Tag: Conversion

  • Pakistani rupee fell by 34 per cent in FY 2021-22: Report

    Pakistani rupee fell by 34 per cent in FY 2021-22: Report

    Pakistan’s fiscal year starts on July 1st and ends on June 30th. The rupee to US dollar exchange rate was Rs158.06 at the beginning of fiscal year 2021-2022, and it reached an all-time high of Rs212.103 in the inter-bank market on June 21, 2022. This represents a depreciation of more than 34 per cent in less than a year.

    The graph below demonstrates how the PKR to USD exchange rate varied over time:

    During the fiscal year 2020-2021, the local currency plunged 17.47 per cent from Rs158.062 to Rs184.159 in 9 months, from July 1, 2022 to April 11, 2022, under the PTI regime. Since PDM took over, the rupee has lost nearly 14.31 per cent of its value in just three months.

    The table below compares PKR to dollar values over time, as well as the government in power at the time:

      PKR to Dollar Government
    July 2021 158.062 PTI
    August 2021 162.571 PTI
    September 2021 166.872 PTI
    October 2021 170.997 PTI
    November 2021 170.92 PTI
    December 2021 176.042 PTI
    January 2022 176.214 PTI
    February 2022 176.736 PTI
    March 2022 177.573 PTI
    April 2022 184.159 PTI and PDM
    May 2022 185.794 PDM
    June 2022 197.744 PDM
    June 23 2022 207.516 PDM

    Dollar demand remains strong in the market, pushing the greenback’s value higher against the rupee. The local currency is likely to remain volatile until the IMF agrees to disburse the next tranche of loans to Pakistan.

  • Pakistani rupee nearing an all-time low

    Pakistani rupee nearing an all-time low

    On Monday, the Pakistani rupee (PKR) fell for the third consecutive session as depleted foreign exchange reserves and uncertainty over the renewal of the International Monetary Fund (IMF) programme weighed on the local currency.

    The PKR lost 0.48 per cent of its value against the US dollar in the interbank market.

    The rupee ended the day at Rs187.53, down 90 paisas, or 0.48 percent, according to the State Bank of Pakistan (SBP). After a 0.5 per cent decline, the rupee finished at Rs186.63 on Friday.

    Considering the latest decline, the local currency is only 65 paisas away from reaching an all-time low of Rs188.18 on April 7, 2022.

    Oil prices fell on Monday alongside equities, driven down by a strong dollar and demand fears stemming from China’s continued coronavirus lockdowns.

    Read more: Bitcoin falls to lowest since January after stock market

    The key cause driving the rupee’s decline against the greenback, according to Arif Habib Limited Head of Research Tahir Abbas, is uncertainty on the IMF front.

    Uncertainty about the programme led to a surge in selling pressure in Pakistani stocks, which fell throughout the day.

  • Gold price jumps Rs900 per tola as Rupee declines

    Gold price jumps Rs900 per tola as Rupee declines

    The price of gold in Pakistan increased by Rs900 per tola as the Pakistani rupee continued its downward trend against the US dollar, crossing the Rs184 threshold in the interbank market once more. The yellow metal increased by Rs900 per tola and Rs771 per ten gramme to Rs133,300 and Rs114,283, respectively.

    Gold fell $15 per ounce on the international market, settling at $1,976 per ounce. When compared to the Dubai market, gold prices in Pakistan are roughly Rs4,000 lower.

    Silver prices in the local market, meanwhile, remained stable at Rs1,520 and Rs1,303.15.

    The rupee declined by 0.54 per cent versus the US dollar, closing at Rs182.54 after winning three paisas and settling at Rs181.55 on Saturday, April 16. During the open market session, the Indian rupee (INR) touched an intraday high of Rs181.00 versus the US dollar.

    Read more: PKR declines against US Dollar after winning for a week

    The consumer market is still torn between those who see gold as a hedge against inflation, growth concerns, and high volatility in other financial markets and those who do not.