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Tag: PKR

  • Dollar falls to Rs174.73 at interbank opening

    Dollar falls to Rs174.73 at interbank opening

    KARACHI: The dollar declined by Re1 against the Pak Rupee (PKR) at the opening in the interbank foreign exchange market on Monday. The dollar is being traded at Rs174.73 at the time of reporting this news article.

    The foreign currency made a non-stop gain during the last week. This gain resulted in a fall in rupee value to the record low of Rs175.73 on November 12, 2021, in the interbank foreign exchange market.

    Market experts said that the latest recovery in the rupee was due to measures taken by the State Bank of Pakistan (SBP) a day earlier.

    The SBP on Sunday, November 14, 2021, decided to increase the average Cash Reserve Requirement (CRR), to be maintained during a period of two weeks by scheduled banks, from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.

    CRR is the amount of money that banks are required to keep with the State Bank of Pakistan and is applicable on demand liabilities and time liabilities with tenor of less than a year.

    Dollar hits all-time high at Rs175.73 at interbank closing
  • PKR’s six-day gaining streak ends

    PKR’s six-day gaining streak ends

    KARACHI: The six-day gaining streak of the Pak Rupee (PKR) ended on Thursday as dollar appreciated by four paisas in the interbank foreign exchange market.

    The rupee ended Rs171.01 to the dollar from previous day’s closing of Rs169.97 in the interbank foreign exchange market.

    The local currency had witnessed a continuous recovery for six consecutive days after falling to the all time low of Rs175.27 on October 26, 2021.

    The appreciation in the local unit has been seen soon after an announcement by the Saudi government to support Pakistan in managing balance of payment.

    Last week Saudi Arabia announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

    Besides, the latest number of exports also improved the sentiments in the foreign exchange market.

    The currency experts said that the dollar demand had increased due to high import bill for the period of January – October 2021.

    Rupee appreciates to dollar for sixth consecutive day
  • Rupee falls by 96 paisas in intraday

    Rupee falls by 96 paisas in intraday

    KARACHI – The Pakistani Rupee witnessed a significant depreciation against the US Dollar, falling sharply by 96 paisas in intraday trading on Wednesday.

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