Tag: PKR

  • Gold surges to Rs147,250 per tola in local market

    Gold surges to Rs147,250 per tola in local market

    On Monday, gold prices in the local market rose by Rs1,450 per tola to a new all-time high, pushed up by the Pakistani currency’s continued depreciation against the US dollar.

    Despite no change in gold rates in the international market, gold rates in the local market increased to Rs147,250 per tola, according to data released by the All Sindh Saraf Jewelers Association. Similarly, the price of a gramme of gold increased by Rs1,243 to Rs126,243.

    However, gold prices on the international market remained unchanged at $1,840 per ounce.

    The price of silver per tola remained unchanged at Rs1,560. The price of a gramme of silver also remained unchanged at Rs1,337.44. When compared to rates in the Dubai gold market, local jewellers said prices in the local market remained below Rs3,000 per tola.

    Pakistani rupee dips to new lows

    Experts predict that the Pakistan rupee will continue to fall against the US dollar and other major currencies owing to concerns regarding the IMF’s $6 billion program’s restoration, the country’s expanding current account deficit, and dwindling foreign exchange reserves.

    The PKR which lost 32.5 per cent of its value in the current financial year 2021-22 is forecasted to remain under stress as the dollar is in high demand in the market due to economic crises.

    The central bank appears helpless to stem the rupee’s speculative fall, as demand for the US dollar continues to rise due to quarter-end payment strain.

  • Pakistani rupee remains volatile as US dollar surpasses Rs211

    Pakistani rupee remains volatile as US dollar surpasses Rs211

    On Monday, the Pakistani rupee dropped sharply to a record low of over Rs211 against the US dollar in the interbank market, indicating that the currency remains highly volatile.

    The rupee’s latest devaluation against the US dollar is the result of panic buying by traders in response to reports that some financial institutions were out of foreign currency.

    According to the State Bank of Pakistan (SBP), the US dollar was available at Rs211.21 at 11:03 AM and had closed at Rs208.75 on Friday.

    It is worth noting that the Pakistani rupee has fallen for the seventh working day in a row, losing nearly Rs6, or more than 3 per cent, to date.

    Experts predict that the Pakistan rupee will continue to fall against the US dollar and other major currencies owing to concerns regarding the IMF’s $6 billion program’s restoration, the country’s expanding current account deficit, and dwindling foreign exchange reserves.

    The PKR which lost 32.5 per cent of its value in the current financial year 2021-22 is forecasted to remain under stress as the dollar is in high demand in the market due to economic crises.

    SBP appears helpless to stem the rupee’s speculative fall, as demand for the US dollar continues to rise due to quarter-end payment strain.

    Monetary specialists attribute the depreciation of the local currency to a widening trade deficit, political instability, and a drop in foreign direct investment. The currency expert believes that the positive news from the Financial Action Task Force (FATF) will help attract foreign investment, increasing the availability of the dollar.

    Traders expect the rupee to settle in a range of 195-200 per dollar until the end of the current fiscal year 2021-22 if the IMF deal is finalised.

    According to data compiled by Ismail Iqbal Securities, Pakistan’s currency has depreciated by 14.57 per cent against the dollar this year, making it one of the worst performers in the world.

    The worst-performing currency was the Sri Lankan rupee, which fell 43.9 per cent, followed by the Laotian Kip, which fell 24 per cent, the Turkish Lira, which fell 23.18 per cent, and the Ghana Cedi, which fell 22.33 per cent, according to the data.

  • Pakistani rupee gains ground for the third consecutive day

    Pakistani rupee gains ground for the third consecutive day

    Pakistani rupee (PKR) gained 60 paisas after closing in the inter-bank market on May 31, as a return of clarity on the economic front and a reduction in domestic political turmoil boosted it for the third consecutive day.

    According to the State Bank of Pakistan (SBP), the local currency closed at Rs198.46 after gaining 60 paisas (0.30 per cent) in the day. The local currency concluded at Rs199.06 on Monday, up 70 paisas, or 0.35 per cent, from its previous closing.

    On the other hand, oil prices, a key indicator of currency parity, rose on Tuesday as the EU decided to cut Russian oil imports, fueling fears of a tighter market already stressed for supply ahead of the peak summer driving season in the US and Europe.

    The appreciation arrived as European Union leaders decided to slash 90 per cent of Russian oil imports by the end of this year, breaking a deadlock with Hungary over the bloc’s heaviest sanctions against Moscow since the invasion of Ukraine.

    The rise in oil prices is another bad news for Pakistan, which has seen its import bill increase, putting strain on external payments while increasing market demand for dollars.

  • Pakistani rupee drops to Rs202 as market ambiguity extends

    Pakistani rupee drops to Rs202 as market ambiguity extends

    Pakistani currency slid to another historic low of Rs202 versus the US dollar on May 25 and lost ground in the interbank market.

    It fell 0.25 per cent against the US dollar today, closing at Rs201.92 after losing 51 paisas in the interbank market. During today’s open market session, the rupee hit an intraday low of Rs202.12 against the US dollar. In two weeks, the dollar has gained Rs15.23 against the rupee, and Rs18.98 since the new regime took power.

    The political situation in Pakistan also played a significant role in keeping the forex market on its toes, as players on both sides of the fence intensified their narratives against one another. Riots have broken out across the country after the month-old government shut down roads leading to Islamabad, where former Prime Minister Imran Khan’s party is planning a large rally calling for the removal of the incumbent and immediate general elections.

    International oil prices maintained Monday’s gains as concerns about tight global supply continued to outweigh short-term trade forecasts. Brent crude rose to $114 per barrel, while West Texas Intermediate (WTI) crude in the United States rose to $111.

    Today, the PKR fell further against the majority of the other major currencies in the interbank market. It fell two paisas against the Pound Sterling (GBP), 13 paisas against the Saudi Riyal (SAR), and 38 paisas against the Australian Dollar (AUD).

    In today’s interbank currency market, it gained 12 paisas against the Canadian Dollar (CAD) and 17 paisas against the Euro (EUR).

    It is worth noting that the PKR reported losses against the greenback for the fourteenth day in a row.

  • Gold prices in Pakistan hit historic high of Rs143,600 per tola

    Gold prices in Pakistan hit historic high of Rs143,600 per tola

    Gold prices in Pakistan continued to rise as the Pakistani currency fell deeper versus the US dollar, pushing the precious metal to a high of Rs143,600 per tola.

    The price of gold per tola increased by Rs1,950 per tola, as per the All Sindh Sarafa Jewellers Association (ASSJA). Moreover, the price per 10 gramme jumped by Rs1,672 to Rs123,114.

    Following yesterday’s gain of Rs1,950 per tola, the gold price has risen by Rs5,250 in the last four days (Friday-Tuesday).

    During the current economic crisis, gold has resurfaced as a secure investment, and consumers have been eagerly buying gold to preserve their savings against inflation.

    The rupee’s collapse, which reached an all-time low of Rs201.41 versus the US dollar in the interbank market, compelled the gold trading body to drastically raise the bullion price.

    The price of yellow metal fell by $4 per ounce on the international market to settle at $1,858. When compared to the Dubai market, gold prices in Pakistan are roughly Rs1,500 lower.

  • Pakistani Rupee drops to a new low of Rs195.74 against US dollar

    Pakistani Rupee drops to a new low of Rs195.74 against US dollar

    In today’s interbank market, the Pakistani Rupee (PKR) plummeted to another historical low versus the US Dollar (USD). It fell 0.80 per cent against the US dollar, closing at Rs195.74 after losing Rs1.56 in the interbank market.

    During today’s open market session, the local currency fell to an intraday low of Rs197 versus the US dollar. Since last week, the dollar has gained Rs9.06 against the PKR, and Rs12.81 since the new government took office on April 11, 2022.

    The local currency hit a new all-time low against the dollar on May 17, ahead of Pakistan’s preliminary consultations with the International Monetary Fund (IMF) in Doha on Wednesday (tomorrow) to revive the country’s stalled multibillion-dollar bailout package.

    On Tuesday, oil prices rose to their highest level in seven weeks, spurred by the European Union’s continued push for a ban on Russian oil imports, which may dangerously constrain supplies. Brent crude hit a high of $115, its best since March 28, while WTI crude in the United States rose 78 cents, or 0.7 per cent, to $114.98.

  • Pakistani rupee reaches a new all-time low of Rs190 against the US dollar

    Pakistani rupee reaches a new all-time low of Rs190 against the US dollar

    In the interbank market on May 11, the US dollar soared to an all-time high against the Pakistani rupee (PKR), reaching Rs190.10.

    In the morning. the local currency was trading at Rs189.89 to Rs190.04, with deals reported at Rs190.

    The dollar gained Rs1.44, surpassing the prior day’s finish of Rs188.66. The greenback touched an all-time high on May 11, when it surpassed the Rs189 level.

    It had gone down in the immediate aftermath of the April 11 change of government, but the adjustment soon ran out of steam, and the greenback is now flying again, hitting a new all-time high.

    Read more: CNG prices pushed to Rs140 per kg for sales tax collection

    Experts say the rupee is under pressure because of increased oil import bills and speculation about the Saudi package. Foreign reserves were also under strain due to delays in talks with the International Monetary Fund.

  • Pakistani Rupee crashes to a record low against US dollar 

    After a fourth consecutive session of losses on May 10, Pakistan’s currency hit an all-time low in the interbank market due to a lack of clarity on foreign cash inflow and a stronger US dollar.

    The rupee ended the day at Rs188.66, down Rs1.13, or 0.60 per cent, according to the State Bank of Pakistan (SBP). After a 0.48 per cent decline on Monday, the rupee finished at Rs187.53. Prior to Tuesday, the PKR’s lowest closing was Rs188.18 on April 7, 2022.

    Oil prices, a key indicator of currency parity, dipped in tumultuous trade on Tuesday as the market weighed the impact of expected European Union penalties on Russian oil against demand concerns stemming from China’s coronavirus lockdowns, a strong dollar, and rising recession threats.

    Read more: Pakistani rupee nearing an all-time low

    Despite the decline, the price of oil remains far above $100 per barrel, a high level for oil-importing nations like Pakistan, which is already grappling with a growing current account deficit and dwindling foreign exchange reserves.

  • Pakistani rupee nearing an all-time low

    Pakistani rupee nearing an all-time low

    On Monday, the Pakistani rupee (PKR) fell for the third consecutive session as depleted foreign exchange reserves and uncertainty over the renewal of the International Monetary Fund (IMF) programme weighed on the local currency.

    The PKR lost 0.48 per cent of its value against the US dollar in the interbank market.

    The rupee ended the day at Rs187.53, down 90 paisas, or 0.48 percent, according to the State Bank of Pakistan (SBP). After a 0.5 per cent decline, the rupee finished at Rs186.63 on Friday.

    Considering the latest decline, the local currency is only 65 paisas away from reaching an all-time low of Rs188.18 on April 7, 2022.

    Oil prices fell on Monday alongside equities, driven down by a strong dollar and demand fears stemming from China’s continued coronavirus lockdowns.

    Read more: Bitcoin falls to lowest since January after stock market

    The key cause driving the rupee’s decline against the greenback, according to Arif Habib Limited Head of Research Tahir Abbas, is uncertainty on the IMF front.

    Uncertainty about the programme led to a surge in selling pressure in Pakistani stocks, which fell throughout the day.

  • Honda Atlas announces price hike instead of fixing delivery issues

    Honda Atlas announces price hike instead of fixing delivery issues

    Honda Atlas, like its counterpart Indus Motor Company, announced a price hike for the second time in less than two months, increasing ex-factory prices up to Rs170,000, claiming rupee devaluation as the cause for transferring the burden to the consumers.

    The ‘latest generation’ of Honda city in Pakistan is now priced at Rs3,264,000 after getting a hike of Rs135,000. Aspire 1.5 variants of Honda city witnessed a hike of nearly Rs150,000 in their previous rate.

    Meanwhile, Civic prices increased by Rs150,000 across all three variants: the Civic 1.5L CVT, Civic 1.5L Oriel M CVT, and Civic RS 1.5L CVT. The top variant of Honda civic RS 1.5 LL CVT from May 1 will be offered at a price of Rs6,649,000 which was previously sold at Rs6,499,000.

    Honda’s MPV, the BRV, is now priced at Rs4,249,000 after a price increase of Rs170,000. BRV was earlier sold at Rs4,079,000.

    Read more: Toyota Pakistan announces another massive price hike for all cars

    Also, these prices are exclusive of freight charges and any government tax applicable at the time of delivery that will be paid by the consumer.