Pakistan rupee vs us dollar

Islamabad [Pakistan], July 29 (ANI): Pakistan is already staring down an economic nightmare and amid this more troubling news keeps coming as IGI Securities Ltd, one of the leading securities firms in Pakistan, said that the Pakistani rupee may slump further to 275 per dollar, media reports said. The rupee was trading at Rs 238 against the US dollar in the interbank market during the intraday trade. The Pakistani Rupee is down 23 per cent this year. The extra yield investors demand to hold Pakistan’s sovereign debt over US Treasuries exceeded 1,700 basis points, according to JPMorgan Chase & Co data, an American multinational investment bank. The current account deficit (CAD) swelled to USD 17.4 billion in FY22. Moreover, Pakistan’s two leading car assemblers, Toyota and Suzuki, plan partial plant shutdowns next month due to the unavailability of raw materials amid import restrictions and exchange rate volatility, officials at both companies said. Pakistan rupee depreciated at a record low against the US dollar on Thursday as it dropped to PKR 240.5 against the dollar in the interbank market. The Pakistani currency lost 4.48, or 1.89 per cent, compared to yesterday’s close of 236.02 by 12:03 pm, the Dawn newspaper reported quoting the Forex Association of Pakistan (FAP). Zafar Paracha, the General Secretary of the Exchange Companies Association of Pakistan, blamed the political situation and the government’s lack of action for the continuous rupee depreciation. “The countr...

PHOTO: FILE KARACHI: In a surprising turn of events, the Pakistani rupee made significant gains against the US dollar, narrowing the gap to Rs13 on Wednesday. The currency showcased a positive trend in the open market for the second consecutive working day, reclaiming 1% of its value, equivalent to Rs3, and settling at Rs300 against the greenback, reported the Exchange Companies Association of Pakistan (ECAP). However, the interbank market painted a different picture, as the rupee experienced its fourth consecutive day of depreciation, falling by 0.11% or Rs0.32, to reach a two-week low of Rs286.88/$, according to data from the central bank. Until last week, the rupee-dollar exchange rate gap had widened to a record Rs27, largely due to the significant depreciation of the rupee in the open market. The interbank remained largely stable at around Rs285-286/$ for the past several weeks – except for a few sessions. This disparity raised concerns, prompting the IMF to question the government’s control over the currency market. To address the issue, the central bank redirected a substantial portion of open market business to the interbank market. Published in The Express Tribune, June 8 th, 2023. Like Business on Facebook , follow @TribuneBiz on Twitter to stay informed and join in the conversation.

KARACHI – Pakistani rupee remained unchanged against the US dollar during trading in the inter-bank market on Wednesday. During interbank trading, the local currency moved up by nearly 0.05 percent and was being traded at 286.51. Earlier this week, the embattled rupee faced back-to-back blows against the greenback and it was closed at 286.56 on Tuesday. The money market is waiting for any positive development while Islamabad and IMF are still making their last-ditch efforts for narrowing down their differences over the external financing needs ahead of budget 2023-24. The global lender wants confirmation on the external financing gap of $6 billion for the current FY including filling the external financing gap and some other changes, while Sharif-led government is making desperate efforts to salvage much-needed funds. KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on June 16, 2023 (Friday). Source: Forex Association of Pakistan. (last update 09:00 AM) Currency Symbol Buying Selling US Dollar ‎USD 294 297 Euro EUR 316 319 UK Pound Sterling GBP 371 375 U.A.E Dirham AED 81.3 82 Saudi Riyal SAR 77.7 78.5 Australian Dollar AUD 202 204 Bahrain Dinar BHD 763.63 771.63 Canadian Dollar CAD 226 228 China Yuan CNY 40.17 40.57 Danish Krone DKK 41.83 42.23 Hong Kong Dollar HKD 36.34 36.69 Indian Rupee INR 3.48 3.59 Japanese Yen JPY 2 2.08 Kuwait...