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Tag: US Dollar

  • SBP launches crackdown against exchange companies

    SBP launches crackdown against exchange companies

    KARACHI: The State Bank of Pakistan (SBP) has launched crackdown against exchange companies in order to end volatility in rupee value against the US dollar.

    A statement issued on Wednesday, the central bank said in view of recent volatility in the exchange rate and the difference between the interbank rate and the rate offered by Exchange Companies (ECs) and banks to their customers, it had increased the monitoring of the foreign exchange operations of ECs and banks.

    READ MORE: Pakistani Rupee makes historic recovery; dollar ends at Rs228.80

    In this respect, SBP started inspections of a number of exchange companies and banks since Monday (August 1, 2022).

    On Tuesday (August 2, 2022) SBP suspended the operations of four branches of two ECs (Galaxy Exchange Co and Al-Hameed International Money Exchange Co) for violation of SBP regulations.

    READ MORE: UBL declares 21% decline in half year net profit

    SBP has also imposed monetary penalties on some ECs in the recent past. Besides, due to violations of SBP instructions, arrangements of 13 franchises have been terminated by six different ECs in the recent past.

    SBP has also started conducting mystery shopping exercise throughout Pakistan to investigate the apprehensions that some ECs are not selling foreign currency to their customers.

    READ MORE: SBP introduces foreign currency, rupee value business accounts

    A meeting of the Exchange Companies Association of Pakistan has also been called on August 4, 2022.

    If needed, SBP would augment its enforcement actions on the ECs and the banks in light of findings of the on-going inspections and mystery shopping.

    READ MORE: SBP imposes Rs85 million as penalty on JS Bank

  • Pakistani Rupee makes historic recovery; dollar ends at Rs228.80

    Pakistani Rupee makes historic recovery; dollar ends at Rs228.80

    KARACHI: The Pakistani Rupee made a historic single day recovery of Rs9.58 against the US dollar on Wednesday to close at Rs228.80 in the interbank foreign exchange market.

    The exchange rate recorded a recovery of Rs9.58 in rupee value to end at Rs228.80 to the dollar from previous day’s closing of Rs238.38 in the interbank foreign exchange market.

    READ MORE: Rupee makes recovery against dollar for 3rd straight day

    The rupee made recovery for the fourth consecutive day after the Chief of the Army Staff (COAS) telephoned to the US for speeding up the release of IMF tranche.

    The rupee recorded historic low of Rs239.94 against the dollar on July 28, 2022.

    Analysts said that expected inflows from the IMF of $1.2 billion, there will be multilateral inflows unlocking, followed by bilateral/friendly countries, and coupled with global and local recession impacting/reducing Oil and food/commodity prices globally, there will be much lower imports (exports will also be hit), thereby lowering demand for dollar outflows. This should help improve PKR against the US$, at least for some time.

    READ MORE: Dollar falls to Rs238.84 at interbank closing on August 01, 2022

    Currency experts said that the fall in import bill during the month of July 2022 eased the pressure on the foreign currency demand. Further, the International Monetary Fund (IMF) likely to release the tranche by end of this month.

    The free-fall in rupee continued for the past many months against the greenback due to political instability and weak economic indicators.

    The experts said that the continuous decline in rupee value may also be attributed to the fall in foreign exchange reserves.

    The foreign exchange reserves of the country have further declined.

    READ MORE: Pakistan interbank rupee ends Rs239.37 to dollar on July 29, 2022

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.986 billion.

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    READ MORE: Rupee plunges near Rs240 to dollar at interbank closing

  • Rupee recovers to Rs231 against dollar in midday trading

    Rupee recovers to Rs231 against dollar in midday trading

    KARACHI: The Pakistani Rupee made sharp recovery of Rs7.38 to Rs231 against the dollar in midday interbank foreign exchange market on Wednesday.

    The exchange rate recorded a recovery of Rs7.38 against the dollar at Rs231 in midday trading from previous day’s closing of Rs238.38 in the interbank foreign exchange market.

    READ MORE: Dollar falls to Rs238.84 at interbank closing on August 01, 2022

    The rupee recorded historic low of Rs239.94 against the dollar on July 28, 2022. However, since than the rupee made recovery of Rs1.56 against the dollar in the interbank foreign exchange market.

    Currency experts said that the fall in import bill during the month of July 2022 eased the pressure on the foreign currency demand. Further, the International Monetary Fund (IMF) likely to release the tranche by end of this month.

    The free-fall in rupee continued against the greenback due to political instability and weak economic indicators.

    The experts said that the continuous decline in rupee value may also be attributed to the fall in foreign exchange reserves.

    READ MORE: Pakistan interbank rupee ends Rs239.37 to dollar on July 29, 2022

    The foreign exchange reserves of the country have further declined.

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.986 billion.

    READ MORE: Rupee plunges near Rs240 to dollar at interbank closing

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    READ MORE: Dollar touches new peak at Rs236.02 at interbank closing

  • Pakistani Rupee to US Dollar on August 03, 2022

    Pakistani Rupee to US Dollar on August 03, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on August 03, 2022:

    Buying: Rs 237.50 to the US Dollar

    Selling: Rs 239.50 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 06:03 Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to US Dollar on August 02, 2022

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    Pakistani Rupee to UAE Dirham on August 03, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 03, 2022:

    Buying: Rs 64.60 to the UAE Dirham

    Selling: Rs 65.60 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 06:02 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UAE Dirham on August 02, 2022

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    Pakistani Rupee to UK Pound Sterling on August 03, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on August 03, 2022:

    Buying: Rs 290.00 to the UK Pound Sterling

    Selling: Rs 294.00 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 06:01 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UK Pound Sterling on August 02, 2022

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    Pakistani Rupee to Euro on August 03, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 03, 2022:

    Buying: Rs 242.50 to the Euro

    Selling: Rs 245.00 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 06:00 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Euro on August 02, 2022

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    Pakistani Rupee to Saudi Riyal on August 03, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 03, 2022:

    Buying: Rs 63.30 to the Saudi Riyal

    Selling: Rs 64.30 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 06:00 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Saudi Riyal on August 02, 2022

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    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Rupee makes recovery against dollar for 3rd straight day

    Rupee makes recovery against dollar for 3rd straight day

    KARACHI: The Pakistani Rupee (PKR) extended recovery against the US dollar for third straight day on Tuesday due to ease in import payments and improved sentiments.

    The exchange rate recorded Rs46 paisas recovery in rupee to end at Rs238.38 from previous day’s closing of Rs238.84 in the interbank foreign exchange market.

    READ MORE: Dollar falls to Rs238.84 at interbank closing on August 01, 2022

    The rupee recorded historic low of Rs239.94 against the dollar on July 28, 2022. However, since than the rupee made recovery of Rs1.56 against the dollar in the interbank foreign exchange market.

    Currency experts said that the fall in import bill during the month of July 2022 eased the pressure on the foreign currency demand. Further, the International Monetary Fund (IMF) likely to release the tranche by end of this month.

    The free-fall in rupee continued against the greenback due to political instability and weak economic indicators.

    The experts said that the continuous decline in rupee value may also be attributed to the fall in foreign exchange reserves.

    READ MORE: Pakistan interbank rupee ends Rs239.37 to dollar on July 29, 2022

    The foreign exchange reserves of the country have further declined.

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.986 billion.

    READ MORE: Rupee plunges near Rs240 to dollar at interbank closing

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    READ MORE: Dollar touches new peak at Rs236.02 at interbank closing

  • Pakistani Rupee to US Dollar on August 02, 2022

    Pakistani Rupee to US Dollar on August 02, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on August 02, 2022:

    Buying: Rs 238.00 to the US Dollar

    Selling: Rs 240.00 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 07:03 Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to US Dollar on August 01, 2022

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    Pakistani Rupee to UAE Dirham on August 02, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 02, 2022:

    Buying: Rs 65.00 to the UAE Dirham

    Selling: Rs 66.00 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 07:02 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UAE Dirham on August 01, 2022

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    Pakistani Rupee to UK Pound Sterling on August 02, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on August 02, 2022:

    Buying: Rs 292.00 to the UK Pound Sterling

    Selling: Rs 296.00 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 07:01 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UK Pound Sterling on August 01, 2022

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    Pakistani Rupee to Euro on August 02, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 02, 2022:

    Buying: Rs 244.50 to the Euro

    Selling: Rs 247.00 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 07:00 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Euro on August 01, 2022

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    Pakistani Rupee to Saudi Riyal on August 02, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 02, 2022:

    Buying: Rs 64.00 to the Saudi Riyal

    Selling: Rs 65.00 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 07:00 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Saudi Riyal on August 01, 2022

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    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Dollar falls to Rs238.84 at interbank closing on August 01, 2022

    Dollar falls to Rs238.84 at interbank closing on August 01, 2022

    KARACHI: The US dollar fell by 53 paisas against the Pakistani Rupee (PKR) to close at Rs238.84 in the interbank foreign exchange market on Monday.

    The exchange rate ended at Rs238.84 to the dollar from last Friday’s closing of Rs239.37 in the interbank foreign exchange market.

    The rupee recorded historic low of Rs239.94 to the dollar on July 28, 2022.

    READ MORE: Pakistan interbank rupee ends Rs239.37 to dollar on July 29, 2022

    Currency experts said that fall in import bill for the month of July 2022 has helped the rupee to make recovery.

    Besides, a detailed explanation jointly issued by the ministry of finance and the State Bank of Pakistan (SBP) also helped the market to respond positively.

    The free-fall in rupee continued against the greenback for the last many days due to political instability and weak economic indicators.

    READ MORE: Rupee plunges near Rs240 to dollar at interbank closing

    Currency dealers said that external payment pressure causing a continuous decline in rupee value.

    The dealers said that the continuous decline in rupee value may also be attributed to the fall in foreign exchange reserves.

    The foreign exchange reserves of the country have further declined.

    READ MORE: Dollar touches new peak at Rs236.02 at interbank closing

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.986 billion.

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    READ MORE: Rupee crashes Rs232.93 to dollar at interbank closing

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

  • Pakistani Rupee to US Dollar on August 01, 2022

    Pakistani Rupee to US Dollar on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 240.00 to the US Dollar

    Selling: Rs 243.00 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 08:30 AM Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to US Dollar on July 31, 2022

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    Pakistani Rupee to Saudi Riyal on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 64.00 to the Saudi Riyal

    Selling: Rs 65.00 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 08:30 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 31, 2022

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    Pakistani Rupee to Euro on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 245.00 to the Euro

    Selling: Rs 248.00 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 08:30 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Euro on July 31, 2022

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    Pakistani Rupee to UK Pound Sterling on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 292.00 to the UK Pound Sterling

    Selling: Rs 296.00 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 08:30 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 31, 2022

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    Pakistani Rupee to UAE Dirham on August 01, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 01, 2022:

    Buying: Rs 65.30 to the UAE Dirham

    Selling: Rs 66.30 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 08:30 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UAE Dirham on July 31, 2022

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    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Pakistani Rupee to US Dollar on July 31, 2022

    Pakistani Rupee to US Dollar on July 31, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on July 31, 2022:

    Buying: Rs 240.00 to the US Dollar

    Selling: Rs 243.00 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:05 AM Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to US Dollar on July 30, 2022

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    Pakistani Rupee to UAE Dirham on July 31, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on July 31, 2022:

    Buying: Rs 65.30 to the UAE Dirham

    Selling: Rs 66.30 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:05 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UAE Dirham on July 30, 2022

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    Pakistani Rupee to UK Pound Sterling on July 31, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on July 31, 2022:

    Buying: Rs 292.00 to the UK Pound Sterling

    Selling: Rs 296.00 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:04 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 30, 2022

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    Pakistani Rupee to Euro on July 31, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on July 31, 2022:

    Buying: Rs 245.00 to the Euro

    Selling: Rs 248.00 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:04 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Euro on July 30, 2022

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    Pakistani Rupee to Saudi Riyal on July 31, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 31, 2022:

    Buying: Rs 64.00 to the Saudi Riyal

    Selling: Rs 65.00 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:03 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 30, 2022

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    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Pakistani rupee crashes 17% against dollar in July 2022

    Pakistani rupee crashes 17% against dollar in July 2022

    KARACHI: The Pakistani Rupee (PKR) crashed by about 17 per cent against the US dollar in the month of July 2022 owing to weakness in balance of payment and political instability.

    The exchange rate was opened at Rs204.85 to the dollar on July 04, 2022 and ended at Rs239.37 at closing on July 29, 2022 at interbank foreign exchange market.

    During the month about 17 trading days were observed due to long Eid holidays and bank holiday. The government announced holidays from July 08, 2022 to July 12, 2022 on account of Eid ul Adha. Meanwhile, the due to bank and weekly holidays, the month started on July 04, 2022.

    READ MORE: Pakistan interbank rupee ends Rs239.37 to dollar on July 29, 2022

    The rupee witnessed a consistent decline during the month and recorded historic low of Rs239.94 to the dollar on July 28, 2022.

    Experts believed that the downgrade of rating of Pakistan by three top credit rating agencies deteriorated the outlook of the country. Furthermore, the political conflict further aggravated the situation.

    Besides, the massive decline in foreign exchange reserves also put pressure on the dollar demand.

    Analysts at Arif Habib Limited said that the fear of free-fall in rupee value has gripped the financial markets and different stakeholders of the economy is that if prudent and timely economic measures are not taken, Pakistan may spiral out of control, much like Sri Lanka.

    READ MORE: Rupee plunges near Rs240 to dollar at interbank closing

    This accelerated the free fall of Pak Rupee against dollar in the interbank recently. However, to highlight, the initial major depreciation of PKR against dollar was triggered back in April 2022, post Vote of No Confidence leading to political change in the country.

    The political risks and shifting paradigms took a toll on the foreign investors/creditors’ confidence, hence contributing largely to bringing Rupee under pressure.

    The analysts said that although we believe that the Pak Rupee still has inherent depreciation bias in the long-term, in the short term, we expect some stability to be restored. We attribute this short-term stability conditional upon: inflows from bilateral and multilateral creditors, IMF inflows, and strengthening of some macro-economic variables including current account position along with State Bank of Pakistan’s (SBP) attempts to curb market speculation.

    READ MORE: Dollar touches new peak at Rs236.02 at interbank closing

    A report released by KASB Research pointed out that exchange rate decline would continue until there is support and funds from the International Monetary Fund (IMF). “This could be another 10-15 per cent decline,” the report stated, adding that however, post clarity on IMF there would be 20-25 per cent recovery in the rupee value.

    The analysts at the KASB Research are expecting a fair value of the rupee against dollar at Rs190 – 200.

    The report further pointed out that the main challenge is hyperinflation caused by the exchange rate movement. The government could be forced to maintain cuts on imports which could hurt companies who rely on imported raw material. The auto sector is a good example.

    READ MORE: Rupee crashes Rs232.93 to dollar at interbank closing

    It however said that Pakistan would meet its sovereign liabilities, especially of the two bonds maturing in December 2022. “However, the market yields are indicating that the marking is pricing a higher risk of default.”

    It further noted that the rupee had been hit hard and is down 51 per cent year to date and 17 per cent in just in the month of July 2022.