Tag: US dollar

The Pakistani rupee sustained its upward trend against the US dollar for the seventh consecutive session, exhibiting a slight 0.01 per cent appreciation in the interbank market on Thursday. 

According to the State Bank of Pakistan (SBP), the Pakistani rupee concluded at Rs281.11, marking an increase of Rs0.02. 

In the preceding session, the rupee recorded a marginal gain, settling at Rs281.13 against the US dollar.

Comparatively, the PKR experienced a decline of Rs1.47 against the Euro, closing at Rs308.63 compared to the previous value of Rs307.16. 

The British Pound strengthened by Rs1.79, concluding at Rs358.77 in contrast to the previous day’s Rs356.98. 

The Swiss franc witnessed an increase of 63.72 paisa, closing at Rs330.49 versus Rs329.85 from the prior session.

Against the Japanese yen, the PKR gained 0.63 paisa, concluding at Rs1.9333 compared to Rs1.9396 a day ago. 

On a global scale, the US dollar remained stable as traders awaited US inflation data to assess the validity of rate-cut predictions. 

The dollar, which had experienced a decline in the latter months of 2023 following signals from the Federal Reserve indicating an end to rate hikes, has since stabilised in early 2024 as traders factored in substantial cuts.

In a continued trend, the Pakistani rupee exhibited resilience against the US dollar, marking its sixth consecutive session of appreciation with a marginal uptick of 0.03 per cent in the inter-bank market on Wednesday. 

The State Bank of Pakistan (SBP) reported a settlement at Rs281.13, reflecting an increase of Re0.09.

This positive momentum follows Tuesday’s marginal gain when the rupee settled at Rs281.22 against the US dollar. 

Against major currencies, the Pakistani rupee demonstrated notable strength, gaining 94.44 paisa against the Euro, closing at Rs307.16 compared to the previous value of Rs308.11.

The British Pound observed a decrease of Rs1.38, closing at Rs356.98 in contrast to the previous day’s rate of Rs358.36. 

Similarly, the Swiss franc experienced losses of Rs1.86, closing at Rs329.85 compared to Rs331.71 from the preceding session.

The Pakistani rupee demonstrated resilience, marking its third consecutive session of gains against the US dollar with a 0.1 per cent appreciation in the inter-bank market on Friday. 

According to the State Bank of Pakistan (SBP), the rupee concluded at Rs281.4, reflecting an increase of Re0.27.

In a noteworthy development, the SBP’s foreign exchange reserves experienced a significant boost of $1.3 billion over a two-week period, attributed to official inflows from international financial institutions facilitated by the government of Pakistan. 

The upward trajectory in the SBP’s foreign exchange reserves was evident in the final weeks of December. Inflows totaling $852 million were reported for the week ending December 22, 2023, followed by an additional $464 million by December 29, 2023. 

Cumulatively, an impressive $1.316 billion contributed to the SBP’s reserves during this fortnight.

The Pakistani rupee (PKR) demonstrated a 5.08 paisa appreciation against the US dollar during Thursday’s interbank session, concluding at PKR 281.67 per USD, compared to the previous closing at PKR 281.72 per US dollar (USD).

Throughout the day, the currency reached an intraday high (bid) of Rs281.84 and a low (ask) of Ra281.8. In the open market, Exchange Companies quoted the dollar at Rs281 for buying and Rs283 for selling.

It’s noteworthy that the local unit concluded its 13-day historic winning streak against the greenback in the first trading session of 2024, experiencing a modest depreciation of 3.37 paisa against the US dollar.

In contrast to major currencies, PKR gained 56.27 paisa against the Euro, closing at Rs308.07 compared to the previous value of Rs308.63. 

The British Pound saw an increase of Rs1.25, concluding at Rs357.49 compared to Rs356.24 from the previous day.

The Swiss franc recorded gains of 75.99 paisa, closing at Ra332.01 compared to Rs331.25 from the previous session. 

Against the Japanese Yen, PKR gained 1.18 paisa, closing at 1.964 versus 1.9758 a day ago. The Chinese Yuan lost 4.96 paisa, closing at 39.38 against 39.43 from the previous session. 

The Saudi Riyal closed at 75.1 with a loss of 1.75 paisa from its values of 75.12 a day ago, and the U.A.E Dirham decreased by 1.28 paisa from 76.69 to 76.71.

In the current financial year, PKR has appreciated against the Dollar by 4.32 rupees or 1.53 per cent, while the current calendar year has seen PKR appreciate by 18.73 paisa or 0.07 per cent. 

In the money market, the benchmark 6 Month Karachi Interbank Bid and Offer rates decreased by 6 bps to 21.16 and 21.41 per cent.

The Pakistani rupee exhibited resilience against the US dollar in the inter-bank market, marking a 0.06 per cent gain on Wednesday, reaching a settlement of Rs281.72, reflecting an increase of Re0.17, as reported by the State Bank of Pakistan (SBP). 

This positive momentum follows a slight dip on Tuesday, when the rupee settled at Rs281.89 against the US dollar.

Meanwhile, on the international front, the US dollar experienced a broad ascent on Wednesday, hovering near a two-week high against major peers. 

This surge is attributed to various factors, including elevated US Treasury yields and a cautious shift in risk sentiment that impacted Wall Street.

In another significant development, the Federal Board of Revenue (FBR) is poised to implement stringent measures targeting non-filers during the current month. 

The initial phase involves the blocking of mobile SIM cards and mobile phones for non-filers, with the issuance of the Income Tax General Order expected by January 15. 

The FBR is also formulating a strategy to disconnect electricity and gas connections for non-filers, acknowledging a current lack of comprehensive data on the electricity connections of non-filers.