Tag: interbank rate

  • Exchange rates for today: PKR declines 0.05% against US dollar

    Exchange rates for today: PKR declines 0.05% against US dollar

    The Pakistani rupee (PKR) experienced a slight decline against the US dollar on Thursday, depreciating by 0.05 per cent in the inter-bank market.

    The currency closed at Rs278.67, marking a decrease of Rs0.15 from the previous day’s rate of Rs278.52, according to the State Bank of Pakistan (SBP).

    In comparison with other major currencies, the rupee faced mixed outcomes today:

    Currency Previous rate Today’s rate Change (PKR)
    Euro 309.59 310.65 1.05
    British Pound 362.60 365.10 2.50
    Swiss Franc 325.44 328.04 2.60
    South Korean Won — 0.21 —
    Japanese Yen 1.9063 1.9165 1.02 paisa
    Chinese Yuan 39.03 39.06 3.1 paisa
    Saudi Riyal 74.23 74.27 3.87 paisa
    UAE Dirham 75.87 75.83 4.06 paisa
    PKR vs other currencies

    Euro to PKR: The rupee lost Rs1.05, closing at Rs310.65, compared to the previous rate of Rs309.59.

    British Pound to PKR: The rupee depreciated by Rs2.50, ending the day at Rs365.10, up from Rs362.60.

    Swiss Franc to PKR: The rupee fell by Rs2.60, closing at Rs328.04, compared to Rs325.44 from the previous session.

    Won to PKR: The Pakistani rupee was reportedly trading at Rs0.21 paisa against Won

    Japanese Yen to PKR: The rupee saw a slight decline of 1.02 paisa, closing at Rs1.9165 versus Rs1.9063.

    Chinese Yuan to PKR: The rupee gained 3.1 paisa, closing at Rs39.06, up from Rs39.03.

    Saudi Riyal to PKR: The rupee increased by 3.87 paisa, closing at Rs74.27, compared to Rs74.23.

    UAE Dirham to PKR: The rupee appreciated by 4.06 paisa, closing at Rs75.83, up from Rs75.87.

    Over the current financial year, the rupee has depreciated by 32.82 paisa or 0.12 per cent against the US dollar, while it has appreciated by Rs3.19 or 1.15 per cent since the beginning of the calendar year.

    In the money market, the benchmark 6-month Karachi Interbank Bid and Offer rates fell by 63 basis points to 17.69 per cent and 17.94 per cent, respectively.

    The domestic currency has remained relatively stable in recent months, hovering around the Rs277-279 range against the dollar, as traders monitor positive economic indicators and await the approval of a new $7 billion Extended Fund Facility from the International Monetary Fund (IMF).

    On Wednesday, Pakistan’s Finance Minister, Muhammad Aurangzeb, stated that the IMF Executive Board meeting on Pakistan is scheduled for September, noting that “good progress” is being made with the IMF.

    It is worth noting that this is the third consecutive decline witnessed in the ongoing week.

    Additionally, regarding the Pakistani currency, the central bank plans to introduce newly designed currency notes across all denominations next year to enhance security features, according to SBP Governor Jameel Ahmad.

    Speaking to a parliamentary body in Islamabad on Wednesday, Ahmad stated that the central bank aims to finalise the new designs by December, with the notes to be issued in phases. Notably, one of the denominations will be a polymer note, he added.

  • Intraday update: Pakistani rupee drops to historic low of Rs278.67 against US dollar

    Intraday update: Pakistani rupee drops to historic low of Rs278.67 against US dollar

    After Finance Minister Ishaq Dar authorised a proposal for charity groups to help raise almost $2 billion from overseas Pakistanis, the Pakistani rupee (PKR) fell by over 2.5 per cent against the dollar during intraday trade on Friday, falling as low as Rs278 against the dollar.

    The rupee was trading at Rs278.67 versus the dollar in intraday trade on the interbank market around 12:50 pm, according to the Exchange Companies Association of Pakistan (ECAP).

    The local currency fell by Rs7.32 from its previous day’s closing rate of Rs271.35 to the US dollar.

    The PKR has lost Rs7 or more versus the US Dollar during intraday trade for the third time in a week.

    Bloomberg reports that Pakistani rupee and dollar bonds fell after Prime Minister Shehbaz Sharif said that the International Monetary Fund (IMF) is making life difficult for the country in the ongoing loan negotiations.

    According to information gathered by the US publication, USD/PKR increases 1.8 per cent to a record 275.0250. Bonds that are due in April 2024 were priced at 56.94 cents on the dollar, down 0.3 cents.

    Experts claim that the market is responding to news stories about the demands put forward by the IMF. In the coming days, rupee losses will intensify if Pakistan is unable to reach a staff-level agreement with the Fund.

  • 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.