Tag: PKR to USD

  • Interbank closing: Pakistani rupee gains 11 paisa against US dollar

    Interbank closing: Pakistani rupee gains 11 paisa against US dollar

    On Friday, the Pakistani rupee saw a slight improvement against the US dollar, appreciating by 0.04 per cent in the inter-bank market.

    The local currency closed at 278.57, a gain of Re0.11 from the previous day’s rate of 278.68, as reported by the State Bank of Pakistan (SBP).

    In recent months, the rupee has generally fluctuated between 277 and 279, with traders closely monitoring developments regarding the International Monetary Fund’s (IMF) Executive Board discussions on a new $7 billion Extended Fund Facility (EFF).

    Against major currencies, the performance of the Pakistani rupee on the last trading day of the week was as follows:

    Currency Previous rate Closing rate Change
    British Pound 366.39 367.19 80.4
    Euro 308.95 309.58 63.15
    Saudi Riyal 74.24 74.21 2.9
    UAE Dirham 75.84 75.87 3.17
    Japanese Yen 1.9402 1.9549 1.47
    Swiss Franc 329.15 330.82 1.67
    Chinese Yuan 39.25 39.32 6.91
    Exchange rates for today

    – The British Pound increased by 80.4 paisa, ending at 367.19 from 366.39 the previous day.

    – The rupee fell by 63.15 paisa against the Euro, closing at 309.58 compared to the previous rate of 308.95.

    – The Saudi Riyal declined by 2.9 paisa, ending at 74.21 from 74.24.

    – The UAE Dirham decreased by 3.17 paisa, closing at 75.87 compared to 75.84.

    – Against the Japanese Yen, the rupee depreciated by 1.47 paisa, closing at 1.9549 compared to 1.9402 the previous day.

    – The Swiss Franc gained 1.67 rupees, closing at 330.82 compared to 329.15 the day before.

    – The Chinese Yuan saw an increase of 6.91 paisa, closing at 39.32 from 39.25.

  • Islamabad High Court to hear petition against Dar’s appointment as deputy PM

    Islamabad High Court to hear petition against Dar’s appointment as deputy PM

    The Islamabad High Court (IHC) will hear a petition filed by Pakistan Tehreek-e-Insaf (PTI) today against the appointment of Ishaq Dar as deputy prime minister, ARY News has reported. 

    IHC Chief Justice Aamer Farooq will hear the plea filed by PTI’s Sher Afzal Marwat.

    In the submitted petition, the famous PTI leader said that the appointment of Dar as deputy prime minister is illegal because the Pakistan Muslim League-Nawaz (PML-N) leader is also working as the foreign minister.

    “The office of the deputy prime minister is unconstitutional, and there is no provision in the Constitution of 1973 that allows the Prime Minister to appoint someone as his deputy,” the PTI leader added.

  • Pakistani rupee gains Rs15 versus US dollar during intraday trade

    Pakistani rupee gains Rs15 versus US dollar during intraday trade

    In the aftermath of securing last-minute funding from the International Monetary Fund (IMF), the Pakistani rupee exhibited a substantial gain of Rs15 against the US dollar in the interbank market on Tuesday.

    As reported by the Forex Association of Pakistan, the local currency’s exchange rate appreciated to Rs271 around 10 am. It is worth noting that the rupee had closed at 285.99 against the dollar on June 27, with trading activities suspended due to the Eid holidays last week and a bank holiday on Monday.

    This positive development follows a previous record-high exchange rate of Rs290.93 reached on May 11. Since then, the dollar has experienced a considerable decline of more than Rs23.

    The anticipated 3 per cent appreciation of the rupee has been realised, but the sustainability of these gains will be verified in the days ahead. The government has indicated that the partial funds from the IMF deal will be disbursed by mid-July.

    Additionally, the government has expressed confidence in securing approximately $4 to $5 billion from Saudi Arabia, the United Arab Emirates, and the Islamic Development Bank. These additional funds would contribute to resolving the dollar liquidity issues.

    The strength and stability of the rupee are likely to be maintained if these payments materialise. However, any delays could potentially increase pressure on the currency.

    According to the government’s projections, Pakistan’s reserves are expected to increase to $14 billion by August. Should this estimation hold true, it is anticipated that the rupee will stabilise around the range of 270 to 280, as suggested by experts.

  • Pakistani rupee maintains winning streak against dollar for third day to close at Rs286.73

    Pakistani rupee maintains winning streak against dollar for third day to close at Rs286.73

    The Pakistani rupee continued its upward trend against the US dollar for the third consecutive session in the inter-bank market on Thursday, appreciating by 0.09 per cent. According to the State Bank of Pakistan (SBP), the currency settled at Rs286.73 at the close, showing an improvement of Rs0.25 compared to the previous day’s rate of Rs286.98.

    In a significant development, Finance and Revenue Minister Ishaq Dar met with US Ambassador to Pakistan Donald Blome on Wednesday to discuss the economic ties between Pakistan and the United States, as well as the International Monetary Fund (IMF) loan program.

    This meeting took place following the IMF’s criticism of Islamabad’s budget proposals for the fiscal year 2023-24. Esther Perez Ruiz, the IMF’s Resident Representative for Pakistan, expressed dissatisfaction with the budget proposals, describing them as a missed opportunity to broaden the tax base. She also criticised the new amnesty scheme, stating that it sets a damaging precedent.

    Separately, Prime Minister Shehbaz Sharif stated on Wednesday that the immediate goal, with the assistance of the Special Investment Facilitation Council (SIFC), is to increase Foreign Direct Investment (FDI) in the country to $5 billion.

    On the international front, the US dollar remained close to a one-month low against a basket of currencies on Thursday. This followed Federal Reserve Chair Jerome Powell’s testimony, where he maintained his usual stance and offered little room for surprise.

    Powell’s comments to lawmakers on Capitol Hill aligned with the central bank’s previous policy meeting, indicating that further rate increases are likely if the economy continues its current trajectory. As a result, the greenback depreciated by nearly 0.5 per cent against six major peers in the previous session.

    Meanwhile, oil prices slightly declined on Thursday. Market expectations of further interest rate hikes were balanced by potentially bullish US oil inventory data, which indicated a decrease in stocks.

  • Shehbaz, Bilawal heap glowing praises on golden jubilee of the 1973 Constitution

    Shehbaz, Bilawal heap glowing praises on golden jubilee of the 1973 Constitution

    Prime Minister (PM) Shehbaz Sharif on the occasion of golden jubilee of the 1973 Constitution, took to Twitter and said that the ‘sacred document had weathered many storms over the past 50 years and held the federation together.’

    “The nation today commemorates the Golden Jubilee of the 1973 Constitution, a sacred document that has weathered many storms over the past 50 years & held the federation together. We pay our rich tribute to the framers of the Constitution for their political foresight,” tweeted the PM.

    “Constitution of Pakistan continues to be central to shaping our national character, identity & future trajectory. Time has come to place Parliament at the core of national life both in letter & spirit. Rules of the game framed in light of the Constitution show us the way forward.”

    Foreign Minister Bilawal Bhutto-Zardari said that April 10 has always been a historic day for Pakistan.

    “It is the day in 1973 when we got our constitution. In 1986 SMBB received her historic welcome in Lahore. It is the day in 2022 when for the first time VONC was successful; selected was rejected & ejected by parliament,” tweeted Bilawal.

    The National Assembly (NA), under the leadership of Speaker Raja Pervez Asharf, is all set to celebrate 50 years of the Constitution of Pakistan 1973.

    The month-long celebrations are set to commemorate the country’s charter with a series of events that will commence on April 10. The celebrations will be followed by a joint session of the Parliament, scheduled for 2pm.

  • 8 prominent banks under investigation for involvement in exchange rate manipulation: SBP

    8 prominent banks under investigation for involvement in exchange rate manipulation: SBP

    On Tuesday, Jameel Ahmad, the governor of the State Bank of Pakistan (SBP), told the National Assembly’s Standing Committee on Finance and Revenue that inquiries had been initiated against eight banks for their alleged involvement in exchange rate manipulation.

    According to Ahmad, the first part of the investigation focused on Bank Al Habib, Habib Bank Limited (HBL), National Bank of Pakistan (NBP), Meezan Bank Limited, United Bank Limited (UBL), Allied Bank Limited (ABL), and Standard Chartered. The name of eighth bank was not disclosed.

    He told the tribunal that ABL, NBP, and Standard Chartered had each received show-cause warnings. The governor continued by saying that in the following stage, the other banks will be looked into.

    The committee’s chairman, MNA Qaiser Ahmad Sheikh, gave SBP instructions to take the proper action against all banks and exchange firms implicated in the manipulation of the currency rate during today’s meeting.

    According to a news release from the National Assembly Secretariat, he requested that the central bank assess the severity of the violations by both parties and take the necessary action to ensure that nobody “has the audacity to play with the economy of the country.”

    According to Dawn, the committee believed that the banks made enormous profits during the recent volatility in the exchange rate and the differential between the interbank rate and the rate provided by exchange providers.

    Ahmad has told the committee that after the investigation is complete, anyone who violated the rules will be punished.

    Members of the Committee, the Secretary of Finance, the Chairman of the FBR, the Governor of the State Bank, and other senior executives from the relevant agencies attended the meeting of the Committee.

    Prior to this, Dawn claimed that banks had quadrupled their purchases of US money and were using credit cards to move it outside as the government struggled to stop dollar withdrawals.

    In a media interview the next week, Finance Minister Ishaq Dar declared that manipulating the exchange rate would not be permitted.

    Dar stated that the rupee is now not in the proper position and added that he was aware of some speculators who were playing this game and advised them to quit right away.

  • 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.

  • PSX surpasses 43,000-mark as IMF tranche inches closer

    PSX surpasses 43,000-mark as IMF tranche inches closer

    As trading began on Monday, the Pakistan Stock Exchange (PSX) resumed its upward trend, rising more than 700 points to cross the 43,000-mark.

    The benchmark KSE-100 index gained 764.25 points, or 1.78 per cent, from its previous finish of 42,857.57.

    PSX – August 15, 2022

    The benchmark KSE-100 index increased by 731.54 points, or 1.71 per cent, by 2:13 pm to reach 43,589.11 points, according to the PSX website.

    Additionally strengthening by Rs1.51, the Pakistani rupee (PKR) ended the day at Rs213.98. Since last week, the local currency has been steadily rising against the US dollar.

    Rupee latest closing -August 15, 2022

    The IMF’s letter of intent and Saudi Arabia’s pledge of more support were among the good developments over the weekend that contributed to the index’s strong start.

    The rupee’s robust rebound and the IMF tranche anticipated at the end of this month can be credited for the upward trend.

  • 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.