Tag: moneygram

  • Pakistani rupee gains Rs3 against dollar in early interbank trading

    Pakistani rupee gains Rs3 against dollar in early interbank trading

    The Pakistani rupee maintained its stability on Wednesday, the second working day of the week, after regaining ground versus the US dollar on Tuesday in the interbank market.

    Details indicate that the value of the local currency relative to the US dollar increased by Rs3.32 and that it was trading at about Rs234. Data from Pakistan’s central bank show that the rupee ended the day at Rs237.02 on Monday.

    The rupee has recovered a total of Rs5.65 over the last two working days thanks to the most recent intraday increase.

    Despite disastrous floods wrecking Pakistan’s economy, the rupee came close to hitting a record low of Rs240 versus the dollar but was unable to do so following many encouraging signs.

    According to Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan (ECAP), the market appears to be reacting to the arrival of PML-N leader Ishaq Dar and the announcement that he will succeed Miftah Ismail as finance minister.

  • Pakistani rupee tumbles to Rs200 versus US dollar in the interbank

    Pakistani rupee tumbles to Rs200 versus US dollar in the interbank

    The lack of clarity on both economic and political fronts worsened the Pakistani rupee’s (PKR) difficulties, as the local currency sank to Rs200 against the US dollar during intraday trading in the interbank market on Thursday, May 19.

    Pakistani currency officially breached the 200-barrier in the open market on May 18, closing at Rs198.39 after a day-on-day devaluation of Rs2.65 or 1.3 per cent.

    Investors, on the other hand, are concerned about the reactivation of the stalled $6 billion Extended Fund Facility (EFF) programme due to the government’s inability to implement IMF conditions. Meanwhile, market sentiment was severely harmed by continued domestic political uncertainties.

    Pakistan and the IMF are holding talks in Doha as the South Asian country wants to revive the IMF programme. On Wednesday, Federal Minister of Finance and Revenue Miftah Ismail met virtually with IMF Mission Chief Nathan Porter.

    During the meeting, Ismail underlined the government’s resolve to implement the IMF’s reforms and meet the program’s structural goals.

    He stated that the administration recognises the need to make difficult decisions while minimising the impact of inflation on the middle and lower income groups.

  • Pakistani rupee records impressive gains against US Dollar, highest single-day gain

    Pakistani rupee records impressive gains against US Dollar, highest single-day gain

    In the intra-day trade on Friday, the Pakistani rupee (PKR) gained an impressive Rs3.5 against the US dollar, the highest single-day gain in two years after the Supreme Court (SC) pronounced the National Assembly (NA) deputy speaker order unconstitutional and restored the NA.

    The US dollar is currently trading at Rs185, as per foreign currency dealers, after weakening Rs3.5 versus the local currency in early trade. The USD is currently trading for above Rs186 on the open market.

    On Thursday, the rupee concluded at Rs188.18 against the USD in the interbank market.

    Consequently, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index, reversed its downtrend shortly after starting on Friday and surpassed the 44,000 mark, a day after the Supreme Court of Pakistan annulled the deputy speaker’s decision against a no-confidence motion.

    Considering the trading which continued at 44, 198 on the Pakistan Stock Exchange, the KSE-100 benchmark index gained 411 points.

    The stock market has been under pressure since April 4, when it crumbled, losing over 900 points amid Pakistan’s ongoing political crisis, which arose after the National Assembly deputy speaker declared Prime Minister Imran Khan’s no-confidence resolution unconstitutional.

    SBP’s rate increase of 250 basis points and establishment of cash margins on 177 commodities is a marker that the economic system is in a slump and that prior initiatives were inadequate. This protective approach will aid in limiting the import of certain products, consequently bolstering the balance of payments.

  • Pakistani rupee continues its record-breaking decline against the US Dollar

    Pakistani rupee continues its record-breaking decline against the US Dollar

    The Pakistani Rupee (PKR) continued its decline against the US Dollar (USD) today, reporting losses in the interbank market. At the close of the session today, the local currency lost 30 paisas against the US dollar.

    It fell 0.16 percent against the US dollar, closing at Rs182.64 after losing 30 paisas and closing at Rs182.34 in the interbank market on Tuesday, March 29.

    Pakistan’s ongoing political volatility and economic problems continue to weaken currency reserves as the country attempts to remove obstacles toward financial relief.

    After global oil prices surged on Monday, the PKR maintained its downward trend against the greenback.

    The rupee has lost about 17 per cent of its value since its last peak in May 2021. To date, the local currency has lost more than 13.6 per cent of its value.

    It is worth noting that the Pakistani currency depreciated 30.5 per cent against the US dollar in the last three years under the government of Prime Minister (PM) Imran Khan.