Tag: USD to PKR

  • Rupee gains ground against dollar for second day, closes at Rs238

    Rupee gains ground against dollar for second day, closes at Rs238

    Following days of increases in the interbank and open markets, the US dollar fell against the Pakistani rupee on Tuesday as a result of assurances from the government and State Bank of Pakistan (SBP) that the nation will have enough money for FY2022-23 after receiving IMF tranches.

    For the third straight session, the Pakistani rupee appreciated versus the US dollar in the interbank market on Tuesday. This occurred as a result of the market’s stability following the government’s assurance that it would successfully tackle the challenging economic situation.

    After the rupee dropped for 10 straight sessions in the final days of July and depreciated by about 5 per cent just last week, the dollar began to lose strength on Friday.

    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.

    Forex dealers report that the US dollar lost Rs0.94 in interbank trading and is now trading at Rs237.90. The banks are offering to sell dollars for Rs238.50.

    The US dollar dropped to Rs239 in the open market after crossing the Rs250 threshold.

  • Pakistani rupee crashes to historic low of Rs194 against US dollar

    Pakistani rupee crashes to historic low of Rs194 against US dollar

    During the trading session on Monday, the Pakistani rupee (PKR) maintained its declining trend, touching Rs194, its worst rate versus the US dollar. At the interbank, the greenback strengthened by Rs1.47 during the trading hours.

    The General Secretary of the Exchange Companies Association of Pakistan, Zafar Paracha said that the greenback climbed by Rs11.07 since the new government took government, while debt has increased by Rs1,400 billion due to the disparity.

    Pakistani currency lost 3.1 per cent of its value against the US dollar in the previous week in the interbank market, with Pakistan’s currency hitting new record lows to end the week at Rs192.53, its worst closing in history.

    Read more: Pakistani Rupee crashes to a record low against US dollar 

    The local currency fell in value across the board as concerns about the economy, declining foreign currency reserves, and worsening trade imbalance intensified. Concerns over the International Monetary Fund (IMF) programme have also caused fear and speculation in the market.

  • 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.

  • Gold price jumps Rs900 per tola as Rupee declines

    Gold price jumps Rs900 per tola as Rupee declines

    The price of gold in Pakistan increased by Rs900 per tola as the Pakistani rupee continued its downward trend against the US dollar, crossing the Rs184 threshold in the interbank market once more. The yellow metal increased by Rs900 per tola and Rs771 per ten gramme to Rs133,300 and Rs114,283, respectively.

    Gold fell $15 per ounce on the international market, settling at $1,976 per ounce. When compared to the Dubai market, gold prices in Pakistan are roughly Rs4,000 lower.

    Silver prices in the local market, meanwhile, remained stable at Rs1,520 and Rs1,303.15.

    The rupee declined by 0.54 per cent versus the US dollar, closing at Rs182.54 after winning three paisas and settling at Rs181.55 on Saturday, April 16. During the open market session, the Indian rupee (INR) touched an intraday high of Rs181.00 versus the US dollar.

    Read more: PKR declines against US Dollar after winning for a week

    The consumer market is still torn between those who see gold as a hedge against inflation, growth concerns, and high volatility in other financial markets and those who do not.

  • PKR declines against US Dollar after winning for a week

    PKR declines against US Dollar after winning for a week

    The winning days for Pakistani currency are over. On April 18, the Pakistani Rupee (PKR) overturned gains against the US Dollar (USD) and registered losses in the interbank market.

    At the completion of the session, the local currency had lost 99 paisas against the US dollar. It declined by 0.54 per cent versus the US dollar, closing at Rs182.54.

    The rupee declined by 0.54 per cent versus the US dollar, closing at Rs182.54 after winning three paisas and settling at Rs181.55 on Saturday, April 16. During the open market session, the Indian rupee (INR) touched an intraday high of Rs181.00 versus the US dollar.

    After the International Monetary Fund (IMF) decided to resume talks with Pakistan under the $6 billion Extended Fund Facility (EFF) programme, the rupee’s seven-day winning streak versus the dollar ended today.

    Considering global variables influencing the local currency, crude prices declined as concerns about slowing demand in China outweighed support despite a constrained global supply situation and the escalating Russia-Ukraine conflict.

    Read more: Global oil prices climb to highest in three weeks

    It is worth noting that the local currency has depreciated by 15.85 per cent (Rs24.98) since the beginning of the current fiscal year on July 1, 2021.