Tag: Pak Rupee

KARACHI: The US dollar witnessed a significant fall of Pak Rupee (PKR) 1.63 at the start of the foreign currency market on Monday.

The dollar is being traded at Rs173.61 in the interbank foreign exchange market. The rupee ended at Rs175.24 to the dollar on Friday.

Currency analysts said that the rise in interest rates and IMF statements regarding the release next tranche helped the rupee to make gains.

The State Bank of Pakistan (SBP) on November 19, 2021, increased the interest rate by 150 basis points to 8.75 per cent to help the local currency and arrest surging inflation.

Furthermore, the IMF issued said that subject to approval from the executive board it would release an amount of $1.059 billion as the next tranche under Extended Fund Facility (EFF) for Pakistan.

The IMF said that it had reached a staff-level agreement with Pakistani authorities. It, however, said that the release of funds will be subject to completing prior actions.

The rupee hit the all-time low of Rs175.73 to the dollar on November 12, 2021.

SBP increases policy rate by 150 basis points to 8.75%

Dollar goes up to Rs175.24 at interbank closing

KARACHI: The Pak Rupee (PKR) fell by 91 paisas against the dollar on Thursday due to higher demand for import payments.

The rupee ended Rs174.67 to the dollar from previous day’s closing of Rs173.76 in the interbank foreign exchange market.

The rupee recorded a fall after the gain during past three straight days.

Currency experts said that the market sentiments were shaky after the statement of the finance advisor related to conditions of IMF loan program. The finance advisor stated that he could not give a certain date for IMF tranche but he claimed all was finalized.

The expert s said that constraints in foreign inflows depressed the value of the local currency.

On October 26, 2021 a pledge was made by the Saudi government to transfer cash amounting $3 billion to State Bank of Pakistan (SBP) but the same was not realized so far.

Last week the central bank announced to increase the average Cash Reserve Requirement (CRR), to be maintained during a period of two weeks by scheduled banks, from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.

The experts said that the high import bill pushing up the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.

Rupee sharply recovers to Rs173.76 against dollar

KARACHI: The Pak Rupee (PKR) on Wednesday made a sharp recovery of Rs1.13 against the US dollar in the interbank foreign exchange market.

The rupee ended Rs173.76 to the dollar from the previous day’s closing of Rs174.89 in the interbank foreign exchange market.

The rupee has recovered Rs1.97 against the dollar during the past three sessions since the State Bank of Pakistan (SBP) decision to enhance the Cash Reserves Requirement (CRR).

The SBP last Saturday decided to increase the average CRR from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.

The SBP has decided the measure following the rupee hit an all-time low at Rs175.73 against the dollar on November 12, 2021.

A day earlier the SBP also decided to announce the monetary policy statement ahead of the scheduled announcement in order to stabilize the money market.

The large imports are continuously increasing the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.

Rupee goes up 40 paisas against dollar in interbank

KARACHI: The Pak Rupee (PKR) on Tuesday made a gain of 40 paisas against the US dollar in the interbank foreign exchange market.

The rupee ended Rs174.89 to the dollar from last day’s closing of Rs175.29 in the interbank foreign exchange market.

The rupee has recovered 84 paisas against the dollar during past two sessions since the State Bank of Pakistan (SBP) decision to enhance the Cash Reserves Requirement (CRR).

The SBP last Saturday decided to increase the average CRR from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.

The SBP has decided the measure following the rupee hit all-time low at Rs175.73 against the dollar on November 12, 2021.

The large imports are continuously increasing the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.

PKR’s losing streak to dollar ends on SBP measures