Tag: Pak Rupee

KARACHI: The Pak Rupee made significant recovery of 85 paisas against dollar on Thursday owing to inflows of the foreign currency in shape of remittances and export receipts.

The rupee ended Rs160.10 to the dollar from previous day’s closing of Rs160.95 in interbank foreign exchange market.

The US dollar strengthened by around one rupee during (Monday to Wednesday) three trading sessions owing to fall in remittances and rise in demand for import payments.

The currency experts attributed to depreciation in rupee value to the ease in lockdown from May 10, 2020 the demand of consumer goods increased substantially, which also encouraged the importers to place new foreign orders.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.

KARACHI: The US dollar strengthened by around one rupee during past three trading sessions owing to fall in remittances and rise in demand for import payments, dealers said on Wednesday.

The Pak Rupee fell by 50 paisas to close at Rs160.95 to the dollar from previous day’s closing of Rs160.45 in interbank foreign exchange market.

The rupee closed at Rs159.96 to the dollar on Friday May 08, 2020.

They said that the after the ease in lockdown from May 10, 2020 the demand of consumer goods increased substantially, which also encouraged the importers to place new foreign orders.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

KARACHI: The Pak Rupee fell by 38 paisas against dollar on Tuesday owing to reports the government is going to hedge oil.

The rupee ended Rs160.46 to the dollar from previous day’s closing of Rs160.08 in interbank foreign exchange market.

Currency experts said that the rupee was witnessing deterioration in its values against dollar as the government was mulling to hedge oil to get benefit of lower prices in international market.

The experts said that the lower import bill however support the local currency to gain values.

The trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee fell by 10 paisas against dollar Monday amid higher demand import payment, dealers said.

The rupee ended Rs160.07 to the dollar from last Friday’s closing of Rs159.97 in interbank foreign exchange market.

Currency analysts said that the market opened after weekly holiday which increased the demand for import payment.

They said that the rupee also improved with shrinking trade deficit.

The trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee gained 25 paisas against dollar on Friday owing to expectations of improved economic activities after ease in lockdown.

The rupee ended Rs159.97 to the dollar from previous day’s closing of Rs160.22 in interbank foreign exchange market.

Currency analysts said that the decision of the government to ease lockdown from May 09 improved the sentiments in the market.

They said that the rupee also improved with shrinking trade deficit.

The trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

On the other hand the import bill fell by 16.5 billion to $39.9 billion in the first ten months of current fiscal year as compared with $45.4 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee fell by 17 paisas against dollar on Thursday owing to hope of escalation in economic activity and higher demand for imports.

The rupee ended Rs160.22 to the dollar from previous day’s closing of Rs160.05 in interbank foreign exchange market.

Currency experts said that positive sentiments were prevailed in the markets on reports of ease in lockdown.

They said that the announcement of allowing import of petroleum products also deteriorated the rupee value.

However, the trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

On the other hand the import bill fell by 16.5 billion to $39.9 billion in the first ten months of current fiscal year as compared with $45.4 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee depreciated by 41 paisas against dollar on Wednesday owing to hope of escalation in demand.

The rupee ended Rs160.06 to the dollar from previous day’s closing of Rs159.65 in interbank foreign exchange market.

Currency experts said that positive sentiments were prevailed in the markets on reports of ease in lockdown.

They said that the announcement of allowing import of petroleum products also deteriorated the rupee value.

However, the trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

On the other hand the import bill fell by 16.5 billion to $39.9 billion in the first ten months of current fiscal year as compared with $45.4 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee gained another 26 paisas against dollar on Tuesday owing to better economic indicators amid coronavirus pandemic.

The rupee ended Rs159.65 to the dollar from previous day’s closing of Rs159.91 in interbank foreign exchange market.

The local currency gained 56 paisas during past two days.

Currency experts said that the rupee appreciated due to inflows of IMF funds and decline in international oil prices.

They said that local currency would gain in coming trading days due to fall in international oil prices and improved external accounts.

They said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee gained 26 paisas against dollar on Monday owing to inflows of IMF loan payment.

The rupee ended Rs159.91 to the dollar from previous close of Rs160.17 on April 30, 2020.

Currency experts said that the rupee appreciated due to inflows of IMF funds and decline in international oil prices.

They said that local currency would gain in coming trading days due to fall in international oil prices and improved external accounts.

They said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee gained Rs1.44 against dollar on Thursday owing to lower demand for import payments, dealers said.

The rupee ended Rs160.17 to the dollar from previous day’s closing of Rs161.61 in interbank foreign exchange market.

The currency dealers said that the rupee was gaining over lower oil prices and reduced non-oil imports.

Currency experts said that the statement of Dr. Hafeez Shaikh, Special Advisor to Prime Minister on Finance and Revenue, about further reducing the oil prices for next month had also improved the market sentiments.

They said that local currency would gain in coming trading days due to fall in international oil prices and improved external accounts.

They said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.