Tag: Interbank Foreign Exchange Market

KARACHI: The Pak Rupee ended down by three paisas against dollar on Tuesday owing to import and corporate payment demand for the foreign currency.

The rupee ended Rs163.84 to the dollar from last day’s closing of Rs163.81 in interbank foreign exchange market.

Currency dealers said that the higher dollar demand for import and corporate demand depreciated the value of the local currency.

They said that higher trade deficit for the month of September 2020 and expected current account deficit for the month also pressured the local unit.

They however hoped that the rupee would make gain during coming days owing to measures taken by the government and substantial inflows in the shape of remittances and export receipts.

KARACHI: The Pak Rupee made a nominal gain of three paisas against dollar on Monday amid significant rise in home remittances as reported by the State Bank of Pakistan (SBP).

The rupee ended Rs163.81 to the dollar from last Friday’s closing of Rs163.84 in interbank foreign exchange market.

Currency dealers said that market players were remained optimistic about the ease in pressure on the local unit. However, the market witnessed demand from importers and corporate buyers as marked was opened after two days weekly holidays.

The dealers said that the home remittances posted a growth of over 32 percent in the month of September 2020 on Year on Year basis (YoY). Besides, the foreign currency account rules issued by the ministry of finance on Friday evening also sent positive message to the market.

The currency dealers hoped that the rupee would make gain during coming days owing to measures taken by the government and substantial inflows in the shape of remittances and export receipts.

The Pakistani rupee experienced a slight decline against the US dollar on Friday, falling by 12 paisas due to increased demand for import and corporate payments. The rupee closed at Rs163.84 to the dollar in the interbank foreign exchange market, down from the previous day’s closing of Rs163.72.

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KARACHI: The Pak Rupee gained 25 paisas against the dollar on Thursday owing to improved economic indicators, dealers said.

The rupee ended Rs163.72 to the dollar from previous day’s closing of Rs163.97 in interbank foreign exchange market.

The currency dealers said that the due to lower demand for import and corporate payments and sufficient inflows of export receipts and workers remittances the rupee gained the value.

They said that the sentiments were remained positive in the market due to escalating economic activities.

The experts said that the exports registered 18.24 percent growth to $1.873 billion during September 2020 as compared with $1.58 billion in August 2020.

They hoped that present positivity in the market would help the local unit to make gain further against the greenback.

KARACHI: The US dollar on Wednesday weakened against the Pak Rupee to Rs163.97 as sufficient supply was seen in the currency market.

The rupee gained six paisas to close at Rs163.97 to the dollar from previous day’s closing of Rs164.03 in interbank foreign exchange market.

Currency experts said that the market witnessed sufficient supply of the foreign currency to meet demand for import and corporate payments.

They said that the sentiments were remained positive in the market due to escalating economic activities.

The experts said that the exports registered 18.24 percent growth to $1.873 billion during September 2020 as compared with $1.58 billion in August 2020.

They hoped that present positivity in the market would help the local unit to make gain further against the greenback.

KARACHI: The Pak Rupee strengthened by 29 paisas against dollar on Tuesday owing to improved inflows of export receipts and workers’ remittances.

The rupee ended at Rs164.03 to the dollar from previous day’s closing of Rs164.32 in interbank foreign exchange market.

Currency experts said that the market witnessed sufficient supply of the foreign currency to meet demand for import and corporate payments.

They said that the sentiments were remained positive in the market due to escalating economic activities.

The experts said that the exports registered 18.24 percent growth to $1.873 billion during September 2020 as compared with $1.58 billion in August 2020.

They hoped that present positivity in the market would help the local unit to make gain further against the greenback.

The Pakistani Rupee gained 19 paisas against the US Dollar on Monday, closing at Rs164.32 compared to the previous closing rate of Rs164.51 on October 2, 2020, in the interbank foreign exchange market. This appreciation is attributed to reduced demand for import payments, market dealers reported.

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KARACHI: The Pak Rupee gained 49 paisas against dollar on Friday owing to improved inflows of workers’ remittances, dealers said.

The rupee ended Rs164.51 to the dollar from previous day’s closing of Rs165.00 in interbank foreign exchange market.

Currency experts said that during the day the market had witnessed supply from banks in the shape of export receipts and workers’ remittances.

They said that during the week the positive sentiments and improved inflows helped the local units to make gain.

The local currency gained around Rs1.28 against the dollar during the week. The experts said that the rupee had support from inflows besides surplus current account and reduction in trade deficit.

KARACHI: The Pak Rupee gained 70 paisas against dollar on Thursday owing to inflows of export receipts and workers’ remittances, dealers said.

The rupee ended Rs165.00 to the dollar from previous day’s closing of Rs165.70 in interbank foreign exchange market.

Currency dealers said that the inflows of export receipts and workers’ remittances had supported the rupee to make gain.

On the other hand, the demand for the greenback was eased after the quarter end (July – September), which also supported the rupee.

The currency experts said that the rupee may strengthen further in coming days owing to positive economic indicators.

KARACHI: The Pak Rupee strengthened by 18 paisas against dollar on Wednesday owing to inflows of workers’ remittances and export receipts.

The rupee ended Rs165.70 to the dollar from previous day’s closing of Rs165.88 in interbank foreign exchange market.

Currency experts said that the rupee strengthened owing to strong inflows of the foreign currency in the shape of workers’ remittances and export receipts.

They said that the demand for the greenback was remained higher during the day for imports and corporate payments.

The experts said that usually by quarter end the demand for the foreign currency on the higher side as foreign companies repatriate their profits to their parent companies.

However, they said that substantial inflows helped the local units to make gain.