Tag: Pak Rupee

KARACHI: The Pak Rupee fell by eight paisas against the dollar on Tuesday owing to bank holiday a day ahead that may create pressure on import payment demand.

The rupee ended Rs152.83 to the dollar from previous day’s closing of Rs152.75 in the interbank foreign exchange market.

Currency experts said that the rupee witnessed a decline due to higher dollar demand for import and corporate payment as banks likely close on Wednesday due to Zakat deduction on the first day of Ramazan ul Mubarak.

The currency experts said that the rupee may continue to gain value in coming days owing to substantial increase in inflows of workers remittances and export receipts.

KARACHI: The Pak Rupee gained 19 paisas to close Rs152.75 against the dollar on Monday owing to lower demand for import payment.

The rupee maintained gaining momentum against the dollar. The rupee was closed last Friday at Rs152.94 to the dollar in the interbank foreign exchange market.

Currency experts said that due to high number of cases reported daily the importers were caution in placing orders to their foreign suppliers.

The rupee also posted an strengthened due to strong growth in inflows of workers’ remittances.

The inflow of workers’ remittances has registered 26 percent growth to $21.47 billion during first nine months (July – March) 2020/2021, State Bank of Pakistan (SBP) said on Monday.

The inflow of remittances was $17 billion during the same period of the last fiscal year.

The SBP said that workers’ remittances extended their unprecedented streak of above $2 billion for the 10th consecutive month in March 2021.

Remittances rose to $2.7 billion in March 2021, 20 percent higher than last month and 43 percent higher than March 2020.

Cumulatively during July-Mar FY 21, remittances have risen to $21.5 billion, up by 26 percent over the same period of FY20.

KARACHI: The US dollar fell by eight paisas against the Pak Rupee on Friday owing to foreign inflows of Eurobonds issuance and lower import payment demand.

The rupee ended Rs152.94 to the dollar from previous day’s closing of Rs153.02 in the interbank foreign exchange market.

Currency dealers said that the State Bank of Pakistan (SBP) had received $2.5 billion as proceeds of Eurobond issuance. This transfer helped increase in foreign exchange reserves and ease pressure on the rupee.

Further, they said that importers were remained cautious in placing new orders due to continuous rise on coronavirus cases in the country.

KARACHI: The US dollar weakened to Pak Rupee at Rs153.02 on Thursday owing to lower demand for import payments, dealers said.

The rupee ended Rs153.02 to the dollar from previous day’s closing of Rs153.18 in the interbank foreign exchange market.

The dealers said that due to rising case of coronavirus the importers were cautious in placing orders to their foreign suppliers.

Currency experts said that inflows of foreign remittances and export receipts had helped the local units to make gain against the greenback.

KARACHI: The Pak Rupee gained 15 paisas against the dollar on Wednesday owing to lower demand for import payment.

The rupee ended Rs153.18 to the dollar from previous day’s closing of Rs153.33 in the interbank foreign exchange market.

Currency dealers said that importers were cautious in placing orders for foreign purchases due to rising cases of coronavirus.

They further said that the inflows of export receipts, workers’ remittances and improved foreign exchange reserves also helped the rupee to make gain.

KARACHI: The Pak Rupee strengthened by 33 paisas against the dollar on Tuesday owing to decline in international oil prices and lower import payment demand after fast spread of coronavirus.

The rupee ended Rs153.33 to the dollar from previous day’s closing of Rs153.66 in the interbank foreign exchange market.

Currency experts said that demand for the foreign currency was eased following decline in international oil prices and lackluster response from the importers following rise in cases of coronavirus.

KARACHI: The Pak Rupee fell by 11 paisas against the dollar on Monday owing to rise in trade deficit and demand from corporate buyers.

The rupee ended Rs153.66 to the dollar from last Friday’s closing of Rs153.55 in the interbank foreign exchange market.

Currency experts said that the market was under pressure due to significant rise in import bill during the month of March 2021.

The import bill has recorded an unprecedented growth of 70 percent in March 2021 as compared with the same month of the last year, according to data released by Pakistan Bureau of Statistics (PBS).

The country spent $5.63 billion on the imports during March 2021 as compared with $3.31 billion in the same month of the last year.

The experts said that due to quarter ending on March 31, 2021 the corporate buyers were also seen active in purchasing dollars for repatriating profit and dividends to their parent companies abroad.

KARACHI: The Pak Rupee weakened by 25 paisas against the dollar on Friday owing to demand for import and corporate payments.

The rupee ended Rs153.55 to the dollar from previous day’s closing of Rs155.30 in the interbank foreign exchange market.

Currency dealers said that higher demand of the foreign currency for import and corporate payments depreciated the rupee value.

They said that due to quarter ending corporate buyers were seen active in purchasing the foreign currency for repatriation of profit and dividend to their parent companies abroad.

Similarly, the higher import bill in March 2021 also put pressure on demand for the dollar.

KARACHI: The Pak Rupee slipped by 54 paisas on Thursday owing to high demand for import and corporate payments.

The rupee ended Rs153.30 to the dollar from previous day’s closing of Rs152.76 in the interbank foreign exchange market.

Currency dealers said market witnessed high demand of the foreign currency for import and corporate payments during the day. They said that due to quarter ending corporate sector was seen buying the foreign currency to send profit and dividends to their parent companies abroad.

They, however, said that the encouraging inflows of remittances and export receipts would help the rupee to make gain in coming days.

KARACHI: The Pak Rupee gained 33 paisas against the dollar on Wednesday owing to improved external position.

The rupee ended Rs 152.76 to the dollar from previous day’s closing of 153.09 in the interbank foreign exchange market.

Currency experts said that the improved external position after the inflows of around $498 million under IMF loan program further helped the foreign exchange market.

In the early trade the dollar recorded a fall and traded at Rs152.25 in the interbank foreign exchange market.

Currency experts said that alarming rise in coronavirus cases had discouraged the demand of the foreign currency for import payment.