Tag: downtrend

  • Pakistani rupee falls to Rs233 per US dollar in the interbank market

    Pakistani rupee falls to Rs233 per US dollar in the interbank market

    The Pakistani rupee (PKR) continued to fall on Tuesday as the country’s political turmoil worsened, trading at Rs233 to the dollar in the interbank market.

    Today, the US dollar gained Rs3.12 versus the local currency, compared to the previous day’s finish of Rs229.88, which was an all-time high at the time.

    The local currency has been under pressure for the past week due to increased political tensions in the country following the July 17 by-elections in Punjab, which the PTI easily won. Also, the rupee has been one of the world’s worst performers, falling 30.2 per cent since the beginning of 2022.

    PKR had its worst week in more than two decades, ending on July 22, highlighting investor fear that a $1.2 billion loan tranche from the IMF approved last week could not be enough to alleviate the balance of payment crisis.

    Fears of Pakistan defaulting on its foreign repayments remain in the market, despite the central bank’s guarantee that the country would comfortably cover its funding obligations as long as an International Monetary Fund (IMF) loan programme remained in place.

    The rupee fell by nearly 8 per cent last week, the most in a single week since October 1998.

  • Pakistani rupee falls to record low of Rs230 versus US dollar

    Pakistani rupee falls to record low of Rs230 versus US dollar

    As the political situation in the country worsens, the Pakistani rupee (PKR) touched an all-time low versus the US dollar on Monday during intraday activity in the interbank market.

    Data from the State Bank of Pakistan (SBP) show that during intraday trade, the PKR fell to Rs230 from a rate of Rs228.37.

    As local currency fell by over 8 per cent against the greenback in the most recent trading week, its foreign exchange reserves fell below $10 billion, and inflation reached its highest point in more than a decade, worries about the country’s ailing economy have grown.

    According to Geo, the acting governor of Pakistan’s central bank, Murtaza Syed, stated this in a recent speech to foreign investors: “Markets are responding to these shocks in an unfairly broad-brush way, without paying enough attention to Pakistan’s relative strengths.”

    On Monday, a tola of 24-karat gold costs Rs147,700 in Pakistan.

    10 grammes of 24 karat gold were priced at Rs126,700. A single tola of 22-karat gold was being offered for Rs135,391 while 10 grams of 22k gold was being traded for Rs116,141.

  • Pakistani rupee plunges to Rs227 against US dollar at midday trading

    Pakistani rupee plunges to Rs227 against US dollar at midday trading

    On Thursday, the rupee’s decline against the US dollar reached an all-time low of Rs227 in the interbank market.

    Experts blame the losses on political unrest and the fact that the dollar is bolstering against other currencies as well, according to DAWN. On Wednesday, the rupee had a closing value of Rs224.92.

    According to the Foreign Exchange Association of Pakistan (FAP), the local currency fell by Rs2.08 to Rs227 versus the US dollar when the session started today at 10:57 AM.

    According to experts, the country’s political unrest had reduced investor confidence, which had caused importers to worry and “unnecessarily” buy dollars from the market. He claimed that as a result, there was an increase in the interbank market’s demand for dollars.

    Furthermore, over the past week, the dollar’s value had increased against over 40 currencies, including the British pound and the Japanese yen, which had an impact on the local market’s use of the rupee, according to Bostan.

    After reaching Rs211.93 on June 22, the local currency climbed to Rs204.56 in the first week of July. When the country’s staff-level agreement with the international lender was reached on July 15, it briefly appreciated but again continued to depreciate against the US dollar.

  • Gold surges to Rs147,250 per tola in local market

    Gold surges to Rs147,250 per tola in local market

    On Monday, gold prices in the local market rose by Rs1,450 per tola to a new all-time high, pushed up by the Pakistani currency’s continued depreciation against the US dollar.

    Despite no change in gold rates in the international market, gold rates in the local market increased to Rs147,250 per tola, according to data released by the All Sindh Saraf Jewelers Association. Similarly, the price of a gramme of gold increased by Rs1,243 to Rs126,243.

    However, gold prices on the international market remained unchanged at $1,840 per ounce.

    The price of silver per tola remained unchanged at Rs1,560. The price of a gramme of silver also remained unchanged at Rs1,337.44. When compared to rates in the Dubai gold market, local jewellers said prices in the local market remained below Rs3,000 per tola.

    Pakistani rupee dips to new lows

    Experts predict that the Pakistan rupee will continue to fall against the US dollar and other major currencies owing to concerns regarding the IMF’s $6 billion program’s restoration, the country’s expanding current account deficit, and dwindling foreign exchange reserves.

    The PKR which lost 32.5 per cent of its value in the current financial year 2021-22 is forecasted to remain under stress as the dollar is in high demand in the market due to economic crises.

    The central bank appears helpless to stem the rupee’s speculative fall, as demand for the US dollar continues to rise due to quarter-end payment strain.

  • Intra-day trade: Pakistani rupee touches Rs207.7 against US dollar

    Intra-day trade: Pakistani rupee touches Rs207.7 against US dollar

    In intra-day trade in the inter-bank market on Thursday, the local currency sank to Rs207.7 against the US dollar, continuing its downward trend.

    The rupee hit an all-time low against the dollar on Wednesday, closing at Rs206.46.

    This was partly due to the strengthening of the dollar on the international stage, but it was also due to the local currency market anticipating a greater increase in inflation.

    Finance Minister Miftah Ismail had previously stated that the government’s budget for 2022-23, which was announced last week, failed to persuade the International Monetary Fund (IMF) to disburse the next tranche of Pakistan’s $6 billion loan programme, and that changes to the finance bill would be required.

    The finance minister has declared unequivocally that the IMF is dissatisfied with the budget and that it will be revised.

    Experts believe that the rupee would only stabilise if the amendments are put into the Finance Act. He predicted that the local currency will remain volatile in the coming days.

    Pakistan’s government announced a third increase in petroleum prices in less than three weeks late Wednesday, as it tries to placate the IMF, which has emphasised the elimination of energy subsidies in order to resuscitate its bailout programme.

    The next payment of the IMF scheme is slated to give Pakistan $900 million, but the global lender has put the programme on hold due to a variety of circumstances, including fuel subsidies and a worsening current account deficit. It has also stated that greater direct taxes are required.

  • Pakistani rupee falls to a new all-time low of Rs205 against the US dollar

    Pakistani rupee falls to a new all-time low of Rs205 against the US dollar

    In the interbank market today, the Pakistani Rupee (PKR) plummeted below its previous record low versus the US Dollar (USD).

    The local currency lost Rs1.30 in the interbank market today, depreciating by 0.63 per cent against the US dollar and closing at Rs205.16. During today’s open market session, the local currency reached an intraday high of Rs203.75 versus the US dollar.

    The PKR was trading between Rs206 to Rs208 against the US dollar in the evening. The rupee’s devaluation was in line with market expectations, with traders expecting the local currency to fall even lower if Pakistan fails to persuade the International Monetary Fund (IMF) on its fiscal year 2022-23 budget.

    The Financial Action Task Force (FATF) meeting in Berlin, which starts today, is another reason that is likely to have influenced the FX market. On the 15th and 16th of June, issues concerning Pakistan will be discussed.

    In today’s interbank market, the PKR reversed gains versus the majority of major currencies. It fell 22 paisas against the Canadian dollar (CAD), 34 paisas against the Saudi riyal (SAR), 35 paisas against the UAE dirham (AED), 62 paisas against the British pound sterling (GBP), and Rs1.25 versus the Euro (EUR).

  • After five days of losses, British stocks holding firm

    After five days of losses, British stocks holding firm

    A day after economic slowdown fears dragged the major British stocks to their sixth straight session of losses, UK equities stabilised on Tuesday, with some positive momentum from financial sectors and some excellent earnings announcements.

    By 0712 GMT, the FTSE 100 had up 0.6 per cent, with shares in British bank HSBC up 2.6 per cent providing the biggest boost to the blue-chip index.

    Following volatile crude prices, oil majors BP Plc and Shell Plc climbed 1.5 per cent and 0.8 per cent, respectively.

    After finishing at its weakest level in more than three months on Monday, the domestically focused mid-cap FTSE 250 index gained 0.7 per cent. Paragon Banking increased by 4.7 per cent after raising its expectations for 2022 and indicating robust new lending growth.

    FirstGroup jumped 1.2 per cent when the transportation company reported a higher yearly profit and restarted dividend payments, as passenger numbers on its buses increased after COVID-19 limitations were relaxed.

    Crest Nicholson rose 6.1 per cent after projecting an adjusted profit before tax of between 135 and 140 million pounds for fiscal year 2022. In 2021, the housebuilder made an adjusted profit of 107.2 million pounds.

  • Pakistani rupee crashes to historic low of Rs194 against US dollar

    Pakistani rupee crashes to historic low of Rs194 against US dollar

    During the trading session on Monday, the Pakistani rupee (PKR) maintained its declining trend, touching Rs194, its worst rate versus the US dollar. At the interbank, the greenback strengthened by Rs1.47 during the trading hours.

    The General Secretary of the Exchange Companies Association of Pakistan, Zafar Paracha said that the greenback climbed by Rs11.07 since the new government took government, while debt has increased by Rs1,400 billion due to the disparity.

    Pakistani currency lost 3.1 per cent of its value against the US dollar in the previous week in the interbank market, with Pakistan’s currency hitting new record lows to end the week at Rs192.53, its worst closing in history.

    Read more: Pakistani Rupee crashes to a record low against US dollar 

    The local currency fell in value across the board as concerns about the economy, declining foreign currency reserves, and worsening trade imbalance intensified. Concerns over the International Monetary Fund (IMF) programme have also caused fear and speculation in the market.

  • 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.

  • Pakistani rupee continues its record-breaking decline against the US Dollar

    Pakistani rupee continues its record-breaking decline against the US Dollar

    The Pakistani Rupee (PKR) continued its decline against the US Dollar (USD) today, reporting losses in the interbank market. At the close of the session today, the local currency lost 30 paisas against the US dollar.

    It fell 0.16 percent against the US dollar, closing at Rs182.64 after losing 30 paisas and closing at Rs182.34 in the interbank market on Tuesday, March 29.

    Pakistan’s ongoing political volatility and economic problems continue to weaken currency reserves as the country attempts to remove obstacles toward financial relief.

    After global oil prices surged on Monday, the PKR maintained its downward trend against the greenback.

    The rupee has lost about 17 per cent of its value since its last peak in May 2021. To date, the local currency has lost more than 13.6 per cent of its value.

    It is worth noting that the Pakistani currency depreciated 30.5 per cent against the US dollar in the last three years under the government of Prime Minister (PM) Imran Khan.