Tag: Pak Rupee

KARACHI: The Pak Rupee ended firmer against dollar on Wednesday as stock of foreign currency was sufficient to meet import payment demand.

The rupee ended Rs166.67 to the dollar from the previous day’s close of Rs166.68 in interbank foreign exchange market.

Currency experts said that the inflows of dollars were sufficient to meet the demand for import and corporate payments.

They said that the improved inflows of remittances and lower import payments had helped the rupee to maintain levels.

State Bank of Pakistan (SBP) has said that the workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

KARACHI: The Pak Rupee eased by five paisas against dollar on Tuesday owing to demand for import and corporate payments.

The rupee ended Rs166.68 to the dollar from last day’s closing of Rs166.63 in interbank foreign exchange market.

Currency experts said that dollar demand was remained higher for import and corporate payments. They said that due to ease in lockdown the domestic demand was increased substantially. However significant inflows prevented sharp decline in rupee value.

They said that improved foreign exchange reserves and lower import demand to help the rupee to gain in coming days.

The official reserves held by the SBP increased by $811 million to $12.042 billion by week ended July 03, 2020 as compared with $11.231 billion a week ago.

The SBP attributed the increase in reserves to proceeds of $1,000 million as GOP loan disbursement from China.

During the week, SBP also made government external debt payments of $ 231.2 million.

The currency experts said that the lower import bill also helped the rupee to make gain.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year

KARACHI: The Pak Rupee strengthened by 23 paisas against dollar on Friday owing to better inflows and improved foreign exchange reserves of the country.

The rupee ended 166.35 to the dollar from previous day’s closing of Rs166.58 in interbank foreign exchange market.

Currency experts said that the improved foreign inflows helped the helped the rupee to gain value.

The liquid foreign exchange of the country increased by $819 million to $18.79 billion by week ended July 03, 2020, State Bank of Pakistan (SBP) said a day ago.

The foreign exchange reserves of the country were at $17.971 billion a week ago ended on June 26, 2020.

The official reserves held by the SBP increased by $811 million to $12.042 billion by week ended July 03, 2020 as compared with $11.231 billion a week ago.

The SBP attributed the increase in reserves to proceeds of $1,000 million as GOP loan disbursement from China.

During the week, SBP also made government external debt payments of $ 231.2 million.

The currency experts said that the lower import bill also helped the rupee to make gain.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

KARACHI: The Pak Rupee gained 18 paisas against dollar on Thursday owing to improved inflows of export receipts and workers’ remittances.

The rupee ended at Rs166.58 to the dollar from previous day’s closing of Rs166.76 in interbank foreign exchange market.

Currency experts said that the lowering demand for import and corporate payments and improved inflows helped the rupee to make gain.

They said that the import bill of the country massively reduced during the fiscal year 2019/2020.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

KARACHI: The Pak Rupee gained 19 paisas against dollar on Wednesday owing to improved inflows of export receipts, dealers said.

The rupee ended Rs166.76 to the dollar from previous day’s closing of Rs166.95 in interbank foreign exchange market.

Currency experts said that during the past few days the demand for dollar was on the higher side resulting in ease in rupee value.

They further said that the inflows of export receipts and from international financial institutions had helped the rupee to gain the value.

KARACHI: The Pak Rupee weakened by 23 paisas on Tuesday owing to demand for import and corporate payments.

The rupee ended at Rs166.95 to the dollar from previous day’s closing Rs166.72 in interbank foreign exchange market.

Currency experts said that due to enhanced economic activities after ease in lockdown the importers were seen active to purchase currency for foreign buying.

Further, they said that the demand for foreign currency was also seen from multinational and foreign companies to repatriate their profits after close of fiscal year ended June 30, 2020.

The rupee depreciated by around 74 paisas against dollar during first two days of this week.

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.

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.

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.