Tag: PKR

  • Rupee gains ground against dollar for second day, closes at Rs238

    Rupee gains ground against dollar for second day, closes at Rs238

    Following days of increases in the interbank and open markets, the US dollar fell against the Pakistani rupee on Tuesday as a result of assurances from the government and State Bank of Pakistan (SBP) that the nation will have enough money for FY2022-23 after receiving IMF tranches.

    For the third straight session, the Pakistani rupee appreciated versus the US dollar in the interbank market on Tuesday. This occurred as a result of the market’s stability following the government’s assurance that it would successfully tackle the challenging economic situation.

    After the rupee dropped for 10 straight sessions in the final days of July and depreciated by about 5 per cent just last week, the dollar began to lose strength on Friday.

    Tuesday’s interbank trading ended with the rupee up a pitiful Rs0.46 or 0.19 per cent, reaching Rs238.38, from 238.84 in the previous trading session. In the meantime, the open market exchange rate remained constant at Rs241.

    Forex dealers report that the US dollar lost Rs0.94 in interbank trading and is now trading at Rs237.90. The banks are offering to sell dollars for Rs238.50.

    The US dollar dropped to Rs239 in the open market after crossing the Rs250 threshold.

  • Pak Suzuki increases motorcycle prices for all models

    Pak Suzuki increases motorcycle prices for all models

    Pak Suzuki has once again announced a rise in prices across the board due to the depreciation of the Pakistani rupee (PKR), much like all of its two-wheeler rivals in the Pakistani market.

    The majority of motorcycle consumers are no longer able to afford the motorcycles due to price increases. Unfortunately, the only option left for the locals is the Chinese bike, which has become more expensive and of lower quality.

    Here are Suzuki motorcycles’ most recent prices:

    Variant Old Invoice New Price Increase
    Suzuki GD-110S Rs219,000 Rs229,000 Rs10,000
    Suzuki GS-150 Rs239,000 Rs251,000 Rs12,000
    Suzuki GS-150 SE Rs256,000 Rs271,000 Rs15,000
    Suzuki GR-150 Rs349,000 Rs365,000 Rs16,000
    Pak Suzuki Motorcycles Latest Price List August 2022

    In comparison to its earlier price of Rs349,000, the Suzuki GR-150 150cc model saw the largest price increase of Rs16,000; the bike now costs Rs365,000.

    It’s important to note that since the start of the year, Pak Suzuki has announced four price increases. In addition to motorbikes, Pak Suzuki also announced a price rise for its car lineup.

    Many assemblers have reported running out of production-critical materials, which the majority of automakers have mostly attributed to the ongoing decline of the Pakistani rupee versus the US dollar.

  • Yamaha increases motorcycle prices for the 5th time in 2022

    Yamaha increases motorcycle prices for the 5th time in 2022

    Yamaha has announced a significant price increase for motorcycles effective from August 1, 2022. All variants from the manufacturer, including the YB 125Z, YB 125Z DX, YBR 125, and YBR 125G, have seen price increases.

    It is important to note that this is the fifth price rise for Yamaha motorcycles in Pakistan since the year 2022 started, with the previous increase occurring in June 2022 and costing more than Rs20,000 for each model.

    The Yamaha YB 125Z will now cost Rs273,000 after an increase of Rs18,000, and the Yamaha YB 125Z DX will cost Rs292,000 after a hike of Rs18,000.

    Similarly, the Yamaha YBR 125’s price has increased by Rs19,500 to Rs300,000. After an increase of Rs20,500 for both models, the price of the Yamaha YBR 125G (Black/Red) is now Rs312,500, and the Yamaha YBR 125G (Gray) is now priced at Rs315,500.

    Nevertheless, this was to be expected, and over the course of 2022, Yamaha Motorcycle prices are predicted to rise by several factors, especially in light of the depreciation of the Pakistani Rupee (PKR) against the US dollar and the implementation of the Super Tax on the automotive industry.

    There is little justification for motorcycle manufacturers to raise prices so frequently and by such significant margins as bike manufacturing has been localised by up to 94 per cent in Pakistan.

    The depreciation of the local currency caused price hikes across the board in Pakistan’s auto industry, whether it be for cars or two-wheelers, pushing prices out of reach for an average person.

  • Honda raises car prices by up to Rs1.45 million

    Honda raises car prices by up to Rs1.45 million

    Following the footsteps of Toyota and KIA, Honda Atlas Cars Limited (HACL) has increased the price of its vehicles. The automaker has attributed the biggest increase to growing raw material prices and the weakening of the local currency against US dollar.

    The revised pricing go into effect on July 30, 2022. They apply to all orders placed beginning on July 30, 2022, and further forward.

    All orders that are due by August 2022 or for which full payment was received by July 29, 2022, will be subject to the previous pricing.

    Here are the new prices for all variants from Honda:

    Variant Old Invoice (Rs) New Prices (Rs) Difference (Rs)
    City 1.2L MT 3,264,000 4,049,000 785,000
    City 1.2L CVT 3,389,000 4,199,000 810,000
    City 1.5L CVT 3,589,000 4,439,000 850,000
    1.5 L Aspire MT 3,729,000 4,609,000 880,000
    1.5 L Aspire CVT 3,899,000 4,799,000 900,000
    Civic 1.5T M-CVT 5,549,000 6,799,000 1,250,000
    Civic Oriel 1.5T M-CVT 5,799,000 7,099,000 1,300,000
    Civic 1.5T RS LL-CVT 6,649,000 8,099,000 1,450,000
    BR-V 1.5 iVTEC S 4,249,000 5,299,000 1,050,000
    Latest Honda Car Prices in Pakistan

    It is worth noting that these hikes from Toyota and Honda are the biggest price increase in the auto market’s history. Honda’s premium sedan Honda Civic is now priced as high as Rs8.1 million.

    Additionally, the base trim of the Honda City now starts at more than Rs4 million, which has the general public in disbelief.

    Experts predict that the Pakistani rupee will most likely decline even further, which suggests that the price of cars may witness more revisions in the coming months.

  • Pakistani rupee continues to crash against US dollar, closes near Rs240

    Pakistani rupee continues to crash against US dollar, closes near Rs240

    The Pakistani rupee (PKR) continued to depreciate against the US dollar on Thursday, closing near Rs240, another record low in the inter-bank market as a result of pressure from import payments and the government’s alleged inability to intervene.

    The local currency fell by Rs3.92 (1.63 per cent) or more, or Rs239.94, against the dollar, according to the State Bank of Pakistan (SBP).

    Due to the most recent depreciation, the rupee has fallen more than 13 per cent overall over the last 10 trading sessions. As a result of pressure from ongoing political and economic unrest, the rupee had lost Rs3.09 (1.31 per cent) or more on Wednesday. Its closing value was Rs236.02.

    According to Business Recorder, which cited knowledgeable sources, Finance Minister Miftah Ismail stated on Wednesday that due to the agreement with the International Monetary Fund (IMF), government interventions in the foreign exchange (forex) market cannot be made to control the rate of the US dollar.

    He insisted that the demand for payments against the $7.5 billion import bill from last month is what is putting pressure on the foreign exchange market. He did, however, guarantee that the problem with the US dollar rate and the stress on foreign exchange reserves will be resolved, and that the exchange rate is anticipated to stabilise starting in August.

    In contrast, Pakistan reported a $2,275 million current account deficit (CAD) for the month of June 2022 as opposed to a $1,637 million deficit for the same month in the previous year. The currency is put under more stress as the current account deficit grows.

    The CAD increased by $14.6 billion in a single year, from $2.8 billion in FY21 to $17.4 billion in FY22.

  • Pakistani rupee crashes to another record low of Rs236.02 against US dollar

    Pakistani rupee crashes to another record low of Rs236.02 against US dollar

    During intraday trade today, the Pakistani Rupee (PKR) plunged to a new low versus the US Dollar (USD). It lost Rs3.09 in the interbank market today and depreciated by 1.31 per cent against the USD, closing at Rs236.02.

    During today’s open market session, the local currency was quoted at an intraday low of Rs238.5 against the US dollar. The dollar has increased by Rs52.07 against the PKR since the change of government.

    It is important to note that the Pakistani rupee has been among the worst-performing currencies in the world, falling more than 30 per cent since the beginning of 2022.

    However, the dollar has declined globally as well, reaching a 20-year high against other currencies in part due to anticipation that the Federal Reserve will raise interest rates more quickly than the majority of central banks.

    In addition, dealers told The News that the local currency was under pressure due to the ongoing political unrest and a lack of dollar liquidity.

  • Pakistani rupee falls to Rs233 per US dollar in the interbank market

    Pakistani rupee falls to Rs233 per US dollar in the interbank market

    The Pakistani rupee (PKR) continued to fall on Tuesday as the country’s political turmoil worsened, trading at Rs233 to the dollar in the interbank market.

    Today, the US dollar gained Rs3.12 versus the local currency, compared to the previous day’s finish of Rs229.88, which was an all-time high at the time.

    The local currency has been under pressure for the past week due to increased political tensions in the country following the July 17 by-elections in Punjab, which the PTI easily won. Also, the rupee has been one of the world’s worst performers, falling 30.2 per cent since the beginning of 2022.

    PKR had its worst week in more than two decades, ending on July 22, highlighting investor fear that a $1.2 billion loan tranche from the IMF approved last week could not be enough to alleviate the balance of payment crisis.

    Fears of Pakistan defaulting on its foreign repayments remain in the market, despite the central bank’s guarantee that the country would comfortably cover its funding obligations as long as an International Monetary Fund (IMF) loan programme remained in place.

    The rupee fell by nearly 8 per cent last week, the most in a single week since October 1998.

  • Pakistani rupee falls to record low of Rs230 versus US dollar

    Pakistani rupee falls to record low of Rs230 versus US dollar

    As the political situation in the country worsens, the Pakistani rupee (PKR) touched an all-time low versus the US dollar on Monday during intraday activity in the interbank market.

    Data from the State Bank of Pakistan (SBP) show that during intraday trade, the PKR fell to Rs230 from a rate of Rs228.37.

    As local currency fell by over 8 per cent against the greenback in the most recent trading week, its foreign exchange reserves fell below $10 billion, and inflation reached its highest point in more than a decade, worries about the country’s ailing economy have grown.

    According to Geo, the acting governor of Pakistan’s central bank, Murtaza Syed, stated this in a recent speech to foreign investors: “Markets are responding to these shocks in an unfairly broad-brush way, without paying enough attention to Pakistan’s relative strengths.”

    On Monday, a tola of 24-karat gold costs Rs147,700 in Pakistan.

    10 grammes of 24 karat gold were priced at Rs126,700. A single tola of 22-karat gold was being offered for Rs135,391 while 10 grams of 22k gold was being traded for Rs116,141.

  • Interbank trade: Pakistani rupee falls to all-time low of Rs214.74 against US dollar

    Interbank trade: Pakistani rupee falls to all-time low of Rs214.74 against US dollar

    As a result of the ruling PML-N’s defeat in the Punjab by-elections, which has caused political turmoil in the nation, the Pakistani rupee (PKR) on Monday fell to an all-time low of Rs214 against the US dollar in interbank trade.

    Today’s intraday trade saw Rs3.79 depreciation of the local currency against the US dollar. It is still unknown where the local currency will end up after the day’s trading.

    The local currency has reached an all-time low because the US dollar was trading for Rs214.74 on the interbank market, according to the Exchange Companies Association of Pakistan (ECAP).

    Pakistani rupee’s record low against the dollar was Rs211.48 on June 21. Since then, the currency has remained erratic.

    The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index is also down, with the bears controlling trading at the bourse. As of 11:34 am, the index was trading at 41,532.46 points, down nearly 550 points.

    Pressure on import payments and political unpredictability, according to Samiullah Tariq, Head of Research at Pakistan-Kuwait Investment Company, are to blame for the rupee’s decline.

    The results of the by-election on Sunday, according to the analyst, provided clarity, but the market is still waiting for a plan of action.

    PKR is weakening, but Arif Habib Limited analyst Ahsan Mehanti expressed optimism that it would soon rebound because all predictions favour the local currency.

    Mehnti was of the view that Pakistan will benefit greatly from the funds it will receive from the International Monetary Fund (IMF) as a result of the staff-level agreement.

  • Pakistani rupee climbs versus dollar for fourth consecutive day, closes at Rs204.56

    Pakistani rupee climbs versus dollar for fourth consecutive day, closes at Rs204.56

    On Monday, the rupee continued to strengthen for a fourth consecutive day, rising a meagre 0.14 per cent against the US dollar on hopes that the International Monetary Fund (IMF) bailout plan will be reinstated.

    In relation to the US dollar, the local currency increased by Rs0.29, or 0.14 per cent, to settle at Rs204.56. Since falling as low as Rs211.93 on June 22, 2022, the currency has increased by Rs7.37.

    The market now anticipates a relatively easy restart of the programme, which coincides with Pakistan’s efforts to meet various IMF-imposed requirements.

    Following discussions between the two parties, Pakistan received the IMF Memorandum of Economic and Financial Policies (MEFP) last week.

    In addition, Pakistan’s Prime Minister Shehbaz Sharif has stated that the IMF will combine the seventh and eighth assessments of Pakistan’s Extended Fund Facility (EFF) and distribute around $1.9 billion in the coming days.

    Experts claim that the most recent developments in the IMF programme, which is largely seen as being essential to Pakistan’s economy, have enhanced investor sentiment.