Tag: intra day activity

  • Pakistani rupee inching towards all-time low once again

    Pakistani rupee inching towards all-time low once again

    In the first hours of trade on Tuesday, the Pakistani rupee (PKR) fluctuated between Rs238 and Rs239 as it lost value versus the US dollar in the interbank market.

    During intra-day trade at roughly 10:20 am, the rupee was quoted at Rs237.99, a devaluation of Rs0.08 or 0.03 per cent versus the greenback.

    In the interbank market on Monday, the local currency fell for the 12th straight session to end at Rs237.91 as pressure on the currency increased due to the expectation of a higher import bill and the globally strong dollar.

    The PKR has continued to lose value after receiving the IMF tranche of $1.2 billion at the beginning of September and has not yet seen a positive session this month.

    According to experts, the country’s borrowing requirements would rise in the wake of the devastating flash floods, which will also boost the cost of imports. As floods destroy standing crops in Sindh and lower Punjab, the country’s borrowing requirements may rise further in the near future.

  • Pakistani rupee extends losses, nearing Rs219 against dollar

    Pakistani rupee extends losses, nearing Rs219 against dollar

    After closing at Rs218.38 on Wednesday, the Pakistani rupee (PKR) dropped further versus the US dollar on Thursday morning during the intraday trade.

    As of 11:00am, the rupee depreciated by Rs0.61 or 0.27 per cent against the US dollar to Rs218.99 during intraday trading.

    It is worth noting that the local unit has been witnessing a downward trend since the beginning of this week. PKR fell on Wednesday for the third straight session showing a decline of 0.33 per cent.

    The fall occurs amid news that Pakistan’s cash-strapped economy may receive support from an investment of $3 billion by the Qatar Investment Authority, one of the biggest sovereign funds in the world.

    Oil prices, a crucial factor in determining currency parity, increased on Thursday as supply fears mounted in the wake of delays to Russian exports, the potential for major producers to reduce output, and the partial suspension of a US refinery.

    US West Texas Intermediate crude increased 42 cents, or 0.4 per cent, to $95.31 a barrel, while Brent crude increased 59 cents, or 0.6 per cent, to $101.81 per barrel.

    On Wednesday, the PKR declined by Rs7 for both buying and selling against the USD on the open market, finishing at Rs227 and Rs229, respectively.