Tag: Pakistani Rupee

  • Pakistani rupee closes October at Rs277.85 against US dollar

    Pakistani rupee closes October at Rs277.85 against US dollar

    The Pakistani rupee (PKR) weakened by 5.77 paisa, or 0.02 per cent, against the US dollar (USD) in Thursday’s interbank market, closing at Rs277.85 per USD.

    This was a slight drop from Wednesday’s close of Rs277.79.

    In the open market, exchange companies quoted the dollar at Rs276.84 for buying and Rs278.72 for selling.

    During the day, the local unit touched a high of Rs277.90 and a low of Rs277.80 against the greenback.

    It is worth noting that since the start of the fiscal year, the PKR has appreciated by 49.12 paisa, or 0.18 per cent, against the US dollar. For the calendar year, it has strengthened by Rs4.01, or 1.44 per cent.

    PKR’s performance against other foreign currencies

    Currency Thursday’s rate Wednesday’s rate Change
    US Dollar (USD) Rs277.85 Rs277.79 5.77 paisa (-0.02%)
    British Pound (GBP) Rs361.02 Rs361.34 31.39 paisa (+0.09%)
    Japanese Yen (JPY) Rs1.8260 Rs1.8126 1.34 paisa (-0.74%)
    Saudi Riyal (SAR) Rs73.98 Rs73.97 1.34 paisa (-0.02%)
    UAE Dirham (AED) Rs75.65 Rs75.63 1.57 paisa (-0.02%)
    Euro (EUR) Rs301.69 Rs300.72 96.55 paisa (-0.32%)
    Chinese Yuan (CNY) Rs39.03 Rs38.99 3.68 paisa (-0.09%)
    Swiss Franc (CHF) Rs321.12 Rs320.24 88.10 paisa (-0.28%)
    Exchange rates

    Against the British Pound, the PKR gained 31.39 paisa, or 0.09 per cent, closing at Rs361.02, up from Rs361.34 the previous day.

    Against the Japanese Yen, the PKR dropped 1.34 paisa, or 0.74 per cent, ending the session at Rs1.8260, down from Rs1.8126.

    The rupee also weakened by 1.34 paisa, or 0.02 per cent, against the Saudi Riyal, closing at Rs73.98, and by 1.57 paisa, or 0.02 per cent, against the UAE Dirham, finishing at Rs75.65.

    Against the Euro, the PKR decreased by 96.55 paisa, or 0.32 per cent, closing at Rs301.69, down from Rs300.72.

    The rupee lost 3.68 paisa, or 0.09 per cent, against the Chinese Yuan, finishing at Rs39.03.

    The local currency also declined by 88.10 paisa, or 0.28 per cent, against the Swiss Franc, closing at Rs321.12.

    PKR’s closing on Wednesday

    A day earlier, on Wednesday, the rupee had weakened by 5 paisa, or 0.02 per cent, against the US dollar settling at Rs277.79.

    It fell by 94 paisa, or 0.26 per cent, against the British Pound, closing at Rs361.34.

    The rupee gained 38.59 paisa, or 0.12 per cent, against the Swiss Franc, ending at Rs320.24.

    Against the Japanese Yen, the rupee strengthened slightly, closing at Rs1.8126.

    The PKR dropped by 1.33 paisa, or 0.02 per cent, against the Saudi Riyal, closing at Rs73.97, and fell by 1.36 paisa, or 0.02 per cent, against the UAE Dirham, closing at Rs75.63.

    Against the Euro, the rupee dropped by 48.46 paisa, or 0.16 per cent, closing at Rs300.72.

    The PKR also depreciated by 9.60 paisa, or 0.25 per cent, against the Chinese Yuan, closing at Rs38.99.

  • PKR strengthens 9 paisa against US dollar, weakens 71 paisa versus British Pound

    PKR strengthens 9 paisa against US dollar, weakens 71 paisa versus British Pound

    The Pakistani rupee (PKR) saw a marginal gain against the US dollar (USD) in the inter-bank market on Thursday, appreciating by 0.03 per cent.

    By the close of the trading day, the rupee settled at 278.68, marking an increase of Re0.09 compared to Wednesday’s closing value of 278.77, according to data from the State Bank of Pakistan (SBP).

    Here is a comparison of the last two closing rates, detailing PKR’s performance against various currencies aside from the US dollar. Below are the closing rates for Thursday and Wednesday, highlighting the changes in value:

    Currency Thursday’s closing Difference Wednesday’s closing
    Saudi Riyal 74.24 -0.03 74.27
    UAE Dirham 75.90 +0.03 75.87
    Euro 308.95 +0.87 308.08
    British Pound 366.39 +0.72 365.67
    Swiss Franc 329.15 +0.74 328.41
    Japanese Yen 1.9402 +0.02 1.9209
    Chinese Yuan 39.25 +0.06 39.19
    Exchange rates comparison

    In terms of other currencies, the Saudi Riyal experienced a slight decline, closing at 74.24 after losing 3.63 paisa from its previous value of 74.27. Similarly, the UAE Dirham depreciated by 2.5 paisa, ending the day at 75.90 compared to 75.87 on Wednesday.

    Meanwhile, the rupee weakened against the Euro, losing 87.39 paisa to close at 308.95, compared to 308.08 in the previous session. The British Pound also saw a rise, becoming 71.57 paisa more expensive, closing at 366.39 from the previous day’s 365.67.

    The Swiss Franc appreciated by 74.5 paisa, closing at 329.15, up from 328.41. In contrast, the Japanese Yen saw the rupee weaken by 1.93 paisa, ending the day at 1.9402 compared to 1.9209.

    The Chinese Yuan strengthened against the PKR, gaining 5.58 paisa and closing at 39.25, up from 39.19.

    In recent months, the Pakistani rupee has fluctuated between 277 and 279, with traders closely monitoring developments related to the International Monetary Fund’s (IMF) Executive Board decision on the $7-billion Extended Fund Facility (EFF).

    For the current financial year, the rupee has depreciated by 33.38 paisa or 0.12 per cent against the dollar. However, in the calendar year so far, it has appreciated by Rs3.19, or 1.14 per cent

  • Pakistan experiences highest dollar outflow since FY18 amid economic adjustments

    Pakistan experiences highest dollar outflow since FY18 amid economic adjustments

    Pakistan, grappling with a shortage of US dollars, has seen a significant outflow of foreign exchange as international investors repatriated dividends and profits at unprecedented levels.

    In fiscal year 2024 (FY24), foreign investors withdrew $2.2 billion, the highest outflow since the $2.3 billion withdrawn six years ago. This surge, representing a dramatic 569.2 per cent year-on-year increase, is primarily due to a low base in FY23.

    The country’s foreign exchange reserves were critically low in FY23, prompting the government to impose restrictions on dollar outflows to avoid a potential default. Consequently, repatriations fell sharply to $331 million, an 80.3 per cent decrease from FY22, marking one of the lowest figures on record.

    A pivotal change occurred in June 2023 when Pakistan reached a Staff Level Agreement (SLA) worth $3 billion with the International Monetary Fund (IMF).

    The agreement mandated the removal of capital controls and a shift towards a more functional foreign exchange market. This move, driven by foreign pressure and the IMF’s conditions, resulted in the lifting of these restrictions, leading to a substantial increase in outflows in FY24.

    In particular, May 2024 set a record with the highest monthly outward remittance of $918.1 million.

    Notably, the outflow for the year exceeded the total foreign investment of $1.52 billion. Key sectors contributing to this outflow included Financial Business, Power, and Communications, with the Financial Business sector repatriating the most at $638.6 million.

    Among the countries, the United Kingdom led with $558.57 million in repatriated profits, a substantial increase from $20.14 million the previous fiscal year. The UAE and Netherlands followed in repatriation figures.

    Despite the significant outflow, there is an optimistic outlook for Pakistan’s economy. The State Bank of Pakistan (SBP) has confirmed that there are no outstanding profit repatriation payments, alleviating concerns of foreign companies and potentially attracting new investors. The recent Fitch rating upgrade further supports the country’s economic stability.

    On a positive note, Pakistan’s foreign exchange reserves saw a 110 per cent increase, reaching $4.92 billion in FY24.

    However, JPMorgan has cautioned that unresolved dividend backlog issues might impact the PKR in the short term. Addressing these could improve transparency and enhance the attractiveness of Pakistan as an investment destination.

  • Gold price in Pakistan increases by Rs250 to Rs228,550 per tola

    Gold price in Pakistan increases by Rs250 to Rs228,550 per tola

    The local bullion market exhibited stability on Thursday, with 24-karat gold fetching Rs228,550 per tola, marking an increase of Rs250 compared to the previous session.

    This pricing trend persists near its historical highs, fueled by anticipations of US interest rate adjustments, heightened Chinese purchasing activity, and ongoing geopolitical tensions.

    According to the Karachi Sarafa Association, the cost of 10-gramme 24-karat gold rose to Rs195,945 per tola, reflecting a gain of Rs215.

     Similarly, the price of 10-gramme 22-karat gold experienced a marginal uptick, reaching Rs179,616.

    Contrarily, silver rates remained unchanged today, with 24-karat silver trading at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    Internationally, spot gold hovered around $2,169 per ounce, following a $16.8 or 0.78% increase yesterday.

    JPMorgan Chase & Co. identifies gold as the top preference in commodities markets, projecting a potential price surge to $2,500 per ounce this year.

  • Gold price drops by Rs1,800 per tola as PKR records modest gains

    Gold price drops by Rs1,800 per tola as PKR records modest gains

    Gold prices in Pakistan experienced a downturn on Wednesday, echoing the global market trend.

    The precious metal, commonly known as the yellow metal, was priced at Rs228,300 per tola, marking a decrease of Rs1,800 over the course of the day.

    Data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA) revealed that the price of 10 grammes of gold stood at Rs195,730 after a decrease of Rs1,544.

    This decline follows a Rs100 reduction in gold prices per tola observed on Tuesday within the country. Internationally, gold was valued at $2,179 per ounce on Wednesday, reflecting a $18 decrease with a premium of $20.

    Meanwhile, silver prices remained stable at Rs2,600 per tola during the same period.

    On another front, the Pakistani rupee showed a slight improvement against the US dollar, appreciating by 0.11 per cent in the interbank market on Wednesday.

    At the close, the local currency settled at 278.79, gaining Re0.29 against the greenback, as reported by the State Bank of Pakistan (SBP).

    On Monday, the rupee experienced a marginal decline, settling at 279.08 against the US dollar, according to the State Bank of Pakistan (SBP).

  • 24-karat gold price dips slightly by Rs100 per tola

    24-karat gold price dips slightly by Rs100 per tola

    In the domestic bullion market, Tuesday saw a relatively stagnant session, with the price of 24-karat gold slipping by Rs100 to Rs230,100 per tola.

    Notably, this marks the first decline in gold prices in Pakistan following ten consecutive sessions of growth.

    Just last week, the price of 24-karat gold surged by almost Rs10,000 per tola, reaching levels unseen since September 2023.

    However, according to the Karachi Sarafa Association, the price of 10-gramme 24-karat gold dropped to Rs197,274 per tola, reflecting a decrease of Rs86.

    Similarly, the price of 10-gramme 22-karat gold experienced a slight dip, settling at Rs180,834.

    Contrastingly, silver prices remained stable today, with 24-karat silver maintaining its rate at Rs 2,600 per tola and Rs2,229.08 per 10-gramme.

    On the global stage, international spot gold traded near $2,177.14 an ounce, marking a 0.26% decrease from the previous session.

    Investors are closely monitoring Tuesday’s U.S. inflation data, anticipating its impact on monetary policy.

  • Gold price remains unchanged at Rs230,200 per tola

    Gold price remains unchanged at Rs230,200 per tola

    In a day of consistency, gold prices in Pakistan remained unaltered on Monday, mirroring the steady trend observed in the international market.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local market reported no change in the price of gold per tola, maintaining a steady Rs230,200.

    Similarly, the 10-gramme gold price remained constant at Rs197,360.

    The international market echoed this stability, with the global rate of gold holding firm at $2,198 per ounce on Monday. APGJSA noted a premium of $20, maintaining the equilibrium of the precious metal’s value.

    In parallel, silver prices also exhibited stability in the local market, remaining fixed at Rs2,600 per tola.

    This unswerving trend further highlights the current stability in the precious metals market, providing insights for investors and enthusiasts alike.

  • Gold price closes week above Rs230,000 per tola

    Gold price closes week above Rs230,000 per tola

    In a notable development, gold prices in Pakistan witnessed a substantial increase, with the per-tola price surging by Rs1,600 in the local market.

    The gold rate climbed to a new height, reaching Rs230,200 in the domestic market, reflecting the ongoing economic dynamics.

    Specifically, the price of 10 grammes of 22-karat gold has also experienced an upward trend, trading at Rs180,913.

    This surge in gold prices is likely to impact various sectors of the economy, prompting investors and market observers to closely monitor the situation.

    Simultaneously, the Pakistan Stock Exchange (PSX) has marked a week of positive trends and significant growth in business activities following the recently held general elections.

    As the business week concluded, the KSE-100 index stood at 65,793 points, indicating a gain of 468 points, or 0.70 per cent. 

    Throughout the week, the KSE-100 index reached its peak at an impressive 66,150 points, underscoring the confidence of investors in the market.

    However, it is noteworthy that the index experienced fluctuations, with the lowest point recorded at 65,187.

  • 8th straight surge: Gold price increases to Rs228,600 per tola in Pakistan

    8th straight surge: Gold price increases to Rs228,600 per tola in Pakistan

    In a remarkable eighth consecutive session, the domestic bullion market has maintained its bullish trend, driving the price of 24-karat gold to new heights.

    The surge reached an impressive Rs13,800 per tola during this period, with today’s session witnessing a gain of Rs450 per tola, bringing the current trade value to Rs228,600.

    The Karachi Sarafa Association reported that the price of 10-gramme 24-karat gold has soared to Rs195,988 per tola, marking an increase of Rs386.

    Additionally, the price of 10-gramme 22-karat gold has experienced a notable rise, reaching Rs179,655.

    Contrastingly, silver prices have remained unchanged, with 24-karat silver maintaining its position at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    Internationally, the spotlight is on the global spot gold market, which is poised to record its most significant weekly jump in five months.

    Over the past eight sessions, spot rates have climbed by 6.7 per cent, or $136, spurred by remarks from FED Chair Jerome Powell that have solidified expectations for interest rate cuts later in the year.

    The inverse relationship between gold and bond yields has contributed to the precious metal’s robust performance.

    Additionally, the rally in procyclical asset classes, particularly equities, has provided further support to gold as investors seek to diversify their risk exposure.

  • 7th consecutive rise: Gold price surges by over Rs2,700 per tola

    7th consecutive rise: Gold price surges by over Rs2,700 per tola

    In a remarkable seventh consecutive session, the gold market in Pakistan continued its bullish trend, witnessing a surge in the price of 24-karat gold by Rs2,750 per tola, reaching Rs228,150 on Thursday.

    Over the course of the past seven trading days, the domestic bullion market has experienced a significant uptick, with the price of gold appreciating by Rs13,350 per tola, marking a substantial 6.2 per cent increase. This surge is attributed to the notable rise in the international market.

    The Karachi Sarafa Association shared that the price of 10-gramme 24-karat gold has reached Rs195,602 per tola, indicating a substantial rise of Rs2,358.

    Additionally, the price of 10-gramme 22-karat gold has also seen an upward trend, reaching Rs179,301.

    Contrastingly, silver prices remained stable today, with 24-karat silver maintaining its position at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    On the global front, the international spot gold market continued its rapid ascent, reaching a peak of $2,161.48 per ounce.

    These gains have surprised many investors, especially considering the absence of major changes in expectations regarding the Federal Reserve’s rate-cutting decisions, as reported by Bloomberg.

    It’s worth noting that gold traditionally exhibits an inverse relationship with bond yields, further contributing to the complexity of recent market movements.