Tag: Pak Rupee

The Pakistani Rupee gained significant ground against the US Dollar on Thursday, appreciating by 57 paisas, closing at Rs167.19 from the previous day’s rate of Rs167.76 in the interbank foreign exchange market.

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KARACHI: The Pak Rupee recovered 14 paisas against dollar on Wednesday after witnessing significant decline a day earlier.

The rupee closed at Rs167.76 to the dollar from previous day’s closing of Rs167.90 in interbank foreign exchange market.

The local unit fell significantly a day earlier and lost 91 paisas against the greenback.

Currency experts said that the rupee was under massive pressure due to outflow of hot money during the past couple of month.

The outbreak of coronavirus jolted the financial markets across the globe, which also forced the investors to consolidate their funds.

A huge amount was also taken out by foreign investors from domestic debt market, which resulted pressure the local currency.

The experts said that the rupee likely to gain further in future owing to lower import payment demand after decline in international oil prices.

The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.

The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.

The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.

However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.

The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.

KARACHI: The Pakistan rupee witnessed a sharp decline on Tuesday, falling by 91 paisas against the US dollar. The rupee closed at Rs167.90 per dollar in the interbank foreign exchange market, down from the previous day’s rate of Rs166.99. The depreciation was primarily driven by increased demand for dollars, largely due to rising import payments.

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KARACHI: The Pak Rupee ended down 23 paisas against dollar on Monday owing to demand for import payments.

The rupee ended Rs166.99 to the dollar from last Friday’s closing of Rs166.76 in interbank foreign exchange market.

The dealers said that the rupee was under pressure due to higher demand for import payment. They said that mostly demand was come from foreign buying related to commodities for the month of Ramazan.

The dealers said that the rupee however likely to gain in future owing to lower import payment demand after decline in international oil prices.

The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.

The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.

The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.

However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.

The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee gained 17 paisas against dollar on Friday on reports of significant decline in import bill for the month of March 2020, dealers said.

The rupee ended Rs166.76 to the dollar from previous day’s closing of Rs166.93 in interbank foreign exchange market.

The dealers said that importers were seen cautious to place orders for dollars after considering the latest numbers of imports for the month of March 2020.

The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.

The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.

The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.

However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.

The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.

KARACHI: The Pak Rupee ended down by 10 paisas against dollar on Thursday due to higher import payments and outflow of hot money.

The rupee ended at Rs166.93 to the dollar from previous day’s closing of Rs166.83 in interbank foreign exchange market.

Currency experts said that the rupee was remained under pressure due to higher import payment demand. They said that importers were purchasing the foreign currency for importing commodities related to month of Ramazan.

The experts pointed out that the outflow of funds invested in domestic debt market also put pressure on the local unit.

The secondary market witnessed outflow of $47.6 million on April 01, 2020 as foreign investors opted to sell treasury bills.

The currency experts said that the rupee may make recover in coming days due to lower international oil prices and reduced consumption of non-oil imported goods locally.

KARACHI: The Pak Rupee ended down by 13 paisas against dollar on Wednesday owing to higher demand from importers and corporate buyers.

The rupee closed at Rs166.83 to the dollar form previous day’s closing of Rs166.70 in interbank foreign exchange market.

The currency experts said that the rupee was remained under pressure due to higher demand from importers and corporate buyers.

They said that imports related to Ramazan was remained high. They further said that the foreign investors also seen taking out funds from domestic debt market.

They said that as the central bank reduced the policy rate by 2.25 percent to bring at 11 percent discouraged the foreign investors of domestic debt market.

A huge fund has been taken out by foreign investors through sale of treasury bills after the reduction in policy rate and also deterioration of international economic conditions after rising pace of coronavirus spread.

KARACHI: The Pak Rupee ended down by 60 paisas against dollar on Monday on uncertain global and domestic financial conditions.

The rupee ended Rs166.14 to the dollar from last Friday’s closing of Rs165.54 in interbank foreign exchange market.

Currency analysts said that the rupee was remained under pressure due to outflow of foreign investment due to easing in monetary policy stance and global financial crisis after large scale spread of coronavirus.

The State Bank of Pakistan (SBP) cumulatively brought down the policy rate by 2.25 percent to 11 percent considering severe impact of coronavirus on the economy.

However, lowering the policy rate the foreign investors opted to sell their exposures in treasury bills after the reduction in the policy rate.

Currency experts said that the lower international oil prices however would help the local currency to recovery in the coming days as Pakistan’s import bill would reduce significantly.

KARACHI: The US dollar hits all time high against dollar in intraday trading on Thursday and reached at Rs165.

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KARACHI: The interbank foreign exchange market ended at Rs161.60 to the dollar on Wednesday, marking a sharp fall of Rs2.60 paisas from the previous day’s closing, according to the closing rate provided by the State Bank of Pakistan (SBP).

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