Tag: Pakistani Rupee

  • Pakistani rupee’s fall continues, settles at new record low of Rs301 against US dollar

    Pakistani rupee’s fall continues, settles at new record low of Rs301 against US dollar

    The Pakistani rupee continued its unsettling descent, marking a fresh all-time low against the US dollar, with a settlement at Rs301 in the inter-bank market on Friday. As reported by the State Bank of Pakistan (SBP), the local currency reached the 301 mark, experiencing a decline of Re0.78 or 0.26 per cent.

    On the preceding day, the rupee concluded at a historic low against the US dollar, reaching a settlement of Rs300.22.

    On the global front, the US dollar achieved its highest position in over two months on Friday, poised for its sixth consecutive week of gains, as financial markets eagerly awaited a speech by Federal Reserve Chair Jerome Powell to gain insights into the trajectory of monetary policy.

    The dollar index, a measure of the US dollar’s strength against six other major currencies, witnessed a 0.019 per cent increase, reaching 104.11, the highest level since June 7. With a 2 per cent increase in August, the index is poised to end its two-month losing streak.

    Oil prices, a pivotal gauge of currency equilibrium, surged by over 1 per cent on Friday due to the firming of the dollar, as anticipation built ahead of a highly awaited speech by the head of the US Federal Reserve. This speech is expected to provide insights into the future of interest rates.

  • Interbank market: US dollar reaches all-time high against Pakistani rupee, surpassing Rs300 mark

    Interbank market: US dollar reaches all-time high against Pakistani rupee, surpassing Rs300 mark

    The US dollar reached a new high against the Pakistani rupee, going past Rs300 in the interbank market on Thursday. At 11:15 am, it was at Rs300.4 as per the Forex Association of Pakistan. In the open market, it was valued at Rs314.

    The day before, the dollar ended at Rs299.64 and went up to Rs315 in the open market. The Exchange Companies Association of Pakistan (ECAP) reported buying and selling prices at Rs309 and Rs312.

    As the dollar keeps going up, experts are asking the government to do something about the black market. Saad bin Naseer from Mettis Global said that even though it’s hard to find dollars in the interbank market, they’re easily available in the open market at higher prices.

    Naseer didn’t like that the central bank kept the interest rate at 23 per cent because people prefer investing in foreign currencies over the local economy. Malik Bostan, who leads the Forex Association of Pakistan, warned against hoarding dollars, thinking their price will keep rising.

    Bostan noticed regular people buying dollars thinking they’ll become more valuable due to the increase in the interbank market. He also mentioned that removing import restrictions from the IMF made the rupee weaker.

    Zafar Paracha, from the Exchange Companies Association of Pakistan, blamed the rupee’s decline on more unnecessary imports. He agreed with Bostan and urged people not to buy more dollars during this uncertain time for the rupee.

  • Pakistani rupee slides to Rs297.13 against US dollar on first day of the week, losing Rs1.35

    Pakistani rupee slides to Rs297.13 against US dollar on first day of the week, losing Rs1.35

    The Pakistani rupee (PKR) continued its decline against the US dollar on the first working day of the week. PKR went down by 0.45 per cent, which is about Rs1.35, and closed the day at Rs297.13 in the interbank market, as reported by the State Bank of Pakistan.

    This shows that over the past five trading sessions, the Pakistani rupee has lost a total of Rs8.64. It’s important to note that on the previous Friday, the rupee had closed at Rs295.78 after losing 0.86 paisas, which is about 0.29 per cent.

    Looking at last week, from Tuesday to Friday, the Pakistani rupee experienced a significant loss of Rs7.29. This indicates a period of notable fluctuation for the rupee in the foreign exchange market.

  • Pakistani rupee drops to Rs295 against US dollar

    Pakistani rupee drops to Rs295 against US dollar

    It appears that the Pakistani rupee is poised to shatter previous records and reach an new all-time low, as the local currency continued its decline against the US dollar on Wednesday, decreasing by 1.16 per cent in the inter-bank market.

    By the end of the day, the rupee settled at Rs294.93 against the US dollar, marking a decline of Rs3.42, as reported by the State Bank of Pakistan (SBP).

    This represents its lowest point since May 11 of this year, when it hovered near Rs299.

    Just one day prior, on Tuesday, the rupee also experienced a setback against the US dollar, concluding at Rs291.51.

  • Gold price drops by Rs2,000 per tola as Pakistani rupee gains ground against US dollar

    Gold price drops by Rs2,000 per tola as Pakistani rupee gains ground against US dollar

    The gold price in Pakistan experienced a significant decline of more than Rs2,000 per tola following the appreciation of the local currency against the US dollar in the interbank market.

    According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) on Wednesday, the price of 24-carat gold witnessed a decrease of Rs2,400 per tola and Rs2,058 per 10 grammes, settling at Rs222,100 and Rs190,415, respectively.

    Conversely, the international market recorded a $12 increase in the price of gold, bringing it to $1,972.

    The fluctuating gold rate in Pakistan can be attributed to ongoing political and economic uncertainties and high inflation, prompting individuals to seek gold as a safe investment and hedge during such times.

    As per the data provided by the association, the price of silver remained constant at Rs2,750 per tola and Rs2,357.68 per 10 grammes.

    In parallel, the local currency demonstrated a positive trend against the US dollar in the interbank market today, appreciating by Rs1.48 or 0.52 per cent. The State Bank of Pakistan (SBP) reported that the rupee closed at Rs287.04 against the dollar.

  • PKR to USD: Pakistani rupee drops to Rs288.52 against US dollar

    PKR to USD: Pakistani rupee drops to Rs288.52 against US dollar

    The Pakistani rupee continued its downward trend for the eighth consecutive session, experiencing a depreciation of 0.21 per cent against the US dollar on Tuesday. According to the State Bank of Pakistan (SBP), the rupee closed at Rs288.52, marking a decrease of Re0.6.

    Over the past eight trading sessions, the currency has lost nearly 4.2 per cent or Rs12.02 against the US dollar. On the previous day, Monday, the rupee also suffered losses against the US dollar for the seventh successive session, depreciating 0.39 per cent and settling at 287.92 in the inter-bank market.

    In a significant development, the National Electric Power Regulatory Authority (NEPRA) approved an increase in the basic electricity tariff by Rs7.5 per unit from July 1, 2023, across the country. The chairman’s remarks indicated that this decision was influenced by the election year, and political choices were being made to alleviate the burden on 68 per cent protected consumers.

    On the international front, the US dollar gained strength ahead of three major central bank meetings scheduled for the week. Meanwhile, the euro faced challenges, hitting a two-week low on Tuesday due to a deteriorating economic situation in the eurozone, which complicated the bloc’s interest rate outlook despite the European Central Bank’s (ECB) hawkish stance.