Tag: interbank closing

  • Interbank closing: Pakistani rupee gains 11 paisa against US dollar

    Interbank closing: Pakistani rupee gains 11 paisa against US dollar

    On Friday, the Pakistani rupee saw a slight improvement against the US dollar, appreciating by 0.04 per cent in the inter-bank market.

    The local currency closed at 278.57, a gain of Re0.11 from the previous day’s rate of 278.68, as reported by the State Bank of Pakistan (SBP).

    In recent months, the rupee has generally fluctuated between 277 and 279, with traders closely monitoring developments regarding the International Monetary Fund’s (IMF) Executive Board discussions on a new $7 billion Extended Fund Facility (EFF).

    Against major currencies, the performance of the Pakistani rupee on the last trading day of the week was as follows:

    Currency Previous rate Closing rate Change
    British Pound 366.39 367.19 80.4
    Euro 308.95 309.58 63.15
    Saudi Riyal 74.24 74.21 2.9
    UAE Dirham 75.84 75.87 3.17
    Japanese Yen 1.9402 1.9549 1.47
    Swiss Franc 329.15 330.82 1.67
    Chinese Yuan 39.25 39.32 6.91
    Exchange rates for today

    – The British Pound increased by 80.4 paisa, ending at 367.19 from 366.39 the previous day.

    – The rupee fell by 63.15 paisa against the Euro, closing at 309.58 compared to the previous rate of 308.95.

    – The Saudi Riyal declined by 2.9 paisa, ending at 74.21 from 74.24.

    – The UAE Dirham decreased by 3.17 paisa, closing at 75.87 compared to 75.84.

    – Against the Japanese Yen, the rupee depreciated by 1.47 paisa, closing at 1.9549 compared to 1.9402 the previous day.

    – The Swiss Franc gained 1.67 rupees, closing at 330.82 compared to 329.15 the day before.

    – The Chinese Yuan saw an increase of 6.91 paisa, closing at 39.32 from 39.25.

  • Exchange rates for Tuesday: PKR gains 9.6 paisa against US dollar, 37 paisa against Euro

    Exchange rates for Tuesday: PKR gains 9.6 paisa against US dollar, 37 paisa against Euro

    The Pakistani rupee (PKR) appreciated by 9.62 paisa, or 0.03 per cent, against the US dollar during Tuesday’s interbank session, closing at PKR 278.32 per USD, compared to the previous rate of PKR 278.42.

    Throughout the session, the currency fluctuated, with an intraday high of PKR 278.40 and a low of PKR 278.20. In the open market, exchange companies quoted the dollar at PKR 279.12 for buying and PKR 280.00 for selling.

    Currency Change (Paisa) Closing rate (PKR) Previous rate (PKR)
    Euro +37.19 310.87 311.24
    British Pound +23.5 367.59 367.36
    Swiss Franc -46.25 328.34 328.81
    Japanese Yen +1.46 1.9197 1.9343
    Chinese Yuan -6.78 39.03 39.10
    Saudi Riyal -2.56 74.18 74.20
    UAE Dirham -2.62 75.80 75.78
    Exchange rates

    In relation to other major currencies, the PKR gained 37.19 paisa against the Euro, closing at PKR 310.87, up from the previous value of PKR 311.24.

    The Saudi Riyal closed at PKR 74.18, down by 2.56 paisa from its previous value of PKR 74.20. Similarly, the U.A.E Dirham decreased by 2.62 paisa, closing at PKR 75.80 from PKR 75.78 a day earlier.

    The British Pound became slightly more expensive, rising by 23.5 paisa to close at PKR 367.59, compared to the previous close of PKR 367.36. The Swiss Franc saw a loss of 46.25 paisa, closing at PKR 328.34, down from PKR 328.81.

    Read more: Exchange rates for Tuesday: PKR gains 9.6 paisa against US dollar, 37 paisa against Euro

    Against the Japanese Yen, the PKR gained 1.46 paisa, closing at PKR 1.9197, compared to PKR 1.9343 the previous day. The Chinese Yuan lost 6.78 paisa, closing at PKR 39.03, down from PKR 39.10 in the previous session.

    During the current financial year, the PKR has appreciated by 2.01 paisa, or 0.01 per cent, against the US dollar. Meanwhile, in the current calendar year, the PKR has strengthened by PKR 3.54, or 1.27 per cent.

  • Imran Khan angry at PTI leaders for disowning controversial 1971 post: Asad Toor

    Imran Khan angry at PTI leaders for disowning controversial 1971 post: Asad Toor

    Journalist Asad Toor recently revealed on his YouTube channel that the founder of Pakistan Tehreek-e-Insaf (PTI) Imran Khan got angry at party leaders because they did not support PTI’s social media team over the controversial Fall of Dhaka post.

    “If you cannot fight, then leave the party,” exclaimed Khan to party members who visited him in Adiala Jail, Toor said.

    “You guys are not fighting but our social media team is, and nobody will disown them. Do not speak ill of them,” Imran reportedly told his party members.

    Earlier this week, Khan’s social media account uploaded a video regarding the 1971 Fall of Dhaka and drew a reference between Mujeeb ur Rehman and Imran Khan. It also called the military actions atrocities.

    PTI leaders scrambled to try and do some damage control by disassociating Imran Khan from the post, claiming he had no control over his social media.

  • Talks sirf unke sath hongi’ says former president Arif Alvi

    Talks sirf unke sath hongi’ says former president Arif Alvi

    Former President and senior Pakistan Tehreek-e-Insaf’s (PTI) leader Dr Arif Alvi reiterated that Imran Khan is ready to hold a dialogue but only with those “who could offer something”, Dawn reported.

    Alvi said that holding talks with those who had come into power through ‘Form 47s’ would be futile.

    Interestingly, during the interaction with reporters outside the Karachi Press Club, Alvi tried to downplay a social media post from Imran Khan’s account on social media which made a comparison with Pakistan’s current political turmoil with events during the fall of Dhaka, saying “It’s never about the whole institution but a few individuals”.

    However, the former president warned that the prevailing situation in the country was “pushing everyone towards a dead-end”.

    “We never invited the military to intervene in politics, but Imran Khan wants to talk to those who have the power to decide,” he said in response to a question.

    “If these talks aren’t held, it would further push everyone to a dead end,” warned the senior PTI leader.

  • Pakistani rupee shows marginal improvement, gains 0.03% against US dollar

    Pakistani rupee shows marginal improvement, gains 0.03% against US dollar

    The Pakistani rupee (PKR) experienced a slight improvement, appreciating by 0.03 per cent against the US dollar (USD) in the inter-bank market on Friday. 

    Closing at Rs279.41 after a gain of Re0.07 against the USD, as reported by the State Bank of Pakistan (SBP). On Thursday, the rupee had a marginal increase, settling at Rs279.48 against the USD, according to the SBP.

    The government is reportedly scheduled to hold a session with the International Monetary Fund (IMF) in the next day or two, focusing on tariff rationalisation to reduce industry tariffs from 14 cents per unit to 11.75 cents per unit through a subsidy-neutral proposal.

    Globally, the US dollar experienced a broad decline on Friday, influenced by positive risk sentiment following upbeat big tech earnings on Wall Street. Traders are anticipating US job data later in the day to assess the potential timing for the Federal Reserve to initiate rate easing.

    Comparatively, against major currencies, the PKR depreciated by 2.71 rupees against the Euro, closing at 304.1 compared to the previous value of 301.39. 

    The British Pound strengthened, becoming costlier by 2.93 rupees and closing at 356.46 compared to 353.52 from the previous day. 

    The Swiss franc saw gains of 2.6 rupees, closing at 325.94, compared to 323.34 in the previous session. Against the Japanese yen, PKR lost 0.06 paisa, closing at 1.906 versus 1.906 a day ago. 

    The Chinese Yuan gained 1.57 paisa, closing at 38.9171 against 38.9014 from the previous session.

  • Pakistani rupee appreciates by 9.32 paisa against US dollar

    Pakistani rupee appreciates by 9.32 paisa against US dollar

    In the latest interbank session on Tuesday, the Pakistani rupee (PKR) displayed resilience, appreciating by 9.32 paisa against the US dollar. The closing rate settled at PKR 279.55, marking a positive shift from the previous day’s closing at PKR 279.64 per USD.

    During the trading day, the local currency experienced an intraday high (bid) of Rs279.66 and a low (ask) of Rs279.6. In the open market, exchange companies quoted the dollar at Rs278.71 for buying and Rs280.86 for selling.

    In a significant development, the central bank opted to maintain the policy rate at 22 per cent, a decision unchanged for the fifth consecutive meeting. This decision is amidst the Pakistani rupee’s consistent upward momentum, celebrating its eleventh consecutive weekly victory against the US dollar.

    Against other major currencies, the PKR demonstrated strength. It gained 29.66 paisa against the euro, closing at 302.68 compared to the previous value of 302.98. The British Pound became more affordable by 53.78 paisa, closing at 354.86 compared to 355.4 from the previous day.

    The Swiss Franc witnessed gains of 45.64 paisa, closing at 324.6 compared to 324.15 from the previous session.

    However, against the Japanese yen, the PKR experienced a marginal loss of 0.6 paisa, closing at 1.898 versus 1.892 a day ago. The Chinese Yuan, on the other hand, gained 0.5 paisa, closing at 38.9514 against 38.9464 from the previous session.

    The Saudi Riyal closed at 74.54 with a loss of 2.58 paisa from its value of 74.57 a day ago, while the U.A.E. Dirham decreased in value by 2.54 paisa from 76.136 a day ago to 76.111.

    Reflecting on the broader financial landscape, during the current financial year, the PKR has appreciated against the dollar by 6.44 rupees, or 2.3 per cent. Meanwhile, the current calendar year has witnessed the PKR appreciate by 2.31 rupees, or 0.83 per cent.

    In the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a modest increase of 13 basis points, reaching 20.58 per cent and 20.83 per cent, respectively.

  • Pakistani rupee sees marginal dip against US dollar 

    Pakistani rupee sees marginal dip against US dollar 

    In Monday’s trading session, the Pakistani rupee experienced a slight decline of 0.02 per cent against the US dollar in the inter-bank market, closing at Ra279.64, reflecting a decrease of Re0.05, according to the State Bank of Pakistan (SBP).

    The previous week saw the rupee’s 11th consecutive week of appreciation, gaining Re0.31, or 0.11 per cent, to settle at Rs279.59 against the US dollar. 

    This consistent uptrend was attributed to the approval of the second tranche of $705.6 million in the $3 billion Stand-by Arrangement (SBA) from the International Monetary Fund (IMF).

    The positive impact of the IMF inflow was evident in the foreign exchange reserves held by the SBP. 

    Meanwhile, Caretaker Prime Minister Anwaar-ul-Haq Kakar instructed the Ministry of Energy to develop a comprehensive plan, in consultation with the Finance Ministry, to address and reduce the circular debt in the power and gas sectors.

    In a significant move, the SBP announced plans to revamp the foreign exchange trading system by introducing a centralised foreign exchange (FX) trading platform named “FX Matching” for the interbank FX market.

    On the global front, the US dollar maintained a stable position as investors assessed US economic data ahead of the Federal Reserve policy meeting scheduled for the week. 

    Geopolitical tensions in the Middle East contributed to a cautious risk sentiment among investors.

  • Pakistani rupee remains stable at Rs279.67 against US dollar

    Pakistani rupee remains stable at Rs279.67 against US dollar

    In the inter-bank market on Thursday, the Pakistani rupee maintained its stability against the US dollar, closing at Rs279.67, according to the State Bank of Pakistan (SBP).

    This follows a positive trend observed on Wednesday when the rupee gained ground, settling at the same rate of Rs279.67 against the US dollar, as reported by the SBP.

    Caretaker Prime Minister Anwaar-ul-Haq Kakar has taken a significant step by directing the Ministry of Energy to collaborate with the Finance Ministry. 

    The goal is to formulate and present a comprehensive and sustainable plan aimed at reducing the circular debt plaguing the power and gas sectors.

    On the global front, the US dollar exhibited stability, maintaining a six-week high on Thursday. Investors are keenly awaiting key data releases, including GDP figures, to gain insights into the direction of US interest rates. 

    Concurrently, the euro softened in anticipation of the European Central Bank’s policy meeting later in the day.

    Recent data revealed an uptick in US business activity for January, coupled with a noticeable easing of inflation. 

    The measure of prices charged by companies for their products recorded a decline to the lowest level in over 3-1/2 years.

    The dollar index, gauging the US currency against six major rivals, experienced a marginal rise of 0.06 per cent, reaching 103.33. 

    This follows a 0.2 per cent drop on Tuesday as traders consolidated positions ahead of the upcoming Federal Reserve policy meeting next week.

  • PKR’s winning streak continues with uninterrupted gains against US dollar

    PKR’s winning streak continues with uninterrupted gains against US dollar

    The Pakistani rupee (PKR) demonstrated consecutive gains against the US dollar, appreciating by 0.04 per cent in the inter-bank market on Thursday, closing at Rs279.98, marking a gain of Re0.12 against the greenback, as reported by the State Bank of Pakistan (SBP).

    This follows a gain on Wednesday, when the rupee settled at Rs280.1 against the US dollar.

    Wednesday witnessed several positive economic developments on the local front.

    The United Arab Emirates (UAE) extended the rollover of its $2 billion deposits with Pakistan for an additional year, providing crucial support to the country’s foreign exchange reserves.

    Concurrently, the International Monetary Fund (IMF) disbursed a $705 million loan tranche to Pakistan, as confirmed by the SBP.

    In response to Pakistan’s request last week, the UAE’s commitment to rollover the $2 billion in deposits aims to prevent a depletion in the country’s foreign exchange reserves.

  • Pakistani rupee closes week strong at Rs282.53 against US dollar

    Pakistani rupee closes week strong at Rs282.53 against US dollar

    In a trend marking its ninth consecutive session, the Pakistani rupee (PKR) demonstrated resilience against the US dollar (USD) by registering a 0.09 per cent appreciation in the inter-bank market on Friday.

    Closing the week at Rs282.53, the currency saw an increase of Rs0.26, according to the State Bank of Pakistan (SBP).

    This positive momentum follows a marginal gain on Thursday, settling at Rs282.79 against the US dollar.

    Simultaneously, the foreign exchange reserves held by the State Bank of Pakistan experienced a decline, falling below the $7 billion mark.

    A notable decrease of $136 million, attributed to debt repayments during the week ending December 15, 2023, brought the reserves to $6.904 billion.

    On the international front, the US dollar found itself near a more than four-month low on Friday, anticipating a key US inflation gauge reading scheduled for later in the day.

    This data is expected to provide clarity on the Federal Reserve’s room to manoeuvre in terms of interest rate cuts in the coming year.

    Early Asia trade witnessed the greenback hitting a five-month trough against the New Zealand dollar and a three-week low against the euro.

    This decline resumed after a sudden risk-aversion episode in New York hours on Wednesday triggered a sell-off in US stocks, leading to a rise in the dollar.

    Against a basket of currencies, the greenback hovered around 101.76, remaining close to the previous session’s more than four-month low of 101.72.

     The dollar index seemed poised for a weekly loss of about 0.8 per cent, extending the previous week’s 1.3 per cent decline.

    The Federal Reserve’s decision to leave the door open to potential rate cuts in the next year, as indicated in its last policy meeting for 2023, contributed to the ongoing downward pressure on the US dollar.

    This market movement has implications for various currency pairs, including the Pakistani rupee to US dollar exchange rate, which continues to be of interest to investors tracking global economic trends.