Tag: dollar pkr exchange rate

  • Interbank market: US dollar reaches all-time high against Pakistani rupee, surpassing Rs300 mark

    Interbank market: US dollar reaches all-time high against Pakistani rupee, surpassing Rs300 mark

    The US dollar reached a new high against the Pakistani rupee, going past Rs300 in the interbank market on Thursday. At 11:15 am, it was at Rs300.4 as per the Forex Association of Pakistan. In the open market, it was valued at Rs314.

    The day before, the dollar ended at Rs299.64 and went up to Rs315 in the open market. The Exchange Companies Association of Pakistan (ECAP) reported buying and selling prices at Rs309 and Rs312.

    As the dollar keeps going up, experts are asking the government to do something about the black market. Saad bin Naseer from Mettis Global said that even though it’s hard to find dollars in the interbank market, they’re easily available in the open market at higher prices.

    Naseer didn’t like that the central bank kept the interest rate at 23 per cent because people prefer investing in foreign currencies over the local economy. Malik Bostan, who leads the Forex Association of Pakistan, warned against hoarding dollars, thinking their price will keep rising.

    Bostan noticed regular people buying dollars thinking they’ll become more valuable due to the increase in the interbank market. He also mentioned that removing import restrictions from the IMF made the rupee weaker.

    Zafar Paracha, from the Exchange Companies Association of Pakistan, blamed the rupee’s decline on more unnecessary imports. He agreed with Bostan and urged people not to buy more dollars during this uncertain time for the rupee.

  • Pakistani rupee maintains winning streak against dollar for 8th consecutive session

    Pakistani rupee maintains winning streak against dollar for 8th consecutive session

    On Tuesday, the Pakistani rupee (PKR) gained against the US dollar for the eighth session in a row, finishing more than 0.7 per cent stronger.

    According to the State Bank of Pakistan (SBP), the rupee strengthened by Rs1.55, or 0.73 per cent, to close at Rs225.64. The rupee has gained a total of Rs14.06, or 6.23 per cent, over the last eight trading sessions.

    For the seventh consecutive session, the Pakistani rupee appreciated versus the US dollar on Monday, finishing at Rs227.29 after gaining Rs1.16 (or 0.51 per cent) in the inter-bank market.

    Ishaq Dar’s return, who is renowned for supporting a strong rupee, and the reduction in speculation activity, according to analysts, are to blame for the currency’s recent increase.

    On Monday, the country’s newly appointed finance minister even predicted that the rupee may increase to less than Rs200 versus the dollar.

    In an interview, he claimed that the rupee’s actual worth is less than Rs200 (against dollar), and that it will fall to Rs200 soon.

    He continued by saying that because speculation had caused the present rate to rise, the rupee would be supported by policies.

    Experts claim that the dollar’s international strength has decreased, which is reflected in the currency market. Still, it would be very difficult to drive the rupee below Rs200, even if the speculative aspect is taken out of the equation.

    Despite the UN’s $816 million request, Pakistan has only received between $100 and $150 million in flood aid.

    The dollar index, which compares the value of the dollar to six other currencies, including the pound and the euro, remained roughly unchanged at Rs111.55, not far from the low set on Monday of Rs111.46, which was last seen on September 23.

    Oil prices, a major factor in defining currency parity, increased on Tuesday as optimism over OPEC+’s potential Wednesday agreement to significantly reduce crude output outweighed worries about the state of the world economy.

  • Pakistani rupee gains Rs3 against dollar in early interbank trading

    Pakistani rupee gains Rs3 against dollar in early interbank trading

    The Pakistani rupee maintained its stability on Wednesday, the second working day of the week, after regaining ground versus the US dollar on Tuesday in the interbank market.

    Details indicate that the value of the local currency relative to the US dollar increased by Rs3.32 and that it was trading at about Rs234. Data from Pakistan’s central bank show that the rupee ended the day at Rs237.02 on Monday.

    The rupee has recovered a total of Rs5.65 over the last two working days thanks to the most recent intraday increase.

    Despite disastrous floods wrecking Pakistan’s economy, the rupee came close to hitting a record low of Rs240 versus the dollar but was unable to do so following many encouraging signs.

    According to Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan (ECAP), the market appears to be reacting to the arrival of PML-N leader Ishaq Dar and the announcement that he will succeed Miftah Ismail as finance minister.

  • Intraday trade: US dollar sheds Rs7.38 against Pakistani rupee

    Intraday trade: US dollar sheds Rs7.38 against Pakistani rupee

    As Pakistan’s import pressure decreased, the US dollar lost strength versus the Pakistani rupee (PKR) for the fourth session in a row during intraday activity in the interbank market on Wednesday.

    The value of the US dollar decreased by Rs7.38 during Wednesday’s intraday trade, falling from Rs238.38 at Tuesday’s interbank close to Rs231.

    The rupee, one of the poorest performing currencies in the world, began losing momentum on Friday after falling for 10 straight sessions in the latter days of July and appreciating by about 5 per cent just last week.

    According to data from the Pakistan Bureau of Statistics (PBS), imports fell by 38.3 per cent over the previous month as a significant decline in imports was observed after the government prohibited a number of luxury goods to address the dollar deficit in the economy.

    Tuesday’s interbank trading ended with the rupee up a pitiful Rs0.46 or 0.19 per cent, reaching Rs238.38, from 238.84 in the previous trading session. In the meantime, the open market exchange rate remained constant at Rs241.