Tag: PKR

  • Exchange rates: Rupee closes at Rs277.68 against US dollar

    Exchange rates: Rupee closes at Rs277.68 against US dollar

    The Pakistani rupee (PKR) recorded a marginal decline against the US dollar, depreciating 0.01 per cent in the interbank market on Monday.

    According to the State Bank of Pakistan (SBP), PKR wrapped up first trading day of the week at Rs277.68 after experiencing a loss of four paisa versus the greenback.

    SBP exchange rate: USD to PKR

    During the current fiscal year, Pakistani currency has gone up by 66 paisa or 0.24 per cent against the dollar. While it has appreciated more than Rs4 or 1.51 per cent so far this calendar year.

    During the previous week, PKR weakened marginally as it depreciated three paisa or 0.01 per cent against the US dollar.

    The dollar index has climbed 3.6 per cent to 104.49 during October, its sharpest monthly rise in more than two years.

    In the open market, local money exchangers quoted the American currency at Rs278.62 for selling and Rs276.75 for buying.

    As compared to other foreign currencies, the home unit remained largely stable despite minor fluctuations.

    Currency Change (Paisa) Change (%) Today’s rate (PKR) Last close (PKR)
    Euro 62.43 0.21 per cent 299.97 300.59
    Japanese Yen 1.64 0.90 per cent 1.8105 1.8269
    British Pound 14.39 0.04 per cent 360.06 360.20
    Chinese Yuan 2.85 0.07 per cent 38.95 38.98
    Saudi Riyal 1.82 0.02 per cent 73.94 73.96
    UAE Dirham 1.07 0.01 per cent 75.60 75.61
    Swiss Franc 36.12 0.11 per cent 320.00 320.36
    Exchange rates

    Against the Pound, PKR appreciated 14.39 paisa or 0.04 per cent and closed at Rs360.06.

    PKR increased 62.43 paisa or 0.21 per cent against the Euro, closing at Rs299.97.

    The local unit was reported 36.12 paisa or 0.11 per cent up against Swiss franc to end the session at Rs320.

    Pakistani currency fell by 1.07 paisa or 0.01 per cent against the UAE Dirham to close at Rs75.60.

    PKR’s value against the Japanese Yen rose 1.64 paisa or 0.90 per cent to close the day at Rs1.8105.

    The local unit increased 2.85 paisa or 0.07 per cent against Chinese Yuan to close at Rs38.95.

    The local currency shed 1.82 paisa or 0.02 per cent against Saudi Riyal to Rs73.94.

  • 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

  • Pakistani rupee closes week strong at Rs282.53 against US dollar

    Pakistani rupee closes week strong at Rs282.53 against US dollar

    In a trend marking its ninth consecutive session, the Pakistani rupee (PKR) demonstrated resilience against the US dollar (USD) by registering a 0.09 per cent appreciation in the inter-bank market on Friday.

    Closing the week at Rs282.53, the currency saw an increase of Rs0.26, according to the State Bank of Pakistan (SBP).

    This positive momentum follows a marginal gain on Thursday, settling at Rs282.79 against the US dollar.

    Simultaneously, the foreign exchange reserves held by the State Bank of Pakistan experienced a decline, falling below the $7 billion mark.

    A notable decrease of $136 million, attributed to debt repayments during the week ending December 15, 2023, brought the reserves to $6.904 billion.

    On the international front, the US dollar found itself near a more than four-month low on Friday, anticipating a key US inflation gauge reading scheduled for later in the day.

    This data is expected to provide clarity on the Federal Reserve’s room to manoeuvre in terms of interest rate cuts in the coming year.

    Early Asia trade witnessed the greenback hitting a five-month trough against the New Zealand dollar and a three-week low against the euro.

    This decline resumed after a sudden risk-aversion episode in New York hours on Wednesday triggered a sell-off in US stocks, leading to a rise in the dollar.

    Against a basket of currencies, the greenback hovered around 101.76, remaining close to the previous session’s more than four-month low of 101.72.

     The dollar index seemed poised for a weekly loss of about 0.8 per cent, extending the previous week’s 1.3 per cent decline.

    The Federal Reserve’s decision to leave the door open to potential rate cuts in the next year, as indicated in its last policy meeting for 2023, contributed to the ongoing downward pressure on the US dollar.

    This market movement has implications for various currency pairs, including the Pakistani rupee to US dollar exchange rate, which continues to be of interest to investors tracking global economic trends.

  • Pakistani rupee declines by 48 paisa, closing at Rs280.57 against US dollar

    Pakistani rupee declines by 48 paisa, closing at Rs280.57 against US dollar

    In the financial markets this week, the Pakistani rupee (PKR) experienced a depreciation of 1.78 rupees against the US dollar (USD), closing the week’s trade at PKR 280.57.

    This marks a significant shift from the previous week’s closing rate of PKR 278.8 per USD.

    During today’s trading session, the local currency saw a decline of 48.1 paisa. The intraday high (bid) was recorded at Rs280.5, while the low (ask) reached Rs280.15 against the US dollar.

    In the open market, exchange companies quoted the US dollar at Rs279.5 for buying and Rs292.8 for selling, indicating a loss of 50 paisa compared to the previous closing rates of Rs279 for buying and Rs282 for selling.

    This decline against the US dollar signifies the second consecutive weekly decrease for the Pakistani rupee. In comparison to other major currencies, the PKR experienced fluctuations as well.

    Against the Euro, the PKR depreciated by 64.78 paisa, closing at Rs296.17 compared to the previous value of Rs295.53.

    The British Pound became more expensive by 1.21 rupees, closing at Rs339.94 in contrast to Rs338.73 from the previous day.

    PKR lost 0.69 paisa against the Japanese yen, closing at Rs1.869 versus Rs1.862 the previous day.

    The UAE dirham also increased in value by 12.89 paisa from Rs76.257 to Rs76.386.

    It’s noteworthy that during the current financial year, the PKR has appreciated against the dollar by Rs5.42, or 1.93 per cent.

    However, in the current calendar year, PKR has depreciated by 54.14 rupees, or 19.3 per cent.

    This dynamic market movement reflects the ongoing economic fluctuations in the country.

  • Pakistani rupee finally ends 28-day winning streak, loses against US dollar

    Pakistani rupee finally ends 28-day winning streak, loses against US dollar

    The Pakistani rupee’s remarkable 28-day winning streak against the US dollar came to an end today, as it recorded losses following an initial trade opening at Rs278.5 in the interbank market.

    In the morning, the rupee had steadied, maintaining a level of Rs276 against the greenback. Subsequently, between 1:00 PM and 2:35 PM, the interbank rate dipped to Rs278 before settling at Rs277 for the rest of the day. 

    Open market rates, observed across various currency exchange counters, ranged from Rs277 to Rs279 throughout the day.

    At the close of the trading day, the PKR experienced a depreciation of 0.07 per cent, concluding at Rs277.03 after losing 20 paisas against the US dollar.

    Despite today’s setback, it is noteworthy that the disparity between interbank and open market rates has significantly decreased by Rs60 since September 4th. The rates have fluctuated between as low as Rs277 and sporadic spikes up to Rs280 today.

  • Pakistani rupee appreciates by Rs5.07 against US dollar in five days 

    Pakistani rupee appreciates by Rs5.07 against US dollar in five days 

    The Pakistani rupee (PKR) showed a notable increase in value against the US dollar (USD), appreciating by 5.07 PKR in five days to reach a closing rate of 277.62 PKR per USD on Friday. This stands in contrast to the previous week’s closing rate of 282.69 PKR per USD.

    In today’s interbank trading session, the local currency exhibited a gain of 96 paisa. It reached an intraday high (bid) of 278.5 PKR and a low (ask) of 287.55 PKR.

    In the open market, exchange companies adjusted their rates, with the rupee strengthening by 1 PKR. These companies quoted the dollar at 274 PKR for buying and 277 PKR for selling, as opposed to the prior rates of 275 PKR for buying and 278 PKR for selling.

    This increase in the value of the rupee can be attributed to several factors. Notably, there has been a concerted effort, backed by the military, to curtail illegal outflows of US dollars from the country.

    Additionally, the government has implemented various measures aimed at bolstering the local currency.

    Addressing concerns related to Afghan transit trade, Pakistan’s Ministry of Commerce recently took a significant step by imposing a ban on 212 items that were previously imported into Afghanistan through Pakistan under the Afghan transit trade agreement.

    This move, enacted through a Statutory Regulatory Order (SRO) issued on October 3, was executed in accordance with the authority granted by the Imports and Exports (Control) Act of 1950.

    Furthermore, the Federal Board of Revenue (FBR) has imposed a 10% processing fee on five key categories of Afghan transit commercial goods imported into Afghanistan via Pakistan.

    In parallel, the State Bank of Pakistan has introduced recent reforms aimed at consolidating and redefining various types of exchange companies into a single category. These changes come with well-defined mandates and higher capital requirements, ultimately contributing to a more transparent financial landscape.

  • 7th straight win: Pakistani rupee gains 86 paisas, closes at Rs297.96 per US dollar

    7th straight win: Pakistani rupee gains 86 paisas, closes at Rs297.96 per US dollar

    The Pakistani Rupee (PKR) has extended its impressive winning streak against the US dollar for the seventh consecutive session, concluding at PKR 297.96 to the dollar. This marks a gain of 86 paisas when compared to the previous rate of Rs298.82 in the interbank foreign exchange market on Wednesday.

    The PKR’s recent surge follows its all-time low of PKR 307.10 on September 5, 2023. Within this short span, the Pakistani rupee has appreciated by PKR 9.14, equivalent to an impressive 3 percent increase in the interbank foreign exchange market.

    Following a concerted effort by authorities to suppress illicit black market activities in the major cities of Pakistan, the Pakistani rupee continued its upward trajectory against the US dollar, marking a substantial three-point gain in the open market on Thursday.

    The Exchange Companies Association of Pakistan (ECAP) reported a noteworthy recovery of the rupee, which surged to 298 in relation to the greenback, reflecting a significant increase.

    This crackdown on black market operators was initiated earlier in the month in response to a precipitous decline in the rupee’s value, hitting a record low of Rs333.7 on September 5. The impetus for this decisive action stemmed from appeals made to Chief of Army Staff (COAS) Gen. Asim Munir by currency dealers, beseeching him to intervene and stabilise the escalating value of the American currency.

    As a direct outcome of these concerted efforts, the Pakistani currency rebounded to a level below 300 per dollar in the open market earlier this week. This positive shift also saw a substantial influx of tens of millions of dollars back into the country’s interbank and open markets, according to reports from dealers.

  • Open market: PKR gains Rs30 against US dollar in just four days

    Open market: PKR gains Rs30 against US dollar in just four days

    The Pakistani rupee (PKR) has shown remarkable strength, appreciating by 4 rupees against the US dollar (USD) in the open market, with current quotes at 301/305 around noon. In just four days, the PKR gained an impressive 30 rupees (9.97 per cent), moving from PKR 331 to PKR 301 against the USD.

    Simultaneously, in the interbank market, PKR appreciated by 2 rupees in today’s session, quoted at 302.74/302.84, following a similar gain in the previous interbank session, reducing the gap between the interbank and open market to 0.57 per cent.

    This surge in the local currency is attributed to reforms by the State Bank of Pakistan (SBP) in the exchange companies sector. These reforms aim to consolidate exchange companies into a single category with a well-defined mandate and higher capital requirements, also encouraging banks to establish wholly owned exchange companies.

    An ongoing crackdown against speculators, hoarders, and smugglers has further boosted sentiment, reducing the disparity between the open market and interbank rates below the IMF’s recommended threshold.

    The black market for Hawala/Hundi has also seen a significant decline in dollar rates. Previously, rising demand for dollars due to speculation and smuggling had widened the gap between open market and interbank rates, exceeding IMF recommendations.

    The government’s initiatives effectively curb speculative activities in the open market without interbank intervention. Further improvements are expected if similar measures are taken against gold smuggling, as individuals may opt for smuggled gold investments in the absence of dollar access.

  • Second consecutive decline: Gold price drops by more than Rs6,000 per tola

    Second consecutive decline: Gold price drops by more than Rs6,000 per tola

    The price of gold in Pakistan fell for the second consecutive day on Tuesday, as the rupee depreciated against the US dollar. The price of 24 karat gold decreased by Rs6,300 per tola (11.66 grammes) and Rs5,402 per 10 grammes, to settle at Rs232,800 and Rs199,588, respectively.

    The decline in gold prices was in line with the fall in the international market, where the price of gold fell by $9 to settle at $1,931 per ounce. The gold rate has been volatile in Pakistan recently due to political and economic uncertainty, and high inflation.

    The price of silver also fell by Rs100 per tola and Rs85.74 per 10 grammes, to settle at Rs2,800 and Rs2400.5, respectively.

    The depreciation of the rupee against the dollar is the main reason for the decline in gold prices in Pakistan. When the rupee weakens, gold becomes more expensive for buyers in Pakistan, who have to pay more rupees to buy the same amount of gold.

    The political and economic uncertainty in Pakistan is also a factor that is contributing to the volatility of gold prices. Investors are unsure about the future of the country, and they are looking to gold as a safe haven investment. This demand for gold is pushing up prices.

    The high inflation in Pakistan is also making gold more expensive. When inflation rises, the value of the rupee decreases, which makes gold more expensive for buyers in Pakistan.

    Overall, the gold rate in Pakistan is expected to remain volatile in the near future due to the factors mentioned above.

  • Pakistani rupee sets new record, falls to Rs307.10 per US dollar 

    Pakistani rupee sets new record, falls to Rs307.10 per US dollar 

    In the interbank market on Tuesday, the Pakistani rupee (PKR) continued to weaken against the US dollar, losing PKR 1.4569 (0.48 per cent) on a day-over-day basis and ending the session at PKR 307.0996 per US dollar.

    On Monday, the Pakistani rupee experienced a slight decline against the US dollar, settling at Rs305.64 in the interbank market.

    The government has not yet finalised relief measures for the surging electricity bills of consumers, primarily due to disagreement between the federal government and the International Monetary Fund (IMF) regarding the provided data.

    On the international front, the US dollar remained strong on Tuesday, while the Australian dollar faced some pressure. Traders were closely monitoring the Reserve Bank of Australia’s upcoming interest rate decision, speculating that interest rates may have reached their peak.