Tag: Pak Rupee

KARACHI: The US dollar continued its upward journey to make new record highs against the Pak Rupee (PKR) for the fourth straight day on Friday as it ended at Rs177.71 in foreign currency market.

KARACHI: The US dollar recorded a new record high of Rs178 at intraday trading on Thursday but retreated and closed at Rs177.61, which is also an all-time high by closing at interbank foreign exchange market.

Currency experts said that during the intraday trading the dollar touched Rs178, which was never seen in the past. However, the Pak Rupee (PKR) recovered some losses during the day but closed at yet another historic low of Rs177.61 in interbank foreign exchange market.

The experts said that burgeoning import bill kept pressure on dollar demand during the day. They said that the external inflows were not sufficient to support the local unit.

Last week the Saudi Fund deposited an amount of $3 billion with the State Bank of Pakistan (SBP) to support Pakistan, to manage balance of payment.

The experts said that high international prices and growing domestic demand escalated the import bill.

The official data of Pakistan Bureau of Statistics (PBS) showed the import bill of the country climbed up by 69.17 per cent to $33 billion during first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

KARACHI: The US dollar climbed up to a new record high of Rs177.43 at the closing of interbank foreign exchange market on Wednesday.

The dollar reached crossed the previous record high which was on December 7, 2021 at Rs176.79 in the interbank foreign exchange market. The Pak Rupee (PKR) lost 64 paisas against the dollar when compared with the last day closing.

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

They said that deposit of $3 billion by Saudi Development Fund (SDF) with the State Bank of Pakistan (SBP) had failed to impact the rupee value. Further, the monetary tightening by the SBP also unable to support the rupee. The SBP in its last monetary policy on November 19, 2021 jacked up the key policy rate by 150 basis points to 8.75 per cent.

READ MORE: SBP increases policy rate by 150 basis points to 8.75%

The experts said that the local unit would only be supported by curtailing the imports.

The import bill of the country surged by 69.17 per cent to $33 billion during first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

KARACHI: The free fall in rupee value continued on Tuesday as the dollar hit new high at Rs176.79 in the interbank foreign exchange market.

The Pak Rupee (PKR) lost 31 paisas against the dollar to end at Rs176.79 from the previous day’s closing of Rs176.48 in the interbank foreign exchange market.

The rupee previously fell to the record low at Rs176.77 on December 3, 2021.

Currency experts said that dollar demand remained high and offset the impact of Saudi fund support.

The Saudi Development Fund (SDF) placed an amount of $3 billion with the State Bank of Pakistan (SBP) on December 04, 2021. The market was expecting some gain in rupee value following the fund transfers. However, large import bill remained big challenge for the rupee stability.

According to the official data of the Pakistan Bureau of Statistics (PBS) released a day earlier, showed the import bill of the country surged by 69.17 per cent to $33 billion during first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.