Tag: latest dollar rate

  • Pakistani rupee closes at Rs277.41 as US dollar recovers by nearly Rs2 in interbank trade

    Pakistani rupee closes at Rs277.41 as US dollar recovers by nearly Rs2 in interbank trade

    The US dollar appears to have bounced back on Wednesday at the opening of interbank trade, as it gained 31 paisas. The American currency closed at Rs277.41 after gaining Rs1.97 against the local unit. The dollar was exchanged for Rs275.75 at the start of the trading session on Wednesday.

    However, later the greenback gained even more value with Rs1.31 in interbank trade and was being traded at Rs276.75. In just a short while, the currency gained even more strength with Rs1.56 and was traded at Rs277.

    Owing to the strengthening of the dollar in the interbank trade, the currency’s value stopped falling in the open market also. Its value remained stable at Rs280 in the open market. On Tuesday, the greenback had lost a massive Rs10 in the interbank market.

    On the other hand, the Pakistan Stock Exchange continued its bullish trend. The shares of energy, oil and gas, and refinery companies were shared in the market.

    The stock exchange retained its limit of 44,000 points on Wednesday morning. The KSE-100 index rose with 472 points to 44,030 points. At the start of the trading session, the index gained 200 points to reach 43,770 points.

  • Pakistani rupee strengthens by Rs2.82 against dollar, closes at Rs270.51

    Pakistani rupee strengthens by Rs2.82 against dollar, closes at Rs270.51

    The Pakistani rupee (PKR) experienced an upward trend against the US dollar in the inter-bank market on Thursday, appreciating by 1.04 per cent due to expectations surrounding the revival of the International Monetary Fund (IMF) program.

    According to the State Bank of Pakistan (SBP), the currency closed at Rs270.51 against the US dollar, reflecting an increase of Rs2.82. Despite this improvement, the currency has depreciated by 23.7 per cent during the current fiscal year against the US dollar.

    On Wednesday, the PKR also saw significant gains against the US dollar, closing at Rs273.33, reflecting an appreciation of Rs2.95 or 1.08 per cent.

    In a key development, Finance Minister Ishaq Dar said on Thursday negotiations between Pakistan and the IMF are “on track” and “we will announce good news soon”.

    Speaking to the media, Dar said talks between the two sides had entered the final round, progress has been “satisfactory” and he hopes discussions will conclude today.

    The dollar index, which measures the US currency against six rivals, was 0.029 per cent higher on Thursday at 103.460, having dropped nearly 0.3 per cent in the previous session.

    Gold prices, rose for a fourth straight session as the dollar faltered, although bullion’s outlook remained cloudy amid the comments made by Fed officials.

    Meanwhile, oil prices, a key indicator of currency parity, were broadly steady on Thursday as the prospect of higher fuel demand in China as it reopens post-COVID curbs were offset by fears that US crude stocks hitting their highest for months may signal weakening demand in the world’s number one economy.

  • Pakistani banks start charging dollar transactions at open market rates

    Pakistani banks start charging dollar transactions at open market rates

    Pakistani banks have announced that they will settle debit and credit card transactions made with foreign retailers and websites at the open market exchange rate for the US dollar.

    The conversion rate for the transactions would be calculated by the open market rate in place at the time, which might not match the rate listed on the foreign merchant’s website.

    Customers were advised by the banks in a statement that they could only settle debit or credit card purchases with foreign retailers or websites by buying dollars on the open market. As a result, the conversion rate for these transactions will be determined by the current open market rate.

    The statement, according to bankers, was made in response to several client concerns over the increased exchange rate.

    On Friday, the Pakistani rupee lost Rs0.02 to the US dollar in the interbank market, continuing its downward trajectory.

    The State Bank of Pakistan (SBP) reported that the exchange rate of the local currency for the dollar was Rs227.12. Which shows a 0.01 per cent decline from the close of Rs227.12 on Thursday.

    According to SBP, the Pakistani rupee is valued at Rs227–228 against the dollar. However, in the open market, the greenback is priced above Rs250 and goes as high as Rs275.

  • Pakistani rupee gains Rs2.13 to close at Rs221.91

    Pakistani rupee gains Rs2.13 to close at Rs221.91

    In line with improved market sentiment, the Pakistani rupee (PKR) kept strengthening versus the US dollar, closing at Rs221.91 on Wednesday in the inter-bank market.

    According to the State Bank of Pakistan (SBP), the local currency appreciated by 0.96 per cent or Rs2.13 against the dollar to settle at Rs221.91.

    The uptick on Wednesday marked the seventh straight rebound for the currency, which last month touched an all-time low of Rs239.94 against the US dollar. Since then, it has increased by almost 8 per cent.

    Pakistani rupee significantly increased last week, rising 6.8 per cent to settle at Rs224.04 in the interbank market.

    The rupee maintained its strength throughout the week as Pakistan reported a smaller trade deficit and a significantly lower import bill in July, relieving pressure on the currency that had previously been battered by the dollar.

    The International Monetary Fund (IMF) also stated that the board meeting is tentatively scheduled for late August once adequate financing assurances are confirmed.

    An official source in Abu Dhabi later emphasised in a public statement the UAE’s plan to invest $1 billion in Pakistani businesses across a range of economic and investment sectors, bringing Pakistan one step closer to closing what the IMF refers to as a financial gap.

    Market analysts anticipate significant growth in the upcoming days, assuming Pakistan manages to arrange its finance requirements.