The Pakistani Rupee experienced a notable appreciation of 38 paisas against the US Dollar on Friday, closing at Rs165.83 in the interbank foreign exchange market.
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Rupee recovers 13 paisas on inflows
KARACHI: The Pak Rupee recovered 13 paisas against dollar on Thursday owing to improved inflows of export receipts and workers remittances.
The rupee ended Rs166.21 to the dollar from previous day’s closing of Rs166.34 in interbank foreign exchange market.
Currency experts said that the rupee recovered owing to inflows of export receipts and workers’ remittances. They said that demand for import payment was remained in the market however the inflows helped the rupee to avoid losses.
The experts hoped the local currency likely to gain further in coming days owing to better economic conditions. They said that the initiative of launching dollar and rupee denomination bonds may attract overseas Pakistanis due to better rate of return.
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Rupee eases by seven paisas as dollar demand persists
KARACHI: The Pak Rupee eased by seven paisas against dollar on Wednesday owing to rising demand for the foreign currency for import payment.
The rupee ended Rs166.34 to the dollar from previous day’s closing of Rs166.27 in interbank foreign exchange market.
Currency experts said that the rupee was remained under pressure for rising demand of the greenback against import payment.
They said that normalization of industrial activities after control of coronavirus pandemic the manufacturing required imported raw materials.
The experts hoped that the rupee may rebound in coming days on back of improved workers’ remittances and export receipts.
The local currency fell by 37 paisas against the dollar during past three trading days.
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Rupee slips by 10 paisas against dollar
KARACHI: The Pak Rupee slipped by 10 paisas against dollar on Tuesday owing to higher demand for import and corporate payments.
The rupee ended Rs166.27 to the dollar from previous day’s closing of Rs166.17 in interbank foreign exchange market.
Currency experts said that the local unit was remained under pressure due to higher import and corporate payment.
However, they said that the recent announcement of the federal government to launch Naya Pakistan Certificates with attractive rate of return in both rupee denomination and dollar denomination bills, would help the local currency to gain value in coming days.
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Rupee eases by 20 paisas on import payment
KARACHI: The Pak Rupee fell by 20 paisas against the dollar on Monday owing to higher demand of the foreign currency for import and corporate payments.
The rupee ended Rs166.17 to the dollar from last Friday’s closing of Rs165.97 in interbank foreign exchange market.
Currency experts said that the market was opened after weekly holidays and the local unit was under pressure due to demand for import and corporate payments.
They however said that improved inflows of remittances would help the local unit to recover in coming days.
The inflow of workers’ remittances sharply increased by 31 percent during first two months of the current fiscal year owing to initiatives of the central bank.
The inflow of remittances surged to $4.86 billion during July – August 2020 as compared with $3.71 billion during the corresponding period of the last fiscal year.
The inflows of remittances also registered an increase of 25 percent to $2.1 billion in August 2020 as compared with $1.68 billion in the same month of the last year.
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Rupee gains 43 paisas on improved forex reserves, banking services for NRPs
KARACHI – The Pakistani Rupee gained significant ground against the US Dollar, strengthening by 43 paisas on Friday. The surge was attributed to the burgeoning foreign exchange reserves of the country and the optimistic sentiments generated by the recent launch of Roshan Digital Accounts, a financial initiative catering to non-resident Pakistanis (NRPs).
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Rupee recovers 12 paisas against dollar
KARACHI: The Pak Rupee recovered 12 paisas against dollar on Thursday owing to improved economic indicators, dealers said.
The rupee ended Rs166.40 to the dollar from previous day’s closing of Rs166.52 in interbank foreign exchange market.
Currency experts said that positive sentiments prevailed in the foreign exchange market due to launching of roshan digital accounts by the State Bank of Pakistan (SBP) for overseas Pakistanis.
They said that the investors hoped significant inflows of the foreign currency under this initiative of the government.
The rupee recovered the value after losing 76 paisas during first three days of the current week.
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Rupee eases by nine paisas against dollar
KARACHI: The Pak Rupee depreciated by nine paisas against dollar on Wednesday owing to higher demand for import and corporate payment.
The rupee ended Rs166.52 to the dollar from previous day’s closing of Rs166.43 in interbank foreign exchange market.
Currency experts said that the market witnessed dollar demand for import and corporate payment. They said that improved activities in trade and industry rose the demand for imported goods.
They said that the inflows of remittances and export receipts likely to help the rupee to improve levels against dollar in coming days.
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Rupee falls by 56 paisas on rising import demand
The Pakistani Rupee experienced a decline of 56 paisas against the US dollar on Tuesday, driven by increased demand for import and corporate payments, according to currency dealers.
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Rupee eases by 10 paisas on import payment demand
KARACHI: The Pak Rupee eased by 10 paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said.
The rupee ended at Rs165.87 to the dollar from last Friday’s closing of Rs165.77 in interbank foreign exchange market.
The currency experts said that the rupee was under pressure against the foreign currency due to the first day of the week. They said that the rupee may rebound in coming days due to improved foreign exchange reserves of the country.
The liquid foreign exchange of the country has increased by $121 million to $19.843 billion by week ended August 28, 2020, according to the State Bank of Pakistan (SBP).
The foreign exchange reserves were at $19.722 billion by week ended August 21.2020.
The official foreign exchange reserves of the SBP increased by $72 million to $12.713 billion by week ended August 28, 2020 as compared with $12.641 billion a week ago.
Similarly, the foreign exchange reserves held by commercial banks also increased by $49 million to $7.13 billion by week ended August 28, 2020 as compared with $7.081 billion a week ago.