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Tag: Pakistani Rupee

  • Pakistani rupee sets new record, falls to Rs307.10 per US dollar 

    Pakistani rupee sets new record, falls to Rs307.10 per US dollar 

    In the interbank market on Tuesday, the Pakistani rupee (PKR) continued to weaken against the US dollar, losing PKR 1.4569 (0.48 per cent) on a day-over-day basis and ending the session at PKR 307.0996 per US dollar.

    On Monday, the Pakistani rupee experienced a slight decline against the US dollar, settling at Rs305.64 in the interbank market.

    The government has not yet finalised relief measures for the surging electricity bills of consumers, primarily due to disagreement between the federal government and the International Monetary Fund (IMF) regarding the provided data.

    On the international front, the US dollar remained strong on Tuesday, while the Australian dollar faced some pressure. Traders were closely monitoring the Reserve Bank of Australia’s upcoming interest rate decision, speculating that interest rates may have reached their peak.

  • Pakistani rupee snaps 10-day depreciation streak against US dollar with 0.02% gain

    Pakistani rupee snaps 10-day depreciation streak against US dollar with 0.02% gain

    The Pakistani rupee (PKR) finally terminated its ten-session depreciation streak against the US dollar on Friday as the local currency concluded trading at Rs305.47 versus the greenback. The State Bank of Pakistan (SBP) reported a modest appreciation of Re0.07, or 0.02 per cent, when compared to the previous day’s closing rate.

    Thursday had marked a historic low for the PKR, with a closing rate of Rs305.54 against the US dollar in the inter-bank market. This decline had raised concerns about the currency’s stability and its impact on the nation’s economy.

    However, the SBP made a significant announcement on Friday. It categorically rejected reports circulating in the media about an emergency meeting of the Monetary Policy Committee (MPC). The central bank termed these reports as completely baseless and emphasized that it would be premature to forecast the future policy rate.

    According to the central bank, only the MPC, an independent statutory body, holds the authority to make decisions regarding the policy rate. The next scheduled meeting of the MPC is set for September 14, 2023.

    Internationally, the US dollar has faced challenges as it attempts to maintain its winning streak against major currencies. Traders are closely monitoring the pivotal monthly US jobs report, which is expected to shape Federal Reserve policy in the coming months.

    The US dollar index, which measures the currency against a basket of six developed-market peers including the euro, sterling, and yen, saw a slight decline of 0.05 per cent to 103.58 on Friday. This marks a cumulative decline of 0.53 per cent for the week.

    Additionally, oil prices, a significant indicator of currency parity, remained above $87 a barrel. Crude prices are showing signs of snapping a two-week losing streak, driven by expectations of tightening supplies.

    The Pakistani economy remains closely tied to global economic developments, making these currency fluctuations and international economic indicators crucial for policymakers and market participants. The nation will continue to monitor these trends closely in the days and weeks ahead.

  • Pakistani rupee ends the day at another record low of Rs305.54 versus US dollar, losing Rs1.09

    Pakistani rupee ends the day at another record low of Rs305.54 versus US dollar, losing Rs1.09

    The Pakistani rupee (PKR) persisted in encountering downward pressure against the US dollar, with a recorded depreciation of 0.36 per cent. The day concluded with the rupee settling at Rs305.54, having incurred a loss of Rs1.09 in the interbank market, as reported by the State Bank of Pakistan (SBP).

    In the preceding session, the rupee had concluded at a historic low of Rs304.45 against the US dollar in the inter-bank market.

    IMF deviation risks dollar inflow halt

    In a session of the Senate Standing Committee on Finance held on Wednesday and chaired by Senator Saleem Mandviwalla, interim Finance Minister Dr Shamshad Akhtar conveyed that the interim government’s financial leeway for subsidies was limited. However, she mentioned that a proposal was being deliberated upon to discontinue electricity provisions for privileged segments.

    Dr Akhtar voiced apprehension that a deviation from the International Monetary Fund’s (IMF) stipulations could lead to a halt in dollar inflows, exacerbating the economic challenges facing the nation. She acknowledged that certain governmental actions had adversely affected the economic landscape. She specifically noted that the Federal Board of Revenue’s revenue collection was not meeting expectations while expenditures remained elevated.

    The Senate committee expressed its reservations about the escalating exchange rate fluctuations, the unprecedented cost of electricity, and the 22 per cent interest rate, all of which collectively pose difficulties for existing businesses to sustain and prosper.

    As a pivotal gauge of currency equilibrium, oil prices moderated on Thursday in response to data indicating a decline in China’s manufacturing activity. Additionally, investors were attentively awaiting the forthcoming US personal consumption expenditure report scheduled for later in the day.

    KSE-100 crash

    Moreover, the Pakistan Stock Exchange (PSX) remained firmly under the control of bears on Thursday as the benchmark index experienced a substantial drop of nearly 4 per cent, reflecting concerns about the country’s deteriorating economic situation.

    Investors responded with a sense of panic to the escalating rupee-dollar parity, choosing to divest from shares due to apprehensions surrounding an imminent economic crisis.

    Right from the commencement of trading, the KSE-100 index experienced a sharp decline, plummeting by over 1,700 points and breaching the 45,000 level. A prevailing negative sentiment among investors is preventing the index from making any headway into positive territory.

  • Pakistani rupee hits new all-time low of Rs304.445 after declining by Rs1.38 against US dollar

    Pakistani rupee hits new all-time low of Rs304.445 after declining by Rs1.38 against US dollar

    In the interbank session held on Wednesday, the Pakistani rupee (PKR) exhibited a decline of 1.39 rupees against the US dollar (USD). The closing exchange rate for the day stood at Rs304.445 per USD, in contrast to the concluding rate of Rs303.052 per USD observed in the preceding session.

    Throughout the trading day, the currency displayed a fluctuation, reaching an intraday high bid of Rs304.75 while also touching a low ask of Rs304.6.

    On a parallel note, within the open market, Exchange Companies set the buying rate for the dollar at Rs320 and the selling rate at Rs323.

    In the ongoing fiscal year, the Pakistani rupee has experienced a depreciation of 18.45 rupees against the dollar, amounting to a 6.06 per cent decrease. Concurrently, within the current calendar year, the PKR has depreciated by 78.01 rupees, reflecting a substantial decline of 25.63 per cent.

  • Pakistani rupee plunges to fresh record low of Rs303 against US Dollar

    Pakistani rupee plunges to fresh record low of Rs303 against US Dollar

    In a worrisome turn of events, the Pakistani rupee has continued its steady descent, hitting a new record low against the US dollar and raising concerns among economic analysts and policymakers. The local currency settled at Rs303.05 in the inter-bank market on Tuesday, marking a significant drop from its previous standing.

    According to the State Bank of Pakistan (SBP), the rupee experienced a decline of Rs1.05 or 0.35 per cent by the time the market closed on Tuesday. This decline follows closely on the heels of Monday’s record low, where the rupee closed at Rs302 against the US dollar.

    This decline is followed by the recent agreement secured with the International Monetary Fund (IMF). While this arrangement was expected to bring some stability to the currency, the rupee has instead faced renewed pressure.

    Falling foreign exchange inflows have posed a challenge, causing unease among financial circles. Moreover, apprehensions have grown due to a widening current account deficit, a situation exacerbated by the lifting of import restrictions by authorities.

    The international scene has also played a part in this precarious situation. On the global stage, the US dollar showed signs of hesitancy on Tuesday, as traders demonstrated caution by refraining from significant bets ahead of a series of anticipated economic data releases throughout the week. Meanwhile, the Japanese yen found itself grappling with levels that had triggered intervention in the past year.

    With multiple factors at play, including IMF negotiations, foreign exchange dynamics, and global economic trends, the coming days will likely prove crucial in determining the rupee’s trajectory and Pakistan’s economic landscape.

  • Pakistani rupee’s fall continues, settles at new record low of Rs301 against US dollar

    Pakistani rupee’s fall continues, settles at new record low of Rs301 against US dollar

    The Pakistani rupee continued its unsettling descent, marking a fresh all-time low against the US dollar, with a settlement at Rs301 in the inter-bank market on Friday. As reported by the State Bank of Pakistan (SBP), the local currency reached the 301 mark, experiencing a decline of Re0.78 or 0.26 per cent.

    On the preceding day, the rupee concluded at a historic low against the US dollar, reaching a settlement of Rs300.22.

    On the global front, the US dollar achieved its highest position in over two months on Friday, poised for its sixth consecutive week of gains, as financial markets eagerly awaited a speech by Federal Reserve Chair Jerome Powell to gain insights into the trajectory of monetary policy.

    The dollar index, a measure of the US dollar’s strength against six other major currencies, witnessed a 0.019 per cent increase, reaching 104.11, the highest level since June 7. With a 2 per cent increase in August, the index is poised to end its two-month losing streak.

    Oil prices, a pivotal gauge of currency equilibrium, surged by over 1 per cent on Friday due to the firming of the dollar, as anticipation built ahead of a highly awaited speech by the head of the US Federal Reserve. This speech is expected to provide insights into the future of interest rates.

  • Interbank market: US dollar reaches all-time high against Pakistani rupee, surpassing Rs300 mark

    Interbank market: US dollar reaches all-time high against Pakistani rupee, surpassing Rs300 mark

    The US dollar reached a new high against the Pakistani rupee, going past Rs300 in the interbank market on Thursday. At 11:15 am, it was at Rs300.4 as per the Forex Association of Pakistan. In the open market, it was valued at Rs314.

    The day before, the dollar ended at Rs299.64 and went up to Rs315 in the open market. The Exchange Companies Association of Pakistan (ECAP) reported buying and selling prices at Rs309 and Rs312.

    As the dollar keeps going up, experts are asking the government to do something about the black market. Saad bin Naseer from Mettis Global said that even though it’s hard to find dollars in the interbank market, they’re easily available in the open market at higher prices.

    Naseer didn’t like that the central bank kept the interest rate at 23 per cent because people prefer investing in foreign currencies over the local economy. Malik Bostan, who leads the Forex Association of Pakistan, warned against hoarding dollars, thinking their price will keep rising.

    Bostan noticed regular people buying dollars thinking they’ll become more valuable due to the increase in the interbank market. He also mentioned that removing import restrictions from the IMF made the rupee weaker.

    Zafar Paracha, from the Exchange Companies Association of Pakistan, blamed the rupee’s decline on more unnecessary imports. He agreed with Bostan and urged people not to buy more dollars during this uncertain time for the rupee.

  • Pakistani rupee slides to Rs297.13 against US dollar on first day of the week, losing Rs1.35

    Pakistani rupee slides to Rs297.13 against US dollar on first day of the week, losing Rs1.35

    The Pakistani rupee (PKR) continued its decline against the US dollar on the first working day of the week. PKR went down by 0.45 per cent, which is about Rs1.35, and closed the day at Rs297.13 in the interbank market, as reported by the State Bank of Pakistan.

    This shows that over the past five trading sessions, the Pakistani rupee has lost a total of Rs8.64. It’s important to note that on the previous Friday, the rupee had closed at Rs295.78 after losing 0.86 paisas, which is about 0.29 per cent.

    Looking at last week, from Tuesday to Friday, the Pakistani rupee experienced a significant loss of Rs7.29. This indicates a period of notable fluctuation for the rupee in the foreign exchange market.

  • Pakistani rupee drops to Rs295 against US dollar

    Pakistani rupee drops to Rs295 against US dollar

    It appears that the Pakistani rupee is poised to shatter previous records and reach an new all-time low, as the local currency continued its decline against the US dollar on Wednesday, decreasing by 1.16 per cent in the inter-bank market.

    By the end of the day, the rupee settled at Rs294.93 against the US dollar, marking a decline of Rs3.42, as reported by the State Bank of Pakistan (SBP).

    This represents its lowest point since May 11 of this year, when it hovered near Rs299.

    Just one day prior, on Tuesday, the rupee also experienced a setback against the US dollar, concluding at Rs291.51.

  • Gold price drops by Rs2,000 per tola as Pakistani rupee gains ground against US dollar

    Gold price drops by Rs2,000 per tola as Pakistani rupee gains ground against US dollar

    The gold price in Pakistan experienced a significant decline of more than Rs2,000 per tola following the appreciation of the local currency against the US dollar in the interbank market.

    According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) on Wednesday, the price of 24-carat gold witnessed a decrease of Rs2,400 per tola and Rs2,058 per 10 grammes, settling at Rs222,100 and Rs190,415, respectively.

    Conversely, the international market recorded a $12 increase in the price of gold, bringing it to $1,972.

    The fluctuating gold rate in Pakistan can be attributed to ongoing political and economic uncertainties and high inflation, prompting individuals to seek gold as a safe investment and hedge during such times.

    As per the data provided by the association, the price of silver remained constant at Rs2,750 per tola and Rs2,357.68 per 10 grammes.

    In parallel, the local currency demonstrated a positive trend against the US dollar in the interbank market today, appreciating by Rs1.48 or 0.52 per cent. The State Bank of Pakistan (SBP) reported that the rupee closed at Rs287.04 against the dollar.