Tag: Pak Rupee

KARACHI: The US dollar on Thursday recorded a record high of Rs176.42 against Pak Rupee (PKR) at the closing of the Interbank Foreign Exchange Market.

The rupee lost 94 paisas against the dollar from the previous day’s closing of Rs175.48 in the interbank foreign exchange market.

Previously, the rupee recorded an all-time low of Rs176.20 on November 29, 2021.

Currency experts said that higher imports and widening of trade deficit were the major reasons behind rupee deterioration.

During the first five months of the current fiscal year, exports and imports reached $12.4 billion and $33.1 billion, respectively. The trade deficit jumped up by 117 per cent YoY during the first five months of the current fiscal year to $20.8 billion.

The market was anticipating a recovery in the local unit after tightening of monetary policy stance by the State Bank of Pakistan (SBP) and signing for a Saudi support package for Pakistan. However, all these positive outcomes have failed to support the local currency.

KARACHI: The Pak Rupee (PKR) on Monday recorded a historic low of Rs176.20 to the dollar at the closing of the interbank foreign exchange market.

The rupee lost 74 paisas to end at Rs176.20 to the dollar from last Friday’s closing of Rs175.46 in the interbank foreign exchange market. The rupee previously recorded the historic low at Rs175.73 on November 12, 2021.

Currency experts said that the rupee deteriorated because the dollar demand for import and corporate payments remained high during the day.

The rupee was also under pressure as the market was opened after two weekly holidays.

The experts said that the large import bill of the country has kept the rupee under pressure. The import bill of the country recorded an increase of 65.40 per cent to $25.1 billion during the first four months of the current fiscal year as compared with $15.17 billion in the corresponding period of the last fiscal year.

The rupee is likely to recover in the coming days as the State Bank of Pakistan (SBP) on Monday signed a deposit agreement with the Saudi Fund.

KARACHI: The US dollar hit all-time high at Rs176.50 during intraday trading on Friday but later reversed to close at Rs175.46 in the interbank foreign exchange market.

The Pak Rupee (PKR) closed at Rs175.46 to the dollar as against the previous day’s closing of Rs174.98 in the interbank foreign exchange market.

Currency experts said that the rupee remained under pressure due to the outflow of the foreign currency in the shape of external debt repayment.

Pakistan’s foreign exchange reserves fell by $766 million to $22.774 billion due a week. According to the State Bank of Pakistan (SBP), the country’s foreign exchange reserves were at $22.774 billion by week ended November 19, 2021 as compared with $23.55 billion by the week ended November 12, 2021.

They further said that the large imports are a major threat to the rupee stability. The import bill registered 65 per cent growth to $25.1 billion during first four months of the current fiscal year as compared with $15.17 billion in the corresponding months of the last fiscal year.

The Pak Rupee hit the all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.