Tag: pakistani rupee news

  • Pakistani rupee loses ground against dollar after 11 days of appreciation

    Pakistani rupee loses ground against dollar after 11 days of appreciation

    The Pakistani rupee (PKR) finally lost for the first time since July 28, falling by 0.46 per cent to close at Rs214.88 against the US dollar.

    The PKR was down by Rs1.01 or 0.46 per cent versus the US dollar at around 1:00pm, when it was quoted at Rs214.91.

    In the interbank market on Tuesday, the local currency edged up slightly versus the US dollar, ending the day at Rs213.90, an increase of 0.04 per cent or Rs0.08. The rupee managed to increase for the eleventh session in a row, despite the smaller volume of the advance.

    Remittances to Pakistan totaled $2.52 billion on Tuesday, with a small month-over-month dip reported.

    It is worth noting that PKR has increased by 11 per cent this month, making it the world’s top gainer against the greenback. On the other hand, the stock index climbed by 9 per cent, making it Asia’s second-best performer behind Sri Lanka.

    In order to get the IMF’s approval to resume its stalled bailout programme, Pakistan enacted austerity measures. This comes as frontier countries from Egypt to El Salvador struggle with the possibility of default.

  • Pakistani rupee fell by 34 per cent in FY 2021-22: Report

    Pakistani rupee fell by 34 per cent in FY 2021-22: Report

    Pakistan’s fiscal year starts on July 1st and ends on June 30th. The rupee to US dollar exchange rate was Rs158.06 at the beginning of fiscal year 2021-2022, and it reached an all-time high of Rs212.103 in the inter-bank market on June 21, 2022. This represents a depreciation of more than 34 per cent in less than a year.

    The graph below demonstrates how the PKR to USD exchange rate varied over time:

    During the fiscal year 2020-2021, the local currency plunged 17.47 per cent from Rs158.062 to Rs184.159 in 9 months, from July 1, 2022 to April 11, 2022, under the PTI regime. Since PDM took over, the rupee has lost nearly 14.31 per cent of its value in just three months.

    The table below compares PKR to dollar values over time, as well as the government in power at the time:

      PKR to Dollar Government
    July 2021 158.062 PTI
    August 2021 162.571 PTI
    September 2021 166.872 PTI
    October 2021 170.997 PTI
    November 2021 170.92 PTI
    December 2021 176.042 PTI
    January 2022 176.214 PTI
    February 2022 176.736 PTI
    March 2022 177.573 PTI
    April 2022 184.159 PTI and PDM
    May 2022 185.794 PDM
    June 2022 197.744 PDM
    June 23 2022 207.516 PDM

    Dollar demand remains strong in the market, pushing the greenback’s value higher against the rupee. The local currency is likely to remain volatile until the IMF agrees to disburse the next tranche of loans to Pakistan.