Tag: latest rate

  • Pakistani rupee declines to new historic low of Rs299 per US dollar

    Pakistani rupee declines to new historic low of Rs299 per US dollar

    The Pakistani rupee continued its downward trend on Tuesday, closing at an all-time low of Rs299.0070 against the US dollar. This represents a decline of 0.63 per cent or Rs1.873.

    On Monday, the rupee continued to struggle against the US dollar, closing at Rs297.13. This drop in value is due to several reasons. One is the country’s current account deficit, which has widened because it’s now easier to open letters of credit. This change has affected the availability of foreign exchange, putting pressure on the rupee’s value in the local market.

    Another factor is the lack of foreign exchange coming into the country. This shortage has also contributed to the rupee’s decline.

    Experts say that the increase in import payments is tied to the International Monetary Fund’s (IMF) demand to remove import restrictions. This has led to a higher demand for the US dollar.

    Political uncertainty is also playing a role in the rupee’s decline. There are concerns that the general elections might be delayed. This delay could also mean a hold-up in fulfilling promises made to the IMF and other international lenders. With a caretaker government in place, questions arise about who will invest in and lend money to the country.

    To add to these challenges, there’s a need to bridge the gap between the rates in the inter-bank and open markets, which has been getting wider lately.

  • 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.

  • PKR continues losing streak against US dollar, sheds Rs1.48

    PKR continues losing streak against US dollar, sheds Rs1.48

    The Pakistani currency plummeted further against the US Dollar (USD) on April 20, with losses reported on the interbank exchange. At the completion of today’s session, the Pakistani rupee (PKR) lost Rs1.48 versus the US dollar.

    It declined by 0.80 per cent versus the greenback, closing at Rs185.92, after shedding Rs1.90 in the interbank market on Tuesday, April 19th, and concluding at Rs184.44. During today’s open market session, the Indian rupee (INR) fell to an intraday low of Rs185.95 over the US dollar.

    The local currency weakened against the dollar as businesses remained under pressure amid the ongoing dialogue between Pakistan and the International Monetary Fund (IMF). The Pakistani government is likely to undertake certain difficult and problematic steps in order to revive the local economy.

    Read more: PKR declines against US Dollar after winning for a week

    Oil prices rallied following steep losses the previous day as concerns about tighter supply from Russia and Libya arose, although industry data showed a decline in US crude inventories in the previous week.

  • Petroleum sales increase by 23% in March, despite hefty oil prices

    Petroleum product sales rebounded in the last month after a dismal February with Oil marketing companies (OMC) witnessing an increase of 23 per cent in sales of petroleum products on a year-over-year (YoY) basis in March 2022.

    Overall petroleum sales in March 2022, increased to 1.82 million tonnes compared to 1.54 million tonnes in March 2021, as per the data released by Arif Habib Limited.

    The stability comeback shows a 19 per cent increase in overall OMC sales on a month-over-month (MoM) basis.

    OMC volume growth was driven by furnace oil, which climbed by 34 per cent on a YoY basis, followed by HSD volume growth of 29 per cent and MS volume growth of 13 per cent. MoM growth in OMC volumes followed a similar pattern, with FO taking the lead.

    Although the increase in furnace oil volumes was driven by increased furnace oil usage in the power sector due to low gas and Re-Gasified Liquefied Natural Gas (RLNG) availability.

    The increase in HSD volumes was driven by increased demand from the transportation and agriculture sectors and increased usage in generators and the power sector.

    Moreover, the government’s price caps and the additional number of days in March compared to February were the main contributors to MoM growth in diesel and gasoline sales.

    Consequently, petroleum sales increased by 19 per cent on a YOY basis in 9MFY22, with double-digit increases for petroleum products.

    Diesel sales grew by 17 per cent, followed by 16 per cent increase for furnace oil and a 10 per cent growth for motor oil.

    While some are expecting a drop in petroleum sales due to the political turmoil and rising commodity prices, others say that higher oil consumption cannot be overturned as the summer is already here and people are likely to consume more electricity, also that the power sector may switch to furnace oil due to RLNG commitment defaults.