Tag: US dollar

  • PKR appreciates 15.82 paisa to close at Rs282.37 against USD

    PKR appreciates 15.82 paisa to close at Rs282.37 against USD

    In Tuesday’s interbank session, the Pakistani rupee (PKR) strengthened by 15.82 paisa against the US dollar (USD), concluding the trade at PKR 282.37 per USD—improved from the previous closing of PKR 282.53 per USD. 

    The Pakistani currency experienced intraday fluctuations, reaching a high bid of Rs282.8 and a low ask of Rs282.4.

    Within the open market, Exchange Companies quoted the dollar at Rs282 for buying and Rs284.8 for selling. 

    Against major currencies, the PKR depreciated by 46.13 paisa against the Euro, closing at Rs311.27, compared to the prior value of Rs310.81. 

    The British Pound became more affordable by 17.27 paisa, closing at Rs358.48, in contrast to Rs358.66 from the preceding day.

    The Swiss franc demonstrated gains of 4.63 paisa, concluding at Rs329.89, a slight increase from Rs329.84 in the previous session. 

    Against the Japanese Yen, the PKR gained 0.23 paisa, settling at Rs1.9841 as opposed to Rs1.9864 a day ago. 

    The Chinese Yuan experienced a decline of 3.37 paisa, closing at Rs39.52 compared to Rs39.55 in the previous session.

    The Saudi Riyal concluded at Rs75.27, indicating a loss of 4.32 paisa from its previous value of Rs75.31. 

    Simultaneously, the UAE Dirham decreased by 4.73 paisa, transitioning from Rs76.89 a day ago to Rs76.93.

  • 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.

  • Gold price hits Rs219,800 per tola after an increase of Rs1,800

    Gold price hits Rs219,800 per tola after an increase of Rs1,800

    In a notable uptrend, domestic gold prices in Pakistan experienced significant gains on Friday, with the price of 24-karat gold rising by Rs1,800 per tola and concluding the session at Rs219,800.

    According to the Karachi Sarafa Association, the closing price for 10 grammes of 24-karat gold in today’s session was Rs188,443, marking an increase of Rs1,543.

    Similarly, the price for 10 grammes of 22-karat gold reached Rs172,740, showing a gain of Rs1,415.

    Contrastingly, the price of silver remained steady in the local market, with 24-karat silver and 10-gramme 24-karat silver settling at Rs2,650 and Rs2,271.94, respectively.

    The continuous surge in international gold prices is a driving force behind the upward trajectory of gold prices in the domestic market.

    Currently, international spot gold is trading at $2,055.91, indicating a 0.48 per cent increase compared to the previous session’s closing.

    Furthermore, international gold is set for its second consecutive weekly gain, influenced by the weakening dollar and US Treasury yields.

    The recent statement from the US Federal Reserve, outlining a cumulative rate cut of 75 basis points in 2024, is putting sustained pressure on the dollar and Treasury yields, contributing to further gains for the precious metal.

    In addition to the impact of international price fluctuations, the domestic gold market is also susceptible to changes in the interbank exchange rate of the local currency.

    The intricate interplay between global and domestic factors continues to shape the dynamics of the gold market in Pakistan.

  • PKR records eighth consecutive gain, closes at Rs282.79 vs dollar

    PKR records eighth consecutive gain, closes at Rs282.79 vs dollar

    In a notable financial trend, the Pakistani rupee (PKR) sustained its positive trajectory against the US dollar (USD) for the eighth consecutive session, witnessing a 0.04 per cent appreciation in the interbank market on Thursday.

    According to the State Bank of Pakistan (SBP), the rupee concluded at Rs282.79 after experiencing a rise of Re0.11.

    The preceding day saw a slight uptick in the PKR’s value, settling at Rs282.9 against the US dollar. 

    A significant development unfolded as the government successfully secured a historic amount of Rs397 billion ($1.4 billion) in Wednesday’s local currency bond auction. 

    This achievement surpassed expectations, marking the highest borrowing in years within a single auction, showcasing sustained market interest even as December draws to a close.

    The substantial participation of investors underscores their confidence in long-term bonds, fueled by the anticipation of an early 2024 rate cut. 

    The government strategically opted for long-term borrowing in response, effectively mitigating rollover risks and minimisingreliance on short-term funding in the future.

    On the global front, the US dollar regained strength on Thursday, prompted by a sudden end to a robust rally for US stocks, compelling investors to seek safety. 

    In the final hour of equities trade on Wall Street, heavy selling induced a ripple of risk aversion through markets, lifting the previously under-pressure greenback from lows.

    As of early Asia trade on Thursday, the dollar index, which is down 1 per cent for the year so far, remained steady at 102.37. 

    In a comparison with major currencies, the Pakistani currency strengthened by 69.15 paisa against the Euro, concluding at Rs309.57 as opposed to the previous rate of Rs310.26. 

    The British Pound saw a reduction in value of 79.58 paisa, settling at Rs357.41 in comparison to the previous day’s Rs358.21.

    However, PKR experienced a slight decline of 0.38 paisa against the Japanese yen, closing at Rs1.974 as compared to the previous day’s rate of Rs1.97. 

    The Saudi Riyal concluded at Rs75.38, registering a decrease of 1.15 paisa from its value of Rs75.39 a day ago. 

    Similarly, the UAE Dirham witnessed a decrease in value of 2.81 paisa, shifting from Rs77.027 the previous day to Rs76.999.

    Meanwhile, oil prices, a crucial indicator of currency parity, experienced a decline on Thursday due to concerns over low demand following an unexpected US crude inventory build, outweighing apprehensions about global trade disruptions linked to tensions in the Middle East. 

    Brent crude futures dropped by 3 cents to $79.67 a barrel, while US West Texas Intermediate crude stood at $74.16 a barrel, reflecting a 6-cent decrease.

  • Pakistani rupee gains 20 paisa against US dollar

    Pakistani rupee gains 20 paisa against US dollar

    The Pakistani rupee (PKR) extended its positive trajectory against the US dollar for the sixth consecutive session, appreciating by 0.07 per cent in the inter-bank market on Tuesday.

    According to the State Bank of Pakistan (SBP), the rupee concluded at Rs283.01, marking an increase of Re0.20.

    In the previous session, the rupee saw a marginal gain, settling at Rs283.21 against the US dollar.

    Meanwhile, in a noteworthy development, Pakistan secured $4.285 billion from various financing sources in the first five months (July–November) of the current fiscal year 2023–24.

    This represents a decrease from the $5.114 billion borrowed during the corresponding period in 2022–23, as disclosed by data from the Economic Affairs Division (EAD).

    On the global front, the US dollar experienced a 0.3 per cent decline against the yen, maintaining its position close to a four-month high of 140.95 reached last week.

    Additionally, the greenback lingered near approximately five-month lows against the Australian and New Zealand dollars.

    This was attributed to the strength of risk-sensitive currencies, driven by the anticipation that the US Federal Reserve might initiate interest rate adjustments as early as the beginning of next year.

    In the realm of commodities, oil prices stabilised on Tuesday as investors assessed the potential repercussions on oil supply arising from attacks by Yemen’s Iran-aligned Houthi militants on ships in the Red Sea.

    These attacks have disrupted maritime trade, compelling companies to reroute vessels. Notably, crude prices surged nearly 2 per cent on Monday due to concerns about trade disruptions through the Suez Canal, a vital shipping route that accounts for approximately 15 per cent of global shipping traffic.

    Brent crude declined by 12 cents to $77.83 per barrel.

    The US West Texas Intermediate crude for January, set to expire on Tuesday, experienced a decrease of 62 cents, reaching $71.85. In contrast, the more active February contract only incurred a marginal loss of 3 cents.

  • Pakistani rupee appreciates 0.02% against US dollar to close at Rs283.21

    Pakistani rupee appreciates 0.02% against US dollar to close at Rs283.21

    In a continuing upward trend, the Pakistani rupee demonstrated resilience in the inter-bank market by securing gains against the US dollar for the fifth consecutive session, appreciating by 0.02 per cent on Monday.

    According to the State Bank of Pakistan (SBP), the rupee closed at Rs283.21, marking an increase of Re0.05.

    Throughout the preceding week, the rupee exhibited a noteworthy appreciation, gaining Re0.61 or 0.21 per cent to settle at Rs283.26 against the US dollar in the inter-bank market.

    This marks the fifth consecutive week of the rupee’s advancement against the dollar, a momentum attributed to the recent announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) concerning the first review of the $3 billion Stand-by Arrangement (SBA).

    Since the revelation of the SLA on November 15, the local currency has strengthened by Rs4.88, or 1.7 per cent, against the greenback.

    Meanwhile, on a global scale, currencies commenced the week with caution following significant fluctuations in the previous week, driven by various central bank meetings, including rate decisions from the Federal Reserve, the European Central Bank (ECB), and the Bank of England (BoE).

    The greenback, which had been bolstered throughout most of 2022 and 2023 by aggressive rate hikes from the Fed and expectations of prolonged higher rates, experienced a notable decline of approximately 1.3 per cent against a basket of currencies last week in response to the outcomes of the Fed’s policy meeting.

  • Interbank closing: Pakistani rupee gains 10 paisa against US dollar

    Interbank closing: Pakistani rupee gains 10 paisa against US dollar

    The Pakistani rupee (PKR) demonstrated resilience for the third consecutive session against the US dollar (USD), marking a 0.04 per cent appreciation in the interbank market on Thursday, according to the State Bank of Pakistan (SBP).

    The PKR settled at Rs283.51 after an increase of Rs0.10. This positive trend follows Wednesday’s marginal gain, where the rupee settled at Rs283.61 against the USD.

    In contrast to major currencies, the local currency experienced a loss of Rs2.64 against the Euro, closing at Rs308.49 compared to the previous value of Rs305.85.

    The British Pound strengthened by Rs2.91, concluding at Rs357.96 in comparison to Rs355.05 from the preceding day.

    The Swiss franc also witnessed gain of Rs1.46, closing at 325.35 compared to Rs323.89 in the previous session.

    Against the Japanese yen, PKR lost 5.23 paisa, settling at Rs1.9972 versus Rs1.9449 a day ago.

    In the ongoing financial year, the PKR has appreciated against the dollar by Rs2.48, or 0.87 per cent.

    However, in the current calendar year, it has depreciated by Rs57.08, or 20.13 per cent.

    In a related development, the Asian Development Bank (ADB), in its latest report, Asian Development Outlook (ADO), highlighted that Pakistan’s overall recovery is still constrained by moderate confidence and high inflation eroding purchasing power.

    The ADB noted that Pakistan’s inflation rate averaged 28.5 per cent over July–October but is expected to ease amid fiscal consolidation, monetary tightening, and improved availability of food and key imported inputs.

  • Pakistani rupee experiences 11th consecutive session of decline against US dollar

    Pakistani rupee experiences 11th consecutive session of decline against US dollar

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    The Pakistani rupee faced its eleventh consecutive session of losses against the US dollar, depreciating by 0.34 per cent in the inter-bank market on Monday.

    According to the State Bank of Pakistan (SBP), the rupee settled at 285.29, marking a decline of Re0.98.

    In the preceding week, the rupee had also suffered losses against the US dollar, closing 1.33 per cent lower at 284.31 in the inter-bank market, equivalent to a decrease of Rs3.74. This marked the third consecutive week of declines for the local currency.

    Prior to this recent trend, the Pakistani rupee had maintained a positive trajectory for 28 consecutive sessions, one of the longest appreciation runs, gaining a cumulative 10.93 per cent since reaching a record low of 307.1 in the inter-bank market on September 5.

    This surge was largely attributed to efforts to combat smuggling and increased controls on exchange companies.

    However, the situation has since shifted in favour of the US dollar, with global currencies remaining stable on Monday but appearing poised to continue their recent uptrend. This comes as the US dollar retreated following a moderation in the Federal Reserve’s hawkish stance.

    Internationally, major global currencies showed stability early on Monday, with the US dollar index flat at 105.11 and the euro at $1.0726.

    The dollar index experienced its most significant decline since mid-July, falling over 1 per cent last week and reaching a six-week low.

    Weakness in US job data, softer global manufacturing figures, and declining longer-term Treasury yields also contributed to the dollar’s weakened position.

  • Pakistani rupee declines by 48 paisa, closing at Rs280.57 against US dollar

    Pakistani rupee declines by 48 paisa, closing at Rs280.57 against US dollar

    In the financial markets this week, the Pakistani rupee (PKR) experienced a depreciation of 1.78 rupees against the US dollar (USD), closing the week’s trade at PKR 280.57.

    This marks a significant shift from the previous week’s closing rate of PKR 278.8 per USD.

    During today’s trading session, the local currency saw a decline of 48.1 paisa. The intraday high (bid) was recorded at Rs280.5, while the low (ask) reached Rs280.15 against the US dollar.

    In the open market, exchange companies quoted the US dollar at Rs279.5 for buying and Rs292.8 for selling, indicating a loss of 50 paisa compared to the previous closing rates of Rs279 for buying and Rs282 for selling.

    This decline against the US dollar signifies the second consecutive weekly decrease for the Pakistani rupee. In comparison to other major currencies, the PKR experienced fluctuations as well.

    Against the Euro, the PKR depreciated by 64.78 paisa, closing at Rs296.17 compared to the previous value of Rs295.53.

    The British Pound became more expensive by 1.21 rupees, closing at Rs339.94 in contrast to Rs338.73 from the previous day.

    PKR lost 0.69 paisa against the Japanese yen, closing at Rs1.869 versus Rs1.862 the previous day.

    The UAE dirham also increased in value by 12.89 paisa from Rs76.257 to Rs76.386.

    It’s noteworthy that during the current financial year, the PKR has appreciated against the dollar by Rs5.42, or 1.93 per cent.

    However, in the current calendar year, PKR has depreciated by 54.14 rupees, or 19.3 per cent.

    This dynamic market movement reflects the ongoing economic fluctuations in the country.