Tag: Currency Market

  • Pakistani rupee settles at Rs290.86 against US dollar, marking 14th consecutive gain

    Pakistani rupee settles at Rs290.86 against US dollar, marking 14th consecutive gain

    In continuation of its recent positive streak, the Pakistani rupee extended its upward trajectory against the US dollar for the 14th consecutive session, marking a gain of 0.31 per cent in the interbank market on Monday.

    According to data released by the State Bank of Pakistan (SBP), the rupee closed at Rs290.86, representing a noteworthy increase of Re0.9 in the inter-bank market. This sustained appreciation trend has seen the rupee make significant gains, amounting to 5.28 per cenr, or Rs16.24, since its record low of Rs307.1 against the US dollar on September 5 in the inter-bank market.

    In the previous week, the rupee experienced a further appreciation of 1.74 per cent, concluding positively for all five trading sessions and settling at Rs291.76 against the US dollar in the inter-bank market by the end of the week. Additionally, the rupee’s performance in the open market has strengthened, reducing the ‘premium’ to negligible levels and aligning with the benchmarks established by the International Monetary Fund (IMF).

    While several experts attribute the rupee’s recent gains to administrative and enforcement measures, some argue that these increases reflect the currency’s intrinsic value when speculative influences and negative sentiment are excluded.

  • 7th straight win: Pakistani rupee gains 86 paisas, closes at Rs297.96 per US dollar

    7th straight win: Pakistani rupee gains 86 paisas, closes at Rs297.96 per US dollar

    The Pakistani Rupee (PKR) has extended its impressive winning streak against the US dollar for the seventh consecutive session, concluding at PKR 297.96 to the dollar. This marks a gain of 86 paisas when compared to the previous rate of Rs298.82 in the interbank foreign exchange market on Wednesday.

    The PKR’s recent surge follows its all-time low of PKR 307.10 on September 5, 2023. Within this short span, the Pakistani rupee has appreciated by PKR 9.14, equivalent to an impressive 3 percent increase in the interbank foreign exchange market.

    Following a concerted effort by authorities to suppress illicit black market activities in the major cities of Pakistan, the Pakistani rupee continued its upward trajectory against the US dollar, marking a substantial three-point gain in the open market on Thursday.

    The Exchange Companies Association of Pakistan (ECAP) reported a noteworthy recovery of the rupee, which surged to 298 in relation to the greenback, reflecting a significant increase.

    This crackdown on black market operators was initiated earlier in the month in response to a precipitous decline in the rupee’s value, hitting a record low of Rs333.7 on September 5. The impetus for this decisive action stemmed from appeals made to Chief of Army Staff (COAS) Gen. Asim Munir by currency dealers, beseeching him to intervene and stabilise the escalating value of the American currency.

    As a direct outcome of these concerted efforts, the Pakistani currency rebounded to a level below 300 per dollar in the open market earlier this week. This positive shift also saw a substantial influx of tens of millions of dollars back into the country’s interbank and open markets, according to reports from dealers.

  • Pakistani rupee slides to Rs297.13 against US dollar on first day of the week, losing Rs1.35

    Pakistani rupee slides to Rs297.13 against US dollar on first day of the week, losing Rs1.35

    The Pakistani rupee (PKR) continued its decline against the US dollar on the first working day of the week. PKR went down by 0.45 per cent, which is about Rs1.35, and closed the day at Rs297.13 in the interbank market, as reported by the State Bank of Pakistan.

    This shows that over the past five trading sessions, the Pakistani rupee has lost a total of Rs8.64. It’s important to note that on the previous Friday, the rupee had closed at Rs295.78 after losing 0.86 paisas, which is about 0.29 per cent.

    Looking at last week, from Tuesday to Friday, the Pakistani rupee experienced a significant loss of Rs7.29. This indicates a period of notable fluctuation for the rupee in the foreign exchange market.

  • US dollar surges by Rs1.90, closes at Rs279.80 against Pakistani rupee

    US dollar surges by Rs1.90, closes at Rs279.80 against Pakistani rupee

    According to the State Bank of Pakistan, the US dollar demonstrated further appreciation against the Pakistani rupee in the interbank market on Monday.

    The American currency gained Rs1.90 against the local currency, closing at a rate of Rs279.80, compared to the previous day’s closing rate of Rs277.90.

    Concurrently, in the open market, the dollar is being traded at Rs283. It is noteworthy that the Pakistani rupee had experienced a gain of Rs10.58 over the course of last week.

    Anticipating future trends, Malik Bostan, the President of the Exchange Companies Association of Pakistan (ECAP), expressed his belief that the value of the dollar will continue to decrease in the upcoming days.

    Furthermore, the price of gold in Pakistan also experienced a slight increase at the beginning of the week, corresponding to the devaluation of the rupee against the dollar.

    As per the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold rose by Rs800 per tola and Rs686 per 10 grammes, reaching Rs209,000 and Rs179,184 respectively.

  • Pakistani rupee bounces back strongly after hitting all-time low of Rs300 against dollar

    Pakistani rupee bounces back strongly after hitting all-time low of Rs300 against dollar

    On Friday, the Pakistani rupee saw a significant recovery after hitting an all-time low of Rs300 against the US dollar the previous day. The local currency gained Rs12.43 per US dollar in the interbank market to trade at Rs286.50.

    This recovery can be attributed to two major developments that occurred over the last few hours. Firstly, the currency gained strength as demand from importers decreased, following the release of oil payments a day earlier.

    Secondly, the Supreme Court declared the arrest of Imran Khan, the Chairman of the Pakistan Tehreek-e-Insaf (PTI), illegal and ordered his immediate release. These two developments, combined with an improved political situation, resulted in the sharp recovery of the rupee.

    The demand for US dollars was high the previous day when the rupee hit an all-time low because imports had to retire their payments. However, the demand was relatively less on Friday, coupled with the improved political situation, which led to the sharp recovery.

    Despite the uncertainties surrounding the International Monetary Fund (IMF) programme sparking default concerns, the currency market did not react negatively to Finance Minister Ishaq Dar’s press conference, where he claimed that Pakistan would not default even if there was no IMF programme.

  • Historic high: Gold price in Pakistan soars to record-breaking Rs225,300 per tola

    Historic high: Gold price in Pakistan soars to record-breaking Rs225,300 per tola

    Pakistan’s economic turmoil and an increase in international gold rates have led to a new high in the value of the precious metal in the country.

    According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) surged by Rs2,600 per tola and Rs2,229 per 10 grams to reach Rs225,300 and Rs193,158, respectively.

    The price of gold in the international market also rose by $29 to settle at $2,044 per ounce. In Pakistan, the rising gold rate is a consequence of weakened economic fundamentals, rupee depreciation, and record-high inflation.

    During such times, people prefer to buy gold as a hedge against inflation and currency depreciation. Furthermore, the delay in an agreement with the International Monetary Fund (IMF) for a much-needed economic bailout has led to increased demand for gold as it negatively impacts the currency market.

    The APSGJA also revealed that the price of gold is Rs2,500 per tola “undercost” in Pakistan as compared to the Dubai market, indicating that the Pakistani gold market is currently cheaper than the global market.

    Finally, the rate of silver also increased to a new high in the country, with the rate of silver rising by Rs120 per tola and Rs102.88 per 10 grams to settle at Rs2,870 and Rs2,357.68, respectively.