Tag: USD to PKR

  • Exchange rates: PKR drops 19 paisa against USD, rises Rs1.12 against Euro

    Exchange rates: PKR drops 19 paisa against USD, rises Rs1.12 against Euro

    On Thursday, the Pakistani rupee (PKR) saw a slight depreciation of 19.23 paisa, or 0.07 per cent, against the US dollar (USD) in the interbank market.

    The rupee settled at PKR 278.64 per USD, compared to the previous closing rate of PKR 278.45. Throughout the trading session, the rupee reached an intraday high bid of PKR 278.80 and an intraday low ask of PKR 278.70.

    Interbank closing today

    In the open market, exchange companies quoted the USD at PKR 279.13 for buying and PKR 280 for selling.

    Here’s how Pakistani currency performed against other major currencies:

    Currency Change Previous rate Thursday’s rate
    Swiss Franc +50.26 paisa 330.25 330.75
    British Pound -38.65 paisa 368.46 368.07
    Euro +1.12 rupee 310.72 309.60
    Chinese Yuan +13.78 paisa 39.06 39.20
    Japanese Yen +0.01 paisa 1.9261 1.926
    Saudi Riyal +4.93 paisa 74.21 74.26
    UAE Dirham +5.24 paisa 75.86 75.81
    PKR exchange rates for Thursday

    In comparison to other major currencies, the Swiss franc gained 50.26 paisa, closing at PKR 330.75, up from PKR 330.25 in the previous session. Conversely, the British pound depreciated by 38.65 paisa, settling at PKR 368.07, compared to PKR 368.46 from the day before.

    The PKR also strengthened against the Euro, gaining 1.12 rupees to close at PKR 309.60, up from PKR 310.72. The Chinese yuan saw an increase of 13.78 paisa, closing at PKR 39.20 compared to PKR 39.06 previously.

    Against the Japanese yen, the PKR gained 0.01 paisa, ending at PKR 1.926, compared to PKR 1.9261 a day earlier. The Saudi riyal closed at PKR 74.26, reflecting a gain of 4.93 paisa from PKR 74.21 the previous day. The UAE dirham appreciated by 5.24 paisa, closing at PKR 75.81 compared to PKR 75.86.

    Read more: Gold price falls from peak, now at Rs261,500 per tola

    In recent months, the PKR has largely fluctuated between PKR 277 and PKR 279 as traders await approval from the International Monetary Fund’s (IMF) Executive Board for a new $7 billion Extended Fund Facility. In a positive development,

    Moody’s Ratings upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings from Caa3 to Caa2. Moody’s also anticipates IMF approval for Pakistan’s Extended Fund Facility in the coming weeks.

    Globally, the US dollar stabilised on Thursday, recovering some of its previous losses. Traders are now looking forward to a key US inflation report at the end of the week, which may provide further insights into the future direction of interest rates.

    So far in the current financial year, the PKR has depreciated against the dollar by 30.11 paisa, or 0.11 per cent. However, for the calendar year, the PKR has appreciated by 3.22 rupees, or 1.16 per cent.

  • Exchange rates for today: PKR declines 0.05% against US dollar

    Exchange rates for today: PKR declines 0.05% against US dollar

    The Pakistani rupee (PKR) experienced a slight decline against the US dollar on Thursday, depreciating by 0.05 per cent in the inter-bank market.

    The currency closed at Rs278.67, marking a decrease of Rs0.15 from the previous day’s rate of Rs278.52, according to the State Bank of Pakistan (SBP).

    In comparison with other major currencies, the rupee faced mixed outcomes today:

    Currency Previous rate Today’s rate Change (PKR)
    Euro 309.59 310.65 1.05
    British Pound 362.60 365.10 2.50
    Swiss Franc 325.44 328.04 2.60
    South Korean Won — 0.21 —
    Japanese Yen 1.9063 1.9165 1.02 paisa
    Chinese Yuan 39.03 39.06 3.1 paisa
    Saudi Riyal 74.23 74.27 3.87 paisa
    UAE Dirham 75.87 75.83 4.06 paisa
    PKR vs other currencies

    Euro to PKR: The rupee lost Rs1.05, closing at Rs310.65, compared to the previous rate of Rs309.59.

    British Pound to PKR: The rupee depreciated by Rs2.50, ending the day at Rs365.10, up from Rs362.60.

    Swiss Franc to PKR: The rupee fell by Rs2.60, closing at Rs328.04, compared to Rs325.44 from the previous session.

    Won to PKR: The Pakistani rupee was reportedly trading at Rs0.21 paisa against Won

    Japanese Yen to PKR: The rupee saw a slight decline of 1.02 paisa, closing at Rs1.9165 versus Rs1.9063.

    Chinese Yuan to PKR: The rupee gained 3.1 paisa, closing at Rs39.06, up from Rs39.03.

    Saudi Riyal to PKR: The rupee increased by 3.87 paisa, closing at Rs74.27, compared to Rs74.23.

    UAE Dirham to PKR: The rupee appreciated by 4.06 paisa, closing at Rs75.83, up from Rs75.87.

    Over the current financial year, the rupee has depreciated by 32.82 paisa or 0.12 per cent against the US dollar, while it has appreciated by Rs3.19 or 1.15 per cent since the beginning of the calendar year.

    In the money market, the benchmark 6-month Karachi Interbank Bid and Offer rates fell by 63 basis points to 17.69 per cent and 17.94 per cent, respectively.

    The domestic currency has remained relatively stable in recent months, hovering around the Rs277-279 range against the dollar, as traders monitor positive economic indicators and await the approval of a new $7 billion Extended Fund Facility from the International Monetary Fund (IMF).

    On Wednesday, Pakistan’s Finance Minister, Muhammad Aurangzeb, stated that the IMF Executive Board meeting on Pakistan is scheduled for September, noting that “good progress” is being made with the IMF.

    It is worth noting that this is the third consecutive decline witnessed in the ongoing week.

    Additionally, regarding the Pakistani currency, the central bank plans to introduce newly designed currency notes across all denominations next year to enhance security features, according to SBP Governor Jameel Ahmad.

    Speaking to a parliamentary body in Islamabad on Wednesday, Ahmad stated that the central bank aims to finalise the new designs by December, with the notes to be issued in phases. Notably, one of the denominations will be a polymer note, he added.

  • 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 shows marginal improvement, gains 0.03% against US dollar

    Pakistani rupee shows marginal improvement, gains 0.03% against US dollar

    The Pakistani rupee (PKR) experienced a slight improvement, appreciating by 0.03 per cent against the US dollar (USD) in the inter-bank market on Friday. 

    Closing at Rs279.41 after a gain of Re0.07 against the USD, as reported by the State Bank of Pakistan (SBP). On Thursday, the rupee had a marginal increase, settling at Rs279.48 against the USD, according to the SBP.

    The government is reportedly scheduled to hold a session with the International Monetary Fund (IMF) in the next day or two, focusing on tariff rationalisation to reduce industry tariffs from 14 cents per unit to 11.75 cents per unit through a subsidy-neutral proposal.

    Globally, the US dollar experienced a broad decline on Friday, influenced by positive risk sentiment following upbeat big tech earnings on Wall Street. Traders are anticipating US job data later in the day to assess the potential timing for the Federal Reserve to initiate rate easing.

    Comparatively, against major currencies, the PKR depreciated by 2.71 rupees against the Euro, closing at 304.1 compared to the previous value of 301.39. 

    The British Pound strengthened, becoming costlier by 2.93 rupees and closing at 356.46 compared to 353.52 from the previous day. 

    The Swiss franc saw gains of 2.6 rupees, closing at 325.94, compared to 323.34 in the previous session. Against the Japanese yen, PKR lost 0.06 paisa, closing at 1.906 versus 1.906 a day ago. 

    The Chinese Yuan gained 1.57 paisa, closing at 38.9171 against 38.9014 from the previous session.

  • Pakistani rupee appreciates by 9.32 paisa against US dollar

    Pakistani rupee appreciates by 9.32 paisa against US dollar

    In the latest interbank session on Tuesday, the Pakistani rupee (PKR) displayed resilience, appreciating by 9.32 paisa against the US dollar. The closing rate settled at PKR 279.55, marking a positive shift from the previous day’s closing at PKR 279.64 per USD.

    During the trading day, the local currency experienced an intraday high (bid) of Rs279.66 and a low (ask) of Rs279.6. In the open market, exchange companies quoted the dollar at Rs278.71 for buying and Rs280.86 for selling.

    In a significant development, the central bank opted to maintain the policy rate at 22 per cent, a decision unchanged for the fifth consecutive meeting. This decision is amidst the Pakistani rupee’s consistent upward momentum, celebrating its eleventh consecutive weekly victory against the US dollar.

    Against other major currencies, the PKR demonstrated strength. It gained 29.66 paisa against the euro, closing at 302.68 compared to the previous value of 302.98. The British Pound became more affordable by 53.78 paisa, closing at 354.86 compared to 355.4 from the previous day.

    The Swiss Franc witnessed gains of 45.64 paisa, closing at 324.6 compared to 324.15 from the previous session.

    However, against the Japanese yen, the PKR experienced a marginal loss of 0.6 paisa, closing at 1.898 versus 1.892 a day ago. The Chinese Yuan, on the other hand, gained 0.5 paisa, closing at 38.9514 against 38.9464 from the previous session.

    The Saudi Riyal closed at 74.54 with a loss of 2.58 paisa from its value of 74.57 a day ago, while the U.A.E. Dirham decreased in value by 2.54 paisa from 76.136 a day ago to 76.111.

    Reflecting on the broader financial landscape, during the current financial year, the PKR has appreciated against the dollar by 6.44 rupees, or 2.3 per cent. Meanwhile, the current calendar year has witnessed the PKR appreciate by 2.31 rupees, or 0.83 per cent.

    In the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a modest increase of 13 basis points, reaching 20.58 per cent and 20.83 per cent, respectively.

  • Pakistani rupee sees marginal dip against US dollar 

    Pakistani rupee sees marginal dip against US dollar 

    In Monday’s trading session, the Pakistani rupee experienced a slight decline of 0.02 per cent against the US dollar in the inter-bank market, closing at Ra279.64, reflecting a decrease of Re0.05, according to the State Bank of Pakistan (SBP).

    The previous week saw the rupee’s 11th consecutive week of appreciation, gaining Re0.31, or 0.11 per cent, to settle at Rs279.59 against the US dollar. 

    This consistent uptrend was attributed to the approval of the second tranche of $705.6 million in the $3 billion Stand-by Arrangement (SBA) from the International Monetary Fund (IMF).

    The positive impact of the IMF inflow was evident in the foreign exchange reserves held by the SBP. 

    Meanwhile, Caretaker Prime Minister Anwaar-ul-Haq Kakar instructed the Ministry of Energy to develop a comprehensive plan, in consultation with the Finance Ministry, to address and reduce the circular debt in the power and gas sectors.

    In a significant move, the SBP announced plans to revamp the foreign exchange trading system by introducing a centralised foreign exchange (FX) trading platform named “FX Matching” for the interbank FX market.

    On the global front, the US dollar maintained a stable position as investors assessed US economic data ahead of the Federal Reserve policy meeting scheduled for the week. 

    Geopolitical tensions in the Middle East contributed to a cautious risk sentiment among investors.

  • Pakistani rupee remains stable at Rs279.67 against US dollar

    Pakistani rupee remains stable at Rs279.67 against US dollar

    In the inter-bank market on Thursday, the Pakistani rupee maintained its stability against the US dollar, closing at Rs279.67, according to the State Bank of Pakistan (SBP).

    This follows a positive trend observed on Wednesday when the rupee gained ground, settling at the same rate of Rs279.67 against the US dollar, as reported by the SBP.

    Caretaker Prime Minister Anwaar-ul-Haq Kakar has taken a significant step by directing the Ministry of Energy to collaborate with the Finance Ministry. 

    The goal is to formulate and present a comprehensive and sustainable plan aimed at reducing the circular debt plaguing the power and gas sectors.

    On the global front, the US dollar exhibited stability, maintaining a six-week high on Thursday. Investors are keenly awaiting key data releases, including GDP figures, to gain insights into the direction of US interest rates. 

    Concurrently, the euro softened in anticipation of the European Central Bank’s policy meeting later in the day.

    Recent data revealed an uptick in US business activity for January, coupled with a noticeable easing of inflation. 

    The measure of prices charged by companies for their products recorded a decline to the lowest level in over 3-1/2 years.

    The dollar index, gauging the US currency against six major rivals, experienced a marginal rise of 0.06 per cent, reaching 103.33. 

    This follows a 0.2 per cent drop on Tuesday as traders consolidated positions ahead of the upcoming Federal Reserve policy meeting next week.

  • Pakistani rupee ends 2023 with marginal gain versus US dollar

    Pakistani rupee ends 2023 with marginal gain versus US dollar

    Pakistani rupee demonstrated a slight appreciation against the US dollar for the 13th consecutive session, marking a gain of 0.02 per cent in the inter-bank market on Friday.

    According to the State Bank of Pakistan (SBP), the day concluded with the rupee settling at Rs281.86, reflecting an increase of Rs0.07.

    Remarkably, this signifies a closure of 2023 with the rupee undergoing a depreciation of 19.7 per cent, originating from its starting point at Rs226.43 against the US dollar in the inter-bank market at the beginning of the year. 

    Notably, on the preceding Thursday, the rupee experienced a marginal upturn, settling at Rs281.93 against the US dollar.

    A significant development unfolded as the foreign exchange reserves held by the State Bank of Pakistan observed a substantial weekly upswing, surging by $852 million to reach $7.75 billion as of December 22, according to data released on Thursday. 

    The overall liquid foreign reserves for the country tallied at $12.85 billion, with commercial banks holding net foreign reserves amounting to $5.1 billion. The SBP attributed this surge in reserves to official government inflows.

    On the global stage, the US dollar appeared poised to conclude 2023 with a loss, reversing a two-year trend of gains. This shift was influenced by market expectations that the US Federal Reserve might initiate rate easing as early as March of the following year. 

    The greenback remained generally subdued on the last trading day of the year, hovering near a five-month low against a basket of currencies, falling 0.02 per cent to 101.18, following a recent dip to 100.61. 

    This trend underscored the impact of the Federal Reserve’s aggressive rate-hike cycle initiated in early 2022 on the dollar’s trajectory over the past two years.

  • Pakistani rupee gains ground against US dollar for 11th consecutive session

    Pakistani rupee gains ground against US dollar for 11th consecutive session

    The Pakistani rupee sustained its upward trajectory against the US dollar for the 11th consecutive session, exhibiting a 0.06 per cent appreciation in the interbank market on Wednesday. 

    According to the State Bank of Pakistan (SBP), the rupee concluded at Rs282.20, reflecting an increment of Re0.17.

    In the preceding session on Tuesday, the rupee had achieved a marginal gain, settling at Rs282.37 in relation to the US dollar. 

    Concurrently, there has been a notable surge of 200 per cent in the cumulative borrowing by the federal and provincial governments for budgetary support from the domestic banking system in the current fiscal year (FY24).

    Internationally, the US dollar encountered continued pressure on Wednesday, while the euro flirted with a four-month pinnacle. 

    This trend emerged as market expectations of an imminent interest rate cut by the Federal Reserve gained traction. The restrained week, marked by global holiday absences until the New Year, is anticipated to witness subdued trading volumes.

    The dollar index, gauging the US currency against six counterparts, stood at 101.54, just below the five-month low of 101.42 recorded last week. 

    The index is poised for a 1.9 per cent decline in 2023, following two consecutive years of robust gains driven by the Fed’s rate hikes to combat inflation. 

    The recent weakening of the dollar is attributed to market anticipation of forthcoming rate cuts by the Fed in the coming year, diminishing the allure of the greenback.

  • 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.