Tag: US Dollar

KARACHI: The Pakistani Rupee (PKR) continued recovery against the dollar for the fourth straight session on Wednesday owing to lower international oil prices and optimism prevailed over return of Ishaq Dar as the finance minister.

The local unit strengthened by PKR 7.59 against the dollar during the last four sessions. The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 232.12 on September 28, 2022.

READ MORE: PKR strengthens sharply to dollar during last three sessions

On Wednesday, the exchange rate witnessed a gain of PKR 1.79 to end at PKR 232.12 to the dollar from previous day’s closing of PKR 233.91 in interbank foreign exchange market.

Market analysts said that the nomination of Ishaq Dar had sent positive sentiments to the foreign exchange market.

Ishaq Dar on Wednesday took oath as federal minister. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.

READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination

Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.

It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.

During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

READ MORE: PKR ends 15-day losing streak; recovers against dollar

Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.

Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

READ MORE: Rupee slumps for 15th straight session against dollar

The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

KARACHI: US dollar plummeted to Pakistani Rupee (PKR) at 231.50 in early interbank foreign exchange trading on Wednesday Sept 28, 2022.

The dollar is being traded at PKR 231.50 while recording a fall of PKR 2.41 from previous day’s closing of PKR 233.91 in interbank foreign exchange market.

Market analysts said that the nomination of Ishaq Dar had sent positive sentiments to the foreign exchange market.

Ishaq Dar sworn in as senator on Tuesday after returning to Pakistan. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.

Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.

It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.

During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.

Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

KARACHI: Pakistani Rupee (PKR) gained sharply against the US dollar during last three sessions on Tuesday on lower international oil prices and nomination of Ishaq Dar as finance minister.

The local unit strengthened by PKR 5.80 against the dollar during the last three sessions. The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 233.91 on September 27, 2022.

READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination

On Tuesday, the exchange rate witnessed a gain of PKR 3.11 to end at PKR 233.91 to the dollar from previous day’s closing of PKR 237.02 in interbank foreign exchange market.

Market analysts said that the nomination of Ishaq Dar had sent positive sentiments to the foreign exchange market.

Ishaq Dar sworn in as senator on Tuesday after returning to Pakistan. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.

READ MORE: PKR ends 15-day losing streak; recovers against dollar

Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.

It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.

During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.

READ MORE: Rupee slumps for 15th straight session against dollar

Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

KARACHI: US dollar plunged to Pakistan Rupee (PKR) 233.50 in early day trading on Tuesday September 27, 2022 owing to change of finance minister and falling international oil prices.

The foreign currency lost PKR 3.52 and was being traded at PKR 233.50 by 10:00 AM (Pakistan Standard Time) as compared with last day closing of PKR 237.02 in interbank foreign exchange market.

READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination

Currency analysts said that change of finance minister had impacted the market positively. The foreign exchange market reacted to the change a day earlier as well.

Ishaq Dar has been nominated for the slot of Pakistan Finance Minister. He had already severed at this portfolio in the previous PML (N) government. Dar was known for controlling the exchange rate. Although many quarters had criticized him for artificial stabilizing the rupee. Dar is scheduled to take oath as finance minister today.

READ MORE: PKR ends 15-day losing streak; recovers against dollar

It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.

During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.

Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

READ MORE: Rupee slumps for 15th straight session against dollar

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

KARACHI: The US dollar tumbled against the Pakistani Rupee (PKR) by Rs2.63 on Monday on the nomination of Ishaq Dar as finance minister of the country.

The exchange rate recorded a gain of Rs2.63 in rupee value to end at Rs237.02 to the dollar from last Friday’s closing of Rs239.65 in the interbank foreign exchange market.

Currency experts said that the market responded positively to nomination of Ishaq Dar as the finance minister by the present coalition government headed by PML (N).

READ MORE: PKR ends 15-day losing streak; recovers against dollar

According to reports Ishaq Dar would assume the charge on Tuesday. A day earlier, Miftah Ismail had announced to resign from the portfolio of the finance minister.

The experts said that the market was expecting improvement in rupee value on Dar’s return. Previously, Dar had served as finance minister and he was known for controlling the exchange rate. Although, Dar was criticized for stabilizing the local currency artificially.

Earlier, in the day the dollar slipped by more than four rupees but later it recovered earlier day’s losses.

It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.

READ MORE: Rupee slumps for 15th straight session against dollar

During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.

Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

The rupee also fell due to continuous depletion in foreign exchange reserves of the country.