the currency market remained positive.

The rupee ended Rs161.82 to the dollar from previous day’s closing of Rs162.13 in interbank foreign exchange market.

Currency experts said that sufficient inflows and a current account surplus helped the rupee to make gain.

With the latest depreciation the dollar comes at five-month low in the interbank foreign exchange market.

The dollar reached to record high of Rs168.43 on August 26, 2020 in interbank foreign exchange market.

The rupee recovered around Rs6.61 against the dollar from witnessing record low against dollar.

The experts said that ease in exchange rate pressure to help reduce debt pressure by Rs725 billion.

KARACHI: The Pak Rupee gained 15 paisas against the US Dollar on Wednesday, buoyed by a report indicating a surplus current account for the first quarter of the current fiscal year. The rupee ended the day at Rs162.13 to the dollar, compared to the previous day’s closing of Rs162.28 in the interbank foreign exchange market.

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KARACHI: The Pak Rupee gained 10 paisas against dollar on Tuesday owing to inflows of workers’ remittances and export receipts.

The rupee ended Rs162.28 to the dollar from previous day’s closing of Rs162.38 in interbank foreign exchange market.

Currency experts said that the market witnessed sufficient supply of the foreign currency which helped the local unit to gain the value.

They said that positive sentiments were prevailed in the market. They hoped that improved economic indicators would help the rupee to gain further.

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

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

KARACHI: The Pak Rupee gained 11 paisas against dollar on Monday owing to improved economic indicators.

The rupee ended Rs162.38 to the dollar from last Friday’s closing of Rs162.49 in interbank foreign exchange market.

The currency experts said that positive sentiments were prevailed during the day due to foreign inflows in shape of export receipts and workers remittances.

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

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

KARACHI: The Pak Rupee strengthened by 37 paisas against dollar on Friday owing to improved economic indicators and positive sentiments.

The rupee ended Rs162.49 to the dollar from previous day’s closing of Rs162.86 in interbank foreign exchange market.

Currency experts said that latest exchange rates showed the dollar weakened by five month low.

They said that the since August 2020 the dollar weakened by Rs5.57. The greenback reached to the highest point of Rs168.43 on August 27, 2020.

They said that the fall in dollar value to ease in pressure on debt repayments of Rs575 billion.

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

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

KARACHI: The Pak Rupee strengthened by 62 paisas against dollar on Thursday owing to significant inflows of workers’ remittances and export receipts.

The rupee ended Rs162.86 to the dollar from previous day’s closing of Rs163.48 in interbank foreign exchange market.

Currency experts said that latest exchange rates showed the dollar weakened by five month low.

They said that the since August 2020 the dollar weakened by Rs5.57. The greenback reached to the highest point of Rs168.43 on August 27, 2020.

They said that the fall in dollar value to ease in pressure on debt repayments of Rs575 billion.

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

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

KARACHI: The Pak Rupee gained 39 paisas against the dollar on Wednesday owing to significant inflows of export receipts and workers’ remittances.

The rupee ended at Rs163.48 to the dollar from the previous day’s closing of Rs163.87 in the interbank foreign exchange market.

Currency dealers said that the market witnessed sufficient supply of the foreign currency which helped the rupee to appreciate.

Workers’ remittances remained above $2 billion for the fourth consecutive month in September 2020.

They increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August.

On a cumulative basis, remittances rose to a record $ 7.1 billion in the first quarter of 2020/2021, 31.1 higher than the same period last year.

The dealers hoped that considering the inflows and buffer stock of foreign exchange reserves would help the local currency to make gain.