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Tag: Pak Rupee

Pakistan Revenue is committed to providing accurate exchange rates in Pak Rupee for foreign currencies, helping readers stay informed about the fluctuating value of the Pak Rupee in the market.

  • Rupee weakens by 51 paisas on import, corporate demand

    Rupee weakens by 51 paisas on import, corporate demand

    KARACHI: The Pak Rupee ended down by 51 paisas against the dollar on Monday owing to higher demand for import and corporate demand.

    The rupee closed at Rs166.72 to the dollar from last Friday’s close of Rs166.21 in interbank foreign exchange market.

    Currency experts said that the market was opened after two days weekly holidays which escalated the demand for dollar.

    They said that the due to ease in lockdown the activities in foreign trade had been increased. The importers were placing orders in the international markets.

    The experts hoped that the recent inflows from international financial institutions the rupee may recover.

    The foreign exchange reserves of the country increased by $1.24 billion to $17.97 billion by week ended June 26, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $16.73 billion by week ended June 19, 2020.

    The official foreign exchange reserves of the SBP increased by $1.27 billion to $11.231 billion by week ended June 26, 2020. The official reserves of the central bank were at $9.961 billion a week ago.

    The SBP said that during the week ended June 26, 2020, the central bank received around $2,046 million official inflows, including $737 million from World Bank, $503 million from Asian Development Bank, $500 million from Asian Infrastructure Investment Bank and $300 million as GOP loan disbursement from China.

    After incorporating government external debt payments of $ 809 million, SBP reserves increased by $ 1,270 million to $ 11,231 million.

    During the current week, SBP has received additional $1,000 million as GOP loan disbursement from China.

    These funds will be part of SBP weekly reserves data as of July 03, 2020 to be released on July 09, 2020.

  • Rupee gains 68 paisas on improved foreign exchange reserves

    Rupee gains 68 paisas on improved foreign exchange reserves

    KARACHI: The Pak Rupee gained 68 paisas against dollar on Friday after improvement in foreign exchange reserves of the country.

    The rupee ended Rs166.21 to the dollar from previous day’s closing of Rs166.89 in interbank foreign exchange market.

    Currency experts said that the lower demand for imports and inflows from international financial institutions helped the rupee to gain value.

    The foreign exchange reserves of the country increased by $1.24 billion to $17.97 billion by week ended June 26, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $16.73 billion by week ended June 19, 2020.

    The official foreign exchange reserves of the SBP increased by $1.27 billion to $11.231 billion by week ended June 26, 2020. The official reserves of the central bank were at $9.961 billion a week ago.

    The SBP said that during the week ended June 26, 2020, the central bank received around $2,046 million official inflows, including $737 million from World Bank, $503 million from Asian Development Bank, $500 million from Asian Infrastructure Investment Bank and $300 million as GOP loan disbursement from China.

    After incorporating government external debt payments of $ 809 million, SBP reserves increased by $ 1,270 million to $ 11,231 million.

    During the current week, SBP has received additional $1,000 million as GOP loan disbursement from China.

    These funds will be part of SBP weekly reserves data as of July 03, 2020 to be released on July 09, 2020.

  • Rupee strengthens by Rs1.16 against dollar on inflows

    Rupee strengthens by Rs1.16 against dollar on inflows

    KARACHI: The Pak Rupee made significant gain of Rs1.16 against dollar on Thursday owing to ease in demand for import and corporate payments and substantial inflows during past week.

    The rupee ended Rs166.89 to the dollar from June 30, 2020 closing of Rs168.05 in interbank foreign exchange market.

    The currency market was remained closed for public dealing on July 01, 2020 on account of bank holiday.

    Currency dealers said that the rupee was under pressure due to payment demand by end of fiscal year.

    However, they said that the inflows from international financial institutions helped the rupee to gain the value.

    The State Bank of Pakistan (SBP) has received $1.3 billion as government of Pakistan loan disbursements from Chinese Banks this week.

    This brings the total amount of official inflows received since June 23, 2020 to around $3 billion.

    Experts said that the transfers would also help the central bank to improve foreign exchange reserves.

  • Rupee gains 14 paisas on last day of fiscal year

    Rupee gains 14 paisas on last day of fiscal year

    KARACHI: The Pak Rupee gained 14 paisas against dollar on the last date of fiscal year 2019/2020 owing to transfer of loan amount from Chinese bank.

    The rupee ended Rs168.05 to the dollar from previous day’s closing of Rs168.19 in interbank foreign exchange market.

    The State Bank of Pakistan (SBP) has received $1.3 billion as government of Pakistan loan disbursements from Chinese Banks this week.

    This brings the total amount of official inflows received since June 23, 2020 to around $3 billion.

    Experts said that the transfers would also help the central bank to improve foreign exchange reserves.

  • Dollar strengthens to Rs168.19

    Dollar strengthens to Rs168.19

    KARACHI: The Pak Rupee ended down by 52 paisas against dollar on Monday owing to higher import and corporate payment demand, dealers said.

    The rupee ended at Rs168.19 to the dollar from last Friday’s closing of Rs167.67 in interbank foreign exchange market.

    The currency dealers said that the rupee was remained under pressure due to demand from importers and corporate buyers. They said that due to ending of the fiscal year most of multinational and foreign companies send profits to their parent companies.

    They further said that the ease in lockdown the business activities had started to get momentum and escalated the demand for imported goods.

    The currency dealers further said that the repayment of foreign debts had also weakened the rupee value.

    It is pertinent to mention that the SBP received around $1.7 billion last week from international financial institutions. However, the inflows also failed to give support to the local currency.

  • Rupee weakens by 31 paisas on import payment demand

    Rupee weakens by 31 paisas on import payment demand

    KARACHI: The Pak Rupee weakened by 31 paisas against dollar on Friday owing to higher demand for import and corporate payment as fiscal year ending next week.

    The rupee ended Rs167.67 to the dollar from previous day’s closing of Rs167.36 in interbank foreign exchange market.

    Currency dealers said that the local unit was under pressure due to demand related to fiscal year end especially corporate payment. They said the rupee was also under pressure due to last trading day of the week and buyers were purchasing dollars in advance for future payments.

    It is pertinent to mention that the SBP received around $1.7 billion this week from internaitonal financial insitutions. However, the inflows also failed to give support to the local currency.

  • Rupee ends flat against dollar

    Rupee ends flat against dollar

    KARACHI: The Pak Rupee ended flat against dollar on Thursday after making recovery during intraday trading.

    The rupee ended Rs167.36 to the dollar, same previous day’s level, in interbank foreign exchange market.

    Currency experts said that the local unit made recovery against dollar in early trade however demand for import and corporate payment forced the rupee to end flat.

    A day earlier the State Bank of Pakistan (SBP) received $1 billion from Asian Development Bank (ADB) and World Bank.

    Further, the current account deficit narrowed by 75 percent during the first eleven months of the current fiscal year.

  • FPCCI seeks intervention to prevent Pak Rupee depreciation

    FPCCI seeks intervention to prevent Pak Rupee depreciation

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to immediately control the depreciation of Pak Rupee.

    FPCCI President Mian Anjum Nisar has urged the government to control surge of dollar against Pakistani currency, as the rupee has dropped to more than two-month low of 167.65 against greenback in the interbank market while it has fallen to 168 versus the US dollar in the open trade.

    FPCCI President, in a statement issued here on Wednesday, observed that the rupee has dropped by Rs1.08 against the dollar in a single session in the interbank market, falling to 167.77, a level last seen in the start of April.

    He said that huge depreciation of Rupee continued to damage national economy, as the cost of deals done by the businessmen with their foreign counterparts has increased manifold due to massive fall of rupee against dollar.

    Apart from increasing exports and controlling imports the government will have to take administrative measures, as a large demand of cash dollars are seen in the market, he suggested.

    He said that the rupee has dropped by 2.8 percent or Rs4.55 against the dollar since the start of June, as it was closed at 163.10 at the end of last month.

    Mian Anjum Nisar appreciated the positive development, related to the imports, which have now started decreasing since the last financial year followed by the government’s initiative of imposing regulatory duties.

    He said that the country would hopefully receive multilateral inflows during this week, which could help strengthen the rupee and the foreign exchange reserves, as the government has signed a $1.5 billion loan agreement with the World Bank, Asian Development Bank and Asian Infrastructure Investment Bank.

    FPCCI President said that excessive government borrowing, absence of foreign flows, lack of foreign investment and the huge current account deficit are the vital reasons for constant depreciation of Pak rupee.

    Terming rupee depreciation against dollar a mysterious development, the leader of business community said that continued fall of rupee is not understandable with a fact that there was no fundamental change in country’s imports during last few months while other economic indicators are also same for a long time.

    He said that the local currency has been under pressure due to falling foreign exchange reserves and increasing outflows amid foreign debt repayments.

    The SBP’s foreign exchange reserves have been under pressure due to external debt repayments recently, which were dropped to $10.1 billion as of June 12 from $12.3 billion on May 8.

    Mian Anjum Nisar was of the view that State Bank of Pakistan and Ministry of Finance will have to remain vigilant in this regard.

    Besides this, the SBP and the government also need to intervene and come up with policy reforms to control depreciation of rupee which is becoming more and more valueless.

  • Rupee strengthens by 29 paisas on inflows

    Rupee strengthens by 29 paisas on inflows

    KARACHI: The Pak Rupee gained 29 paisas against dollar on Wednesday owing to inflows from international financial institutions and shrinking current account deficit.

    The rupee ended Rs167.36 to the dollar from previous day’s closing of Rs166.65 in interbank foreign exchange market.

    Currency experts said that the rupee recovered 29 paisas after a fall of Rs1.06 a day earlier against the dollar.

    They said that the rupee was strengthened after the SBP received $1 billion from the World Bank and Asian Development Bank.

    Further, the data of Balance of Payment (BOP) showed 74 percent decline in current account deficit during first eleven months of current fiscal year.

    The foreign exchange reserves of the country have increased by $70 million to $16.775 billion by week ended June 12, 2020.

    The foreign exchange reserves were at $16.705 billion by week ended on June 05, 2020.

    The foreign exchange reserves held by the central bank increased by $11 million to $10.107 billion by week ended June 12, 2020 as compared with $10.096 billion a week ago.

  • Rupee plummets by Rs1.06 on dollar demand for import payments

    Rupee plummets by Rs1.06 on dollar demand for import payments

    KARACHI: The Pak Rupee fell Rs1.06 against dollar on Tuesday owing to higher import and corporate demand.

    The rupee ended Rs167.65 to the dollar from previous day’s closing of Rs166.59 in interbank foreign exchange market.

    Currency experts said that the rupee was under pressure due to high demand for corporate and import payments. They said that due to fiscal year closing the corporate sector repatriate their profits to their parent companies abroad.

    They said that the scheduled repayment of foreign loans also put pressure on foreign exchange reserves.

    However, the reserves slightly increased last week.

    The foreign exchange reserves of the country have increased by $70 million to $16.775 billion by week ended June 12, 2020.

    The foreign exchange reserves were at $16.705 billion by week ended on June 05, 2020.

    The foreign exchange reserves held by the central bank increased by $11 million to $10.107 billion by week ended June 12, 2020 as compared with $10.096 billion a week ago.