The Pakistani Rupee gained 19 paisas against the US Dollar on Monday, closing at Rs164.32 compared to the previous closing rate of Rs164.51 on October 2, 2020, in the interbank foreign exchange market. This appreciation is attributed to reduced demand for import payments, market dealers reported.
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Rupee gains 49 paisas against dollar on inflows of export receipts, remittances
KARACHI: The Pak Rupee gained 49 paisas against dollar on Friday owing to improved inflows of workers’ remittances, dealers said.
The rupee ended Rs164.51 to the dollar from previous day’s closing of Rs165.00 in interbank foreign exchange market.
Currency experts said that during the day the market had witnessed supply from banks in the shape of export receipts and workers’ remittances.
They said that during the week the positive sentiments and improved inflows helped the local units to make gain.
The local currency gained around Rs1.28 against the dollar during the week. The experts said that the rupee had support from inflows besides surplus current account and reduction in trade deficit.
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Rupee gains 70 paisas against dollar
KARACHI: The Pak Rupee gained 70 paisas against dollar on Thursday owing to inflows of export receipts and workers’ remittances, dealers said.
The rupee ended Rs165.00 to the dollar from previous day’s closing of Rs165.70 in interbank foreign exchange market.
Currency dealers said that the inflows of export receipts and workers’ remittances had supported the rupee to make gain.
On the other hand, the demand for the greenback was eased after the quarter end (July – September), which also supported the rupee.
The currency experts said that the rupee may strengthen further in coming days owing to positive economic indicators.
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Rupee gains 18 paisas against dollar on inflows
KARACHI: The Pak Rupee strengthened by 18 paisas against dollar on Wednesday owing to inflows of workers’ remittances and export receipts.
The rupee ended Rs165.70 to the dollar from previous day’s closing of Rs165.88 in interbank foreign exchange market.
Currency experts said that the rupee strengthened owing to strong inflows of the foreign currency in the shape of workers’ remittances and export receipts.
They said that the demand for the greenback was remained higher during the day for imports and corporate payments.
The experts said that usually by quarter end the demand for the foreign currency on the higher side as foreign companies repatriate their profits to their parent companies.
However, they said that substantial inflows helped the local units to make gain.
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Rupee ends firmer amid dollar demand for import, corporate payments
KARACHI: The rupee ended firmer against dollar on Tuesday amid demand of the foreign currency for import and corporate payments.
The rupee ended Rs165.88 to the dollar from previous day’s closing of Rs165.89 in interbank foreign exchange market.
Currency experts said that the demand for the greenback was remained higher form importers. Besides, due to closing of quarter end the corporate buyers were also seen active as foreign companies repatriate their profits to their parent companies.
They said that due to positive sentiments after current account surplus and approval of $300 million by the Asian Development Bank (ADB) to support Pakistan’s capital market also supported the rupee.
The experts hoped the local unit main recover in the coming days as the demand for import and corporate payments was eased.
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Rupee ends down by 10 paisas on import payment
KARACHI: The Pak Rupee ended down by 10 paisas against dollar on Monday owing to demand for import and corporate payments, dealers said.
The rupee ended Rs165.89 to the dollar from last Friday’s closing of Rs165.79 in the interbank foreign exchange market.
The currency dealers said that the rupee was under pressure during the day owing to dollar demand for import and corporate payments due to the last days for the quarter end.
However, they said that the approval of $300 million by the Asian Development Bank (ADB) had resulted in positive sentiments in the market. But it failed to help the local unit to offset losses.
They said that due to first day of week the demand for dollar usually on the higher side.
They said that the local currency is likely to rebound in coming days owing to positive economic indicators, especially the current account surplus during the first two months of the current fiscal year.
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Rupee gains 17 paisas in interbank foreign exchange market
The Pakistani Rupee appreciated by 17 paisas against the US dollar on Friday, closing at Rs165.79 in the interbank foreign exchange market. This marks an improvement from the previous day’s close of Rs165.96, as increased inflows of remittances and export receipts boosted the currency.
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Rupee gains 26 paisas on inflows
KARACHI: The Pak Rupee gained 26 paisas against dollar on Thursday owing to better inflows and surplus current account balance.
The rupee ended Rs165.96 to the dollar from previous day’s closing of Rs166.22 in interbank foreign exchange market.
Currency experts said that sentiments in the market were remained positive due to surplus in current account balance for the first two months of the current fiscal year.
The further said that the inflows of export receipts and workers’ remittances also helped the rupee to recover losses against the dollar.
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Rupee ends flat amid demand for import payment
KARACHI: The Pak Rupee ended flat against dollar on Wednesday despite higher demand for import and corporate payments, dealers said.
The rupee ended Rs166.22 to the dollar from the previous day’s closing of Rs166.23 in the interbank foreign exchange market.
The currency dealers said that positive sentiments prevailed in the market owing to reports of current account surplus during the first two months of the current fiscal year.
They said that due to higher demand for imports and corporate payments during the last days of quarter end the rupee was under pressure.
However, the positive sentiments prevented the rupee from major decline.
According to statistics of Balance of Payment (BOP) released by the State Bank of Pakistan (SBP) on Wednesday revealed that the current account balance had registered a surplus of $805 million during July – August 2020 as against a deficit of $1.21 billion in the corresponding period of the last fiscal year
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Rupee recovers 7 paisas on weak demand
KARACHI: The Pak Rupee recovered seven paisas against dollar on Tuesday owing to weak demand for import and corporate payments.
The rupee ended Rs166.23 to the dollar from previous day’s closing of Rs166.30 in interbank foreign exchange market.
Currency experts said that the demand for import and corporate payments had weakened as compared with the day earlier.
The local currency fell by 47 paisas against dollar a day earlier owing to higher demand for import and corporate payments.
The currency experts said that the dollar demand may increase during the last day of the month for corporate payments as foreign companies repatriate their earnings and dividends by end of quarter closing.