Tag: us dollar to pkr

  • Pakistani rupee gains only Rs1.16 against US dollar throughout March

    Pakistani rupee gains only Rs1.16 against US dollar throughout March

    In March, the Pakistani rupee (PKR) demonstrated resilience, maintaining stability against the US dollar (USD) while marking slight gains.

    Throughout the month, the PKR experienced marginal fluctuations, witnessing minor increments and decrements in value.

    Despite this, the overall trajectory showcased a modest uptick, with the local currency gaining 1.16 rupees against the USD, concluding the month at Rs277.95 per USD.

    In Friday’s trading session alone, the PKR exhibited a noteworthy appreciation, strengthening by 8.61 paisa against the greenback.

    During today’s trading activities, the currency displayed a range, reaching an intraday high bid of 278.45 and a low ask of 280.41.

    Notably, throughout the current financial year, the PKR has displayed resilience, appreciating by 8.04 rupees against the Dollar, reflecting a 2.89 per cent increase. Similarly, within the scope of the current calendar year, the PKR has witnessed a gain of 3.91 rupees, equating to a 1.41 per cent appreciation.

    In parallel, the State Bank of Pakistan (SBP) undertook strategic financial operations, including a reverse repo and Shariah Compliant Modarabah-based Open Market Operation (OMO) today.

    Through these interventions, the SBP injected a cumulative total of Rs2.71 trillion into the market, underscoring efforts to maintain liquidity and stability within the financial landscape.

  • 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.

  • Intraday trade: US dollar sheds Rs7.38 against Pakistani rupee

    Intraday trade: US dollar sheds Rs7.38 against Pakistani rupee

    As Pakistan’s import pressure decreased, the US dollar lost strength versus the Pakistani rupee (PKR) for the fourth session in a row during intraday activity in the interbank market on Wednesday.

    The value of the US dollar decreased by Rs7.38 during Wednesday’s intraday trade, falling from Rs238.38 at Tuesday’s interbank close to Rs231.

    The rupee, one of the poorest performing currencies in the world, began losing momentum on Friday after falling for 10 straight sessions in the latter days of July and appreciating by about 5 per cent just last week.

    According to data from the Pakistan Bureau of Statistics (PBS), imports fell by 38.3 per cent over the previous month as a significant decline in imports was observed after the government prohibited a number of luxury goods to address the dollar deficit in the economy.

    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.