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Pakistan Rupees-performance watch

Rupee at 4-month high as inflows rise

Pakistani currency on Monday hit a four-month high at Rs279.20 against the US dollar in the inter-bank market as it resumed the uptrend on the back of increase in supply of foreign currency compared to its demand for imports.

Market talk suggests that dollar inflows surged on account of rise in remittances sent home by overseas Pakistanis and higher export earnings. Exporters scrambled to sell the greenback on forward counters in the currency market, believing that the rupee may continue to strengthen in the coming days.

Besides, the rupee appreciated in the backdrop of reports saying that the government would try to secure a larger International Monetary Fund (IMF) loan programme of $7.5-8 billion when the current $3 billion standby arrangement ended in March-April 2024.

Earlier, the government said it would approach the global lender for seeking a loan package of $6 billion. Higher inflows of foreign currency in future will further support the rupee.

According to State Bank of Pakistan’s (SBP) data, the rupee gained 0.06%, or Rs0.16, on a day-on-day basis and closed at Rs279.20/$.

The currency has regained 10% of its value, or Rs27.90, in the past five and a half months since closing at the all-time low of Rs307.10/$ in the first week of September 2023.

Pakistani rupee, however, maintained its downtrend in the open market owing to the uptick in demand for the greenback. Exchange Companies Association of Pakistan reported that the local currency decreased Rs0.05 at Rs282.28/$ in the retail market.

Consequently, the disparity between rupee values in the two markets further widened to Rs3.08 (or 1.10%), getting closer to the ceiling of 1.25% (around Rs4 at current levels) recommended by the IMF. The widening gap may become a cause for concern. Earlier, it surged to Rs30-40, resulting in high volatility in currency markets.

Treasury firm Tresmark said on Saturday that the rupee had remained in the range of 279-280 to a dollar in the past 30 days.

“It is no surprise that senior officials have already started approaching the IMF for a new, larger package that will provide economic stability,” it said.

It is evident that dollar liquidity in the market is ample with banks’ Nostros sufficiently funded.

“Within the next two weeks, we will see an increase in remittances (ahead of Ramazan and Eidul Fitr). This will further improve dollar liquidity levels. However, demand for dollars for Umrah too will go up (in open market).”

Due to such factors, the Pakistani rupee vs the US dollar appears to be range bound till the end of March and perhaps even beyond, it added.
​
SOURCE: https://tribune.com.pk/story/2457698/rupee-at-4-month-high-as-inflows-rise
 
US Dollar sheds value against Pakistani Rupee

As per reports from Karachi's financial circles, a subtle yet notable fluctuation in the value of the US Dollar caught the attention of traders and investors alike.

While the American currency experienced a marginal increase of 8 paisas at the beginning of the day's session to trade at Rs279.28, it later lost 28 paisas in the interbank market to trade at Rs279.

The scenario in the open market presented a different picture. Here, the Greenback witnessed a decrease of 24 paisas, bringing its value down to Rs282.4.

This fluctuation comes as the Pakistan Stock Exchange (PSX) witnessed a bullish trend amid the news of a National Assembly session being called for the oath-taking of newly elected lawmakers and formation of a six-party coalition government. A review by the IMF is also pending for the disbursement of the last tranche of a loan programme between the two side.

SAMAA
 
Rupee stabilises near 279

The Pakistani rupee is showing signs of stability, hovering slightly over Rs279 against the US dollar in the interbank market, even as the country's foreign exchange reserves held by the State Bank of Pakistan (SBP) slipped to below $8 billion, a two-month low.

According to SBP’s data, the domestic currency ticked up by Rs0.01, closing at an over four-month high at Rs279.11 against the greenback on Thursday.

Over the past five and a half months, the currency has cumulatively gained 10% or Rs28, compared to all-time low hit of Rs307.10/$ recorded in the first week of September 2023.

The currency has been moving in a narrow band between Rs279-280/$ for a little more than a month, suggesting that the rupee may be moving towards stabilisation at its current levels.

Additionally, the Exchange Companies Association of Pakistan (ECAP) reported that the rupee remained unchanged at Rs282.04/$ for the third straight working day in the open market.

The country’s foreign exchange reserves (held by SBP) dropped by $63 million on foreign debt repayment, slipping to a two-month low at $7.85 billion in the week ended February 23, 2024, according to the central bank’s weekly update on Thursday.

Meanwhile, the Caretaker Finance Minister Shamshad Akhtar confirmed to Reuters that China has rolled over $2 billion deposits at SBP. This development puts an end to the speculation in the currency markets that the government was arranging financing to pay off the huge sum to Beijing in March 2024.

However, it is important to note that the reserves provide import cover for less than two months.

Earlier, the reserves were maintained at above $8 billion in the past eight consecutive weeks, despite little fluctuation due to official inflows and outflows. However, for the second successive week, the reserves have maintained a downturn on foreign debt repayments, according to the central bank.

On the other hand, the foreign exchange reserves held by commercial banks remained stable at $5.08 billion on a week-on-week basis.

Accordingly, the country's total foreign exchange reserves stood at $13.03 billion in the week under review.

SOURCE: EXPRESS TRIBUNE​
 
Pakistani Rupee sees marginal gain against US Dollar

In a fluctuating market scenario, the value of the US Dollar witnessed a minor decline by one paisa against the Pakistani Rupee in the interbank market on Wednesday, reaching a sale price of Rs279.30.

This marginal decrease follows a trend of slight fluctuations in recent days.

Conversely, on Tuesday, the American currency experienced a modest increase in value by five paisas in the interbank market, as reported by the State Bank of Pakistan. At the time of closing, the Dollar was priced at Rs279.31, indicating a subtle shift in the currency market dynamics.

Meanwhile, in the open market, the Greenback remained stable at Rs282.10, maintaining its position without any significant changes. This stability contrasts with the minor fluctuations observed in the interbank exchange rates.

Meanwhile, In order to fulfil another important condition set by the International Monetary Fund (IMF), the government has decided to roll out a new voluntary pension scheme, slated to commence from July 1.

Sources within the government revealed that the introduction of the voluntary pension scheme aims to alleviate the burden of huge government pensions and streamline the pension system. Any new human resources will be hired under the voluntary pension scheme, transitioning from the traditional government pension setup.

These developments reflect the nuanced dynamics of currency trading, influenced by various factors such as economic indicators, market sentiments, and geopolitical events. As stakeholders monitor these fluctuations, they navigate the intricacies of the currency market to make informed decisions regarding trade and investment strategies.

SAMAA
 
The US dollar continued its winning streak against the Pakistani rupee (PKR) in the interbank on Wednesday, ARY News reported.

According to State Bank of Pakistan (SBP), Pakistani Rupee on Wednesday weakened by 04 paisa against the US dollar in the interbank trading and closed at Rs 279.35 against the previous day’s closing of Rs 279.31.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 279.2 and Rs 282.1, respectively.
 
The rupee remained on Tuesday unchanged against the dollar in the interbank trading and closed at Rs278.63.

The buying and selling rates of the dollar in the open market stood at Rs278.6 and Rs281.2, respectively, according to the Forex Association of Pakistan.

The price of the Euro decreased by Rs1.26 to close at Rs302.35 against the last day’s closing of Rs303.51, shows the State Bank of Pakistan exchange rate list.

The Japanese Yen came down by one paisa and closed at Rs1.85 whereas a decrease of Rs1.22 was seen in the exchange rate of the UK Pound, which was traded at Rs353.78 compared to the last closing of Rs355.00.

The Emirates Dirham and the Saudi Riyal remained stagnant to close at Rs75.87 and Rs74.29.


AAJ News
 
Rupee surges to new five-month high at Rs278.14/$

The Pakistani currency reached a new five-month high at Rs278.14 against the US dollar in the interbank market, continuing its winning streak for the seventh consecutive working day, driven by persistent improvements in the country’s foreign exchange reserves.

Market discussions suggest that the rupee received further support against the greenback following Finance Minister Muhammad Aurangzeb’s announcement of issuing Panda bonds worth $250-300 million in the Chinese market soon.

According to the State Bank of Pakistan’s (SBP) data, the domestic currency rose by 0.05% or Rs0.14 on a day-to-day basis, closing at Rs278.14 against the greenback.

As a result, the currency has gained a cumulative 10.40% or Rs28.93 in the past six-and-a-half months compared to the all-time low closing at Rs307.10/$ recorded in the first week of September 2023.

The Exchange Companies Association of Pakistan (ECAP) reported that the local currency increased by 0.04% or Rs0.13 during the day, closing at Rs280.73/$ in the open market.

Pakistan’s foreign exchange reserves (held by SBP) continued to improve for the second consecutive week, increasing by $105 million in a single week, reaching a five-week high at $8.02 billion on March 15, 2024.

The improvement in reserves suggests that foreign currency inflows have remained stronger than demand in the system, as exporters are selling a higher quantity of dollars on forward counters. Additionally, overseas Pakistanis are sending more funds to their family members in the homeland to meet Ramazan and Eid expenditures.

Market discussions suggest that the rupee has the potential to test Rs277/$ on the upside in the ongoing cycle of appreciation.

Gold price declines

The gold price decreased by Rs4,200 per tola (11.66 grams), dropping
to Rs228,200 in Pakistan on Friday from a six-and-a-half-month high reached at Rs232,400 tola
on Thursday.

The decline in bullion prices aligns with the global trend, as it fell by $40 to $2,185 per ounce (31.10 grams) in world markets, according to the All Sarafa Gems and Jewellers Association.

The upward trend in the rupee partly supported the downward correction in the precious metal in Pakistan, as the country meets its demand through imports.

SOURCE: EXPRESS TRIBUNE
 
The Pakistani rupee remained largely stable against the US dollar, appreciating a marginal 0.01% in the inter-bank market on Tuesday.

At close, the local unit settled at 278.10, up by Re0.03 against the greenback, as per the State Bank of Pakistan (SBP).


Brecorder
 
US dollar thrashes Pakistani rupee in interbank trading

The price of the US dollar gained six paisas against the Pakistani Rupee in the interbank trading on Wednesday.

The new price of the greenback is Rs277.90 in the interbank trading. On Tuesday, the local unit gained 10 paisas against the US dollar and closed at Rs277.84.

Pakistan's headline inflation decelerated on Monday to 20.7% on a year-on-year basis in March, marking a notable decrease from the previous month's reading of 23.1%.

This encouraging trend, reported by the Pakistan Bureau of Statistics (PBS), suggests a potential shift in the country's economic landscape.

This latest inflation figure, the lowest since May 2022, has stirred discussions regarding the trajectory of Pakistan's monetary policy. It is noteworthy that for the first time in over three years, the Consumer Price Index (CPI)-based inflation has fallen below the critical policy rate, currently set at 22%.

The Ministry of Finance's projection of CPI-based inflation hovering around 22.5-23.5% in March 2024 has been outstripped by the actual figure, lending credence to expectations of an impending reduction in the key interest rate.

Despite the recent hike in petrol prices, with an increase of Rs9.66 per liter, the overall inflationary pressures have shown signs of moderation. The government's measures, including a revised relief package for Ramadan, have contributed to alleviating the impact of heightened demand during the religious festival.

Furthermore, global dynamics have played a role in shaping inflation trends, influencing the overall economic outlook.

SAMAA
 
Rupee dips to 10-day low at 277.95 vs dollar

Pakistani currency on Monday hit a 10-day low at Rs277.95 against the US dollar in the inter-bank market, maintaining its downtick for the sixth consecutive working day ahead of repayment of $1 billion for the maturing Eurobond next week.

Besides, gold continued to remain on its record-breaking spree, hitting a new record high at Rs245,700 per tola (11.66 grams) in line with the global trend.

With the fresh drop of Rs0.02, the rupee has cumulatively depreciated Rs0.92 in the past 11 days compared to a five-and-a-half-month high of Rs277.03/$ reached on March 28, 2024, according to the State Bank of Pakistan’s (SBP) data.

The currency is coming under modest pressure after appreciating 10.5%, or Rs29.15, over a period of seven months and reached Rs277.03/$ last week. The recovery came after the currency touched its all-time low at Rs307.10/$ in the first week of September 2023.

Market talk suggests that Pakistan’s foreign exchange reserves may slip close to $7 billion after the Eurobond repayment compared to the existing level of $8.04 billion.

The potential drop in the foreign exchange reserves will prove temporary, as the International Monetary Fund (IMF) executive board is set to meet in late April to give its final nod for the release of the last tranche of $1.1 billion to Pakistan. The country is expected to receive the installment in late April or early May, which will take the reserves above $8 billion once again.

In the open market, however, the rupee maintained its uptrend, rising Rs0.07 to close at Rs279.58/$, according to the Exchange Companies Association of Pakistan (ECAP).

The retail market has continued to see the recovery of the rupee since the central bank extended its deadline for currency dealers for the import of US dollars against export of other foreign currencies till the end of June 2024 from December 2023.

Meanwhile, with a fresh increase of Rs600, gold has cumulatively gained Rs5,500 in the past two working days to a record high at Rs245,700 per tola.

The All Pakistan Saraf Gems and Jewellers Association reported that the bullion rose in local markets after it hit a new all-time high in the international market at $2,355 per ounce (31.10 grams), up $5 for the day.

SOURCE: EXPRESS TRIBUNE
 
Pakistani Rupee on Monday depreciated by 29 paisa against the US dollar in the interbank trading and closed at Rs278.22 against the previous day’s closing of Rs277.93, ARY News reported.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs278 and Rs280.7 respectively.

The price of the Euro decreased by Rs5.19 to close at Rs296.42 against the last-day closing of Rs301.61, according to the State Bank of Pakistan (SBP).


The Japanese Yen came down by 02 paisa and closed at Rs1.80, whereas a decrease of Rs 4.51 was witnessed in the exchange rate of the British Pound, which was traded at Rs347.18 compared to the last closing of Rs351.69.

The Emirates Dirham and the Saudi Riyal increased by 05 paisa each to close at Rs 75.73 and Rs 74.14 respectively.

Yesterday, Pakistan repaid $1 billion in Eurobonds as a scheduled payment ahead of seeking a long-term bailout from the International Monetary Fund (IMF).

The bond, launched in 2014 and repaid on Friday, was maturing this month.

“The payment was made to the agent bank for onward distribution to the bond holders,” the State Bank of Pakistan said in a statement.

Pakistan has been struggling with a balance of payments crisis, record inflation and steep currency devaluation since an IMF standby arrangement averted a sovereign default.


ARY News
 
Rupee depreciates to four-week low

Pakistani currency on Wednesday hit a new four-week low at Rs278.40 against the US dollar in the inter-bank market, while gold surged to a fresh record high at Rs251,900 per tola (11.66 grams) in line with the global trend.

According to State Bank of Pakistan’s (SBP) data, the rupee further dropped Rs0.11 on a day-on-day basis, reaching a 28-day low at the close of market.

With this, the currency has cumulatively lost 0.49%, or Rs1.37, in the past three weeks compared to the five-and-a-half-month high close at Rs277.03/$ in late March 2024.

The currency has maintained its downturn amid a seasonal drop in supply of the foreign currency against its demand. The inflow of foreign currency on account of workers’ remittances is believed to be slowing down post-Ramazan and Eid celebrations last week.

Overseas Pakistanis usually send higher remittances during Ramazan every year, but inflows take a dip after Eid.

Besides, the uptrend in international crude prices in the wake of likely deepening of the Middle Eastern crisis is increasing demand for the greenback for oil imports, mounting pressure on the rupee. Pakistan meets almost 70% of its energy demand through imports, making heavy payments in foreign currency.

In addition, the government has begun negotiations for a new International Monetary Fund (IMF) loan programme. Financial experts believe the rupee may remain under pressure until a loan package is agreed and finalised by the end of June 2024.

An expert anticipated the other day that the currency may depreciate to Rs285/$ by the close of June if it fails to stabilise after the IMF releases its last tranche of $1.1 billion later this month under a $3 billion standby arrangement.

Gold at new peak

The All Pakistan Saraf Gems and Jewellers Association reported that gold rose by another Rs2,200 to a new all-time high at Rs251,900 per tola. The precious metal has cumulatively gained Rs17,100 in the past 17 days.

In the global market too, the bullion price hit a record high at $2,412 per ounce (31.10 grams), rising $21 for the day, the association said.

Global investors have continued to park their savings in gold – a safe-haven asset – to avoid the impact of likely devaluation of their respective currencies in the wake of Israeli aggression against the Palestinian people in the Middle East.

SOURCE: DAWN
 
Rupee remains stable

Pakistani currency on Wednesday maintained its gradual losing streak, ticking down by Rs0.02 to close at Rs278.39 against the US dollar in the inter-bank market apparently owing to a decrease in foreign currency supply and an increase in its demand.

Financial experts gave virtually no importance to the nominal drop, saying that the currency had largely remained stable.

However, according to the State Bank of Pakistan’s (SBP) data, the rupee has cumulatively depreciated 0.49%, or Rs1.36, in the past four weeks compared to the five-and-a-half-month high close of Rs277.03/$ reached in the last week of March 2024. Exchange Companies Association of Pakistan (ECAP) on Wednesday reported that the rupee inched down by Rs0.05 on a day-on-day basis and closed at Rs279.82/$ in the open market.

Latest central bank data indicated that import payments rose on a month-on-month basis in March and statements from high-ups also suggested that Pakistan’s imports may continue to rise gradually, which would lead to higher demand for the greenback.

Secondly, the inflow of remittances sent home by overseas Pakistanis has potentially slowed down after peaking in Ramazan and at Eid festival, resulting in contraction in dollar supply.

The rupee-dollar parity failed to maintain its uptrend despite a nine-year high current account surplus of $619 million reported by the central bank for March 2024.

Earlier, Pakistan’s foreign exchange reserves, held by the SBP, stood stable at $8.05 billion even after a foreign loan repayment of $1 billion on April 12, 2024.

SOURCE: EXPRESS TRIBUNE
 
Rupee stable at 278.40 to a dollar

Pakistani currency on Monday remained stable at Rs278.40 against the US dollar in the inter-bank market ahead of the International Monetary Fund (IMF) executive board meeting later in the day for potential approval of the last loan tranche of $1.1 billion.

According to the State Bank of Pakistan’s (SBP) data, the rupee ticked down by Rs0.01 against the greenback compared with Friday’s close at Rs278.39/$. The currency got support from analysts’ expectations that the central bank would leave its benchmark policy rate unchanged in the monetary policy announcement. Later, the SBP announced its decision to maintain the status quo, keeping the rate on hold at a record high of 22% for the next six weeks.

The rupee has gradually depreciated 0.49%, or Rs1.37, in the past one month compared to the five-and-a-half-month high close of Rs277.03/$ in the last week of March 2024.

The downtick was fuelled by the increase in demand for US dollars for import payments, though their supply also remained elevated in the wake of higher inflows of workers’ remittances during Ramazan. Remittances hit a two-year high of nearly $3 billion in March, helping achieve a nine-year high current account surplus of $619 million for the month. Exchange Companies Association of Pakistan reported that the rupee dropped Rs0.09 on a day-on-day basis, closing at Rs279.59/$ in the open market on Monday.

The potential approval from the IMF board and the subsequent release of the loan tranche will help take the country’s foreign exchange reserves to around $9 billion. This may extend support to the local currency as well.

SOURCE: EXPRESS TRIBUNE
 
Rupee stable as pressure mounts on SBP to cut rate

Pakistani rupee on Monday remained largely stable, ticking down merely Rs0.03 and closed at Rs278.24 against the US dollar in the inter-bank market amid mounting pressure on the central bank to call an emergency meeting to slash its high policy rate.

According to the State Bank of Pakistan’s (SBP) data, the rupee had closed at Rs278.21 against the greenback on Friday.

The Exchange Companies Association of Pakistan (ECAP) reported that in the open market the local currency dropped Rs0.18 to close at Rs279.38/$.

Any cut in policy rate from the record high of 22% will increase demand for US dollars for import payments and pile pressure on the rupee.

The nominal drop in the local currency came at a time when a high-powered Saudi business delegation was in Pakistan to discuss prospects of investment in major projects. An International Monetary Fund (IMF) team is also arriving soon to advance talks and finalise a new and larger loan programme for Pakistan by June-July this year.

Talking to The Express Tribune, ECAP General Secretary Zafar Paracha said the nominal drop in the Pakistani rupee was not unusual as it was part of the daily movement in currency trading. “The fluctuation does not point to any downtrend.”

He stressed that the rupee retreated on a likely drop in supply of the greenback in banking and retail networks. Currency markets sometimes see a slowdown in the inflow of foreign currencies when they resume business after the weekend.

Paracha anticipated that the rupee would gain strength in a day or two on the back of normalisation of inflows of the foreign currency.

He said the rupee would have recovered to Rs250-260/$ had the central bank not intervened in the currency market to purchase dollars to replenish its reserves.

He pointed out that the central bank had purchased $5 billion from the inter-bank market so far in the current fiscal year, limiting gains for the rupee.

The ECAP general secretary was of the view that the entire surplus dollar supply would be absorbed by the central bank in its drive to build foreign currency reserves. However, he added, the bank needed to go slow in dollar purchases in order to let the rupee strengthen further in the future.

SOURCE: EXPRESS TRIBUNE
 
High reserves prop up rupee further

Pakistani currency on Friday appreciated Rs0.08 and closed at Rs278.12 against the US dollar in the inter-bank market after the central bank reported that foreign currency inflows had remained high, which boosted its reserves to a 22-month high.

According to the State Bank of Pakistan’s data, the rupee had closed at Rs278.20 against the greenback on Thursday.

The latest improvement in the currency came after workers’ remittances touched the second highest level in the current fiscal year at $2.8 billion in April 2024.

The inflow of remittances along with the receipt of last International Monetary Fund loan tranche of $1.1 billion boosted Pakistan’s foreign exchange reserves, held by the SBP, to the 22-month high of $9.12 billion in the week ended May 3, 2024, according to the latest weekly update released on Thursday. The two developments apparently helped increase supply of the foreign currency in inter-bank trade with the rupee gaining more strength.

The local currency has cumulatively increased 10.42%, or Rs28.98, in the past eight months compared to the record low of Rs307.10/$ in September 2023.

Market talk suggests the rupee will remain stable near current levels by the end of ongoing fiscal year on June 30, 2024.

Exchange Companies Association of Pakistan, however, reported that the rupee depreciated Rs0.14 to close at Rs279.25/$ in the open market.

Gold price on Friday surged Rs4,600 to an 11-day high at Rs243,800 per tola in line with the rising global trend.

All Pakistan Sarafa Gems and Jewellers Association reported that the precious metal rose $54 to $2,366 per ounce in the international market during the day.

The association stressed that bullion was “under-cost” by Rs3,000 per tola in Pakistan when compared to the international market, though its prices have risen significantly in the past couple of years while purchasing power has eroded.

SOURCE: EXPRESS TRIBUNE
 
The Pakistani rupee (PKR) depreciated by 14 paisa against the US dollar in Thursday’s interbank session, SBP said.

The PKR closed at PKR 278.4 against USD, compared to the previous session’s closing of PKR 278.26 per USD.

The currency saw an intraday high (bid) of 278.65 and a low (ask) of 278.45.

In the open market, exchange companies quoted the dollar at 276.96 for buying and 279.45 for selling.

Against the Japanese Yen, PKR lost 2 paisa, closing at 1.8027 versus 1.7827 a day ago.

The Chinese Yuan gained 5 paisa, closing at 38.57 against 38.52 from the previous session.

The Saudi Riyal closed at 74.23 with a gain of 3.73 paisa from its value of 74.2 a day ago.

The U.A.E Dirham increased in value by 3.91 paisa from 75.8 a day ago to 75.76.


Business Recorder
 
Pakistan rupees per US Dollar

1st of January, 2018: 111

1st of January, 2019: 139

1st of January, 2020: 155

1st of January, 2021: 158

1st of January, 2022: 177

1st of January, 2023: 227

Now: 278
 
Rupee recovers from one-month low

Pakistani currency on Thursday regained Rs0.17 and closed at Rs278.30 against the US dollar in the inter-bank market, recovering from the one-month low as Prime Minister Shehbaz Sharif reached the United Arab Emirates (UAE) to seek foreign investment.

According to the State Bank of Pakistan (SBP)’s data, the rupee stood at a one-month low at Rs278.47 against the greenback on Wednesday.

PM Shehbaz said in Abu Dhabi that he was in the Gulf Arab nation to draw investment and forge partnerships instead of asking for loans, which instilled confidence in the domestic financial market.

The currency has remained largely stable for quite a long time and moved in a narrow band of Rs278-278.47/$ over the past couple of weeks.

The currency movement in a narrow range indicates that market forces (mostly commercial banks) are determining the rupee-dollar parity in connection with demand and supply of the foreign currency.

The exchange rate fluctuation is in line with the recommendation of the International Monetary Fund (IMF), with which Pakistan has initiated talks for securing a new loan programme of $6-8 billion spanning three to four years.

The loan programme is aimed at continuing to repay foreign debt on time without any interruption and finding a cushion to ramp up economic activities.

The currency has appreciated 10.35%, or Rs28.80, in the past more than eight months compared to the record low close at Rs307.10/$ in the first week of September 2023.

The IMF has assumed that the Pakistani rupee will depreciate to Rs329/$ in the next 13 months (by the end of June 2025), as it sees an increase in demand for the greenback following the full-scale reopening of imports in the coming months.

Former minister Ashfaq Tola, however, believes that the rupee may extend gains to Rs235/$ if the central bank refrains from absorbing the surplus supply of US dollars and buys them with some delay.

The Exchange Companies Association of Pakistan (ECAP) reported that the local currency ticked down Rs0.01, closing stable at Rs279.55/$ in the open market.

SOURCE: EXPRESS TRIBUNE
 
Pakistani rupee thrashes US dollar in nterbank trading

The Pakistani rupee appreciated 0.06% against the US dollar in the inter-bank market on Tuesday.

The local unit reached 278.20 after climbing a gain of Re0.16 against the greenback. On Monday, the Pakistani rupee closed at 278.36, down by Re0.03.

Pakistan's consumer price index (CPI) in May rose 11.8% from a year earlier, data from the Pakistan Bureau of Statistics showed on Monday, the lowest reading in 30 months and below the finance ministry's projections.

The lowest reading comes a week before the central bank meets to review the key rate which has remained at a historic high of 22% for seven straight policy meetings.

Pakistan has been beset by inflation above 20% since May 2022. Last year in May, inflation jumped as high as 38% as the country navigated reforms as part of an International Monetary Fund bailout programme. However, inflation has since slowed down.

Month-on-month consumer prices fell 3.2%, the biggest such drop in more than two years.

In its monthly economic report released last week, Pakistan's finance ministry said it expected inflation to hover between 13.5% and 14.5% in May and ease to 12.5% to 13.5% by June 2024.

"The inflation outlook for May 2024 continues on a downward trajectory, attributed to elevated inflation levels (in the) previous year and improvements in (the) domestic supply chain of perishable items, staple food like wheat and (a) reduction in transportation costs," the report said.

The actual readings have come in even lower due to a sharper dip in food prices, said Amreen Soorani, head of research at JS Global Capital.


Samaa TV
 
How much rupee gained against dollar on June 21

The rupee gained nine paise against the dollar in the interbank market on Friday and closed at Rs278.51 against the previous day’s closing at Rs278.60.

The buying and selling rates of the dollar in the open market, however, were Rs277.8 and Rs280.7 respectively, according to the Forex Association of Pakistan.

The price of the Euro decreased by Rs1.21 to close at Rs297.56 against the last day’s closing of Rs298.77, the State Bank of Pakistan said.

The Japanese Yen remained unchanged and closed at Rs1.75, whereas a decrease of Rs1.79 was seen in the exchange rate of the British Pound, which traded at Rs352.28 as compared to the last day’s closing of Rs354.07.

The exchange rates of the Emirates Dirham and the Saudi Riyal decreased by two and three paise to close at Rs75.82 and Rs74.23.


AAJ News
 
US dollar rises slightly against rupee

The Pakistani rupee experienced a slight dip on Thursday, weakening by 0.04% against the US dollar in the interbank market.

The currency closed at Rs278.61, down Rs0.10 from the previous day’s close of Rs278.51.

Over the past few weeks, the rupee has traded within a narrow range of Rs277-279 against the dollar as Pakistan continues its efforts to secure a larger and longer-term bailout package from the International Monetary Fund (IMF).

Globally, the US dollar saw a minor decline on Thursday, with trading subdued ahead of the release of the US inflation report later in the day. Meanwhile, the British pound strengthened as expectations for an August interest rate cut from the Bank of England (BoE) diminished.


AAJ News
 
Pakistani rupee strengthens against US dollar

Pakistani rupee (PKR) on Thursday witnessed an increase of 07 paisa against the US dollar (USD) in the interbank trading and closed at Rs 278.17 against the previous day’s closing of Rs 278.10.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 279 and Rs280.50 respectively.

The price of Euro inreased by Rs1.1 to close at Rs 304.94 against the last day’s closing of Rs 302.94, according to the State Bank of Pakistan (SBP).

The Japanese yen gained 02 paisa and closed at Rs1.78, whereas an increase of 60 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs361.56 as compared to the last day’s closing of Rs360.96.

The exchange rates of the Emirates Dirham and the Saudi Riyal increased by 02 paisa each to close at Rs75.73 and Rs74.16 respectively.


ARY News
 
US dollar gains ground against Pakistani Rupee in interbank

The price of the US dollar, continuing its upward trajectory, reached Rs278.50 with an increase of nine paisas against the Pakistani rupee in the interbank trading on Wednesday.

The KSE-100 index reached the 79,127 benchmark with an increase of 140 points.



Samaa TV
 
Pakistani rupee sheds more value against USD

Pakistani rupee on Monday depreciated by 12 paisa against the US dollar in the interbank trading and closed at Rs 278.62 against the previous day’s closing of Rs 278.50.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 279.3 and Rs 280.4 respectively.

The price of Euro increased by Rs 4.66 to close at Rs 305.48 against the last day’s closing of Rs 300.82, according to the State Bank of Pakistan (SBP).

The Japanese yen went up by 08 paisa and closed at Rs1.94, whereas an increase of Rs 2.84 was witnessed in the exchange rate of the British Pound, which traded at Rs356.96 as compared to the last day’s closing of Rs354.12.

The exchange rates of the Emirates Dirham and the Saudi Riyal increased by 03 paisa and 02 paisa to close at Rs75.85 and Rs74.22 respectively.



ARY News
 
Pakistani rupee strengthens against US dollar

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 279.30 and Rs 280.40 respectively.

The price of Euro increased by 44 paisa to close at Rs 304.85 against the last day’s closing of Rs 304.41, according to the State Bank of Pakistan (SBP).

The Japanese yen went up 01 paisa and closed at Rs1.91, whereas an increase of 15 pasia was witnessed in the exchange rate of the British Pound, which traded at Rs 353.94 as compared to the last day’s closing of Rs 353.79.

The exchange rate of the Emirates Dirham decreased by 01 paisa to close at Rs 75.87 and the Saudi Riyal increased by 01 paisa to close Rs74.25.

arynews.tv

Pakistani rupee strengthens against US dollar

ISLAMABAD: Pakistani rupee on Thursday appreciated by 05 paisa against the US dollar in the interbank trading and closed at Rs 278.68 against the previous
arynews.tv arynews.tv
 
Stability measures give rupee a boost

The rupee has appreciated significantly against the dollar over the past year, marking a rare shift as the US currency typically dominates.

Official data showed that the rupee gained around Rs9 per dollar in the interbank market between August 11 and August 13. The open market saw even greater appreciation, with the rupee strengthening by Rs15 per dollar during the same period.

On August 11 last year, the interbank exchange rate stood at Rs287.60, which fell to around Rs278.60 by Aug 13 this year. In the open market, the exchange rate dropped from Rs295 to Rs280 per dollar, reflecting a gain of Rs15.

The trend defies the usual pattern, as the dollar has consistently appreciated against the local currency. Stability in the exchange rate has been observed over the past four months with only minor fluctuations, even in the open market.


www.dawn.com

Stability measures give rupee a boost

Gains Rs9 to a dollar over last year; experts warn grey market is thriving with $500m sold monthly.
www.dawn.com
 
When the rupee depreciated, it happened with the speed of light and now just a few pennies rize in a year and people are happy about it.
 
Pakistani rupee thrashes US dollar in interbank trade

The US dollar price reached Rs277.60 against the Pakistani rupee in the interbank trading with a decrease of nine paisas on Wednesday.

International Monetary Fund (IMF) Managing Director (MD) Kristalina Georgieva has expressed optimism about Pakistan's economic trajectory, stating that the country's economy is heading in the right direction.


www.samaa.tv

Pakistani rupee thrashes US dollar in interbank trade

IMD MD says Pakistan’s economic growth is picking up
www.samaa.tv www.samaa.tv
 
Dollar records marginal gain against rupee in interbank

The rupee depreciated by 19 paise against the dollar in the interbank trading on Monday and closed at Rs277.85 against the previous day’s closing of Rs277.66.

The buying and selling rates of the dollar in the open market stood at Rs277.40 and Rs278.90 respectively, according to the Forex Association of Pakistan.

The Euro price decreased by 48 paise to close at Rs293.01 against the last day’s closing of Rs293.49, the State Bank of Pakistan said.

The Japanese yen went up by one paisa and closed at Rs1.79, whereas a decline of 96 paise was seen in the exchange rate of the British Pound, which traded at Rs350.58 as compared to the last day’s closing of Rs351.54.

The exchange rate of the Emirates Dirham and the Saudi Riyal increased by five and nine paise to close at Rs75.64 and Rs74.02 respectively.


AAJ News
 
Pakistani Rupee thrashes US Dollar in interbank market

The US dollar saw a minor decline in the interbank market at the start of trading on Friday, dropping by 16 paisas to reach Rs277.80.

The downward follows yesterday's closing rate of Rs277.96, reflecting a slight strengthening of the Pakistani rupee.

Market analysts attribute this change to increased inflows and reduced demand for foreign currency.

Traders are closely monitoring the market for further fluctuations, which may be influenced by upcoming economic developments.


Samaa TV
 
Pakistan rupee depreciates against US dollar

Pakistani rupee on Tuesday depreciated by 09 paisa against the US dollar in the interbank trading and closed at Rs278.92 against the previous day’s closing of Rs278.83.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 279.50 and Rs 281, respectively.

The price of the Euro decreased by 68 paisa to close at Rs291.03 against the last day’s closing of Rs291.71, according to the State Bank of Pakistan (SBP).

The Japanese yen went up by 01 paisa and closed at Rs1.79, whereas an increase of 23 paisa was witnessed in the exchange rate of the British Pound, which was traded at Rs347.02 as compared to the last day’s closing of Rs346.79.

The exchange rates of the Emirates Dirham and the Saudi Riyal increased by 03 paisa each to close at Rs 75.94 and Rs74.36 respectively.


arynews.tv

Pakistan rupee depreciates against US dollar

ISLAMABAD: Pakistani rupee on Tuesday depreciated by 09 paisa against the US dollar in the interbank trading and closed at Rs278.92 against the previous
arynews.tv arynews.tv
 
🇵🇰 U.S. Dollar to Pakistani Rupee exchange rate:

22 Mar 2025: 280.25

22 Mar 2024: 278.50

22 Mar 2023: 283.12

22 Mar 2022: 180.50

22 Mar 2021: 155.75
 
Pakistan rupee depreciates to 19-month low against US dollar

Pakistani rupee depreciated further to hit a 19-month low in the inter-bank market against the US dollar on Monday.

At close, the currency settled at 284.22, a loss of Re0.25.

During the previous week, the Pakistani rupee weakened against the US dollar, closing at 283.97 to register a loss of 0.09% on a weekly basis.

The rupee had previously closed at 284 level against the US dollar in December, 2023.



www.brecorder.com

Pakistan rupee depreciates to 19-month low against US dollar

Currency settles at 284.22 against greenback
www.brecorder.com
 
The above is the reason why Microsoft should had expanded in Pakistan, PKR is extremely valuable compared to India for offshoring. @IronShield

PML pre 2019, PTI 2019-22 knew this..
Capitalism works for profit.. Pakistan talent should had easily been profitable for Microsoft.
 
Why the rupee keeps faltering

This isn't just a question for economists; it affects every Pakistani, from the price of imported wheat to fuel costs and national standing. While short-term fixes like exchange rate adjustments or central bank tweaks grab headlines, they’re mere Band-Aids.

A currency's long-term strength rests on deeper pillars: productivity, institutional credibility, macroeconomic discipline, and global trust. Pakistan's struggles with the rupee expose a failure to address these fundamentals.

Short-term exchange rate models, like interest rate parity or purchasing power parity, explain daily or monthly moves. But they don’t explain why the Japanese yen remains a reserve currency while the Argentine peso or Turkish lira collapse repeatedly.

Productivity is crucial. The Balassa-Samuelson effect shows that growth in exportable sectors raises wages and prices, strengthening the real exchange rate. Japan's post-war boom, fuelled by innovation and manufacturing, made the yen globally respected. China's rise followed a similar path, though the yuan lags due to capital controls and limited international use.

Institutional credibility also matters. Legal transparency, stable governance, and political continuity attract capital and bolster confidence. Switzerland's franc thrives due to its neutrality and rule of law. The UK’s pound held firm post-Brexit thanks to its institutions and deep markets. In contrast, Venezuela and Zimbabwe's institutional collapse triggered hyperinflation and currency collapse.

Macroeconomic discipline is non-negotiable. Inflation, as Milton Friedman argued, is a monetary phenomenon but also a signal of how seriously leaders take economic stewardship. Germany’s Bundesbank built early trust in the euro with its anti-inflation stance, a legacy carried forward by the European Central Bank. Countries like Singapore and Germany maintain tight fiscal control, keeping currencies stable even in crises. Argentina, by contrast, has suffered chronic deficits and repeated defaults.

Global demand reinforces strength. The US dollar accounts for 48.5% of global payments (as of May 2025), far ahead of the euro, pound, yen, and yuan. Despite talk of "de-dollarisation", its share has grown.

Liquidity, legal protections and trust make it indispensable. Even China’s yuan, despite the size of its economy, remains hamstrung by capital controls and opaque governance.

The Pakistani rupee has depreciated by nearly 70% against the US dollar over the past decade, a far steeper decline than most regional peers: the Sri Lankan rupee fell by about 65%, while the Bangladeshi taka lost around 32%, the Indonesian rupiah 25%, the Indian rupee 22%, the Malaysian ringgit 21%, the Philippine peso 20%, the Vietnamese dong 18%, and the Thai baht only 8%.

Repeated balance-of-payments crises and IMF bailouts reveal the depth of its structural flaws. From 2015 to 2024, the trade deficit averaged 8.7% of GDP. Remittances averaged 7.4%, higher than in India or the Philippines, yet still couldn't plug the gap. The problem is not the exchange rate; it’s the economy itself.

In 2024, Pakistan's imports hit $55 billion. Staggeringly, 39% went to food, textiles, and agricultural goods – items like wheat, palm oil, raw cotton, synthetic yarn and fertilisers. Another 30% went to fuel. For a country where 40% of the workforce is in agriculture, importing basic agro-products is a national embarrassment. Devaluation might offer temporary relief, but it’s no solution. The real problem is Pakistan’s low productivity, particularly in agriculture, which employs millions but underdelivers.

Countries that innovate and produce efficiently see their currencies appreciate over time. Pakistan is stuck in a low-productivity trap. Its agriculture relies on outdated methods, poor infrastructure and minimal investment. A country that should be feeding itself is importing essentials. Meanwhile, exports — mainly low-value textiles — have stagnated, unable to compete with more modernised economies like Bangladesh and Vietnam.

The industrial and service sectors lag as well, hobbled by energy shortages, bureaucratic red tape, and a shortage of skilled labour. The real effective exchange rate, often cited by officials, is misleading. It blends traded and non-traded sectors, masking core inefficiencies. Policymakers must stop chasing cosmetic solutions and focus on building real, productive capacity.

Institutions are another weak link. Corruption, political instability and weak governance undermine investor confidence. Unlike Switzerland or the UK, where institutions underpin currency strength, Pakistan۔s inspire little trust. The State Bank of Pakistan (SBP) has made progress, but it operates in a political climate where short-term populism routinely overrides sound policy. Fiscal discipline is weak. Chronic deficits and reliance on external borrowing have left the country exposed.

Compare this to Singapore or Germany, where consistent, prudent policies foster trust and investment. No currency can thrive without credible institutions and disciplined management.

Internationally, the rupee is a non-player. It's not freely convertible, and its use in global trade is negligible. Even the yuan, backed by the world's second-largest economy, struggles to gain traction due to capital controls.

For Pakistan, with a smaller economy and weaker institutions, the challenge is even greater. Building a respected currency requires open markets, legal transparency and policy reliability — traits Pakistan lacks.

This crisis isn't just about the rupee; it’s about the deeper failures in productivity, governance and economic vision. To move forward, Pakistan must invest in productivity by modernising agriculture, supporting industry with reliable energy and smart regulation and investing in education and skills. It must strengthen institutions by fighting corruption, securing judicial independence and depoliticising economic policy.

Fiscal discipline must be restored through reduced deficits and a broader tax base. Reliance on the IMF is a symptom, not a strategy. The country must diversify and upgrade exports, learning from Bangladesh’s garments or Vietnam’s electronics. It must also earn global trust by gradually opening its capital accounts and building a reputation for consistency.

Currencies, like reputations, are built over decades. The US dollar’s dominance, despite geopolitical shifts, reflects trust, scale and usability. The yen, franc and pound endure because their economies deliver on fundamentals. Pakistan’s rupee, by contrast, reflects decades of neglect of agriculture, industry, institutions and long-term strategy.

The message is clear: stop blaming the dollar or the IMF. The rupee’s weakness is a mirror of our own failures. It’s time to demand better: better governance, smarter policy and a relentless focus on productivity. Only then will Pakistan’s currency rise on its own strength, not stumble with every gust of global uncertainty.



www.geo.tv

Why the rupee keeps faltering

This isn't just a question for economists; it affects every Pakistani, from the price of imported wheat to fuel costs and national standing. While short-term fixes like exchange rate adjustments or central bank tweaks grab headlines,...
www.geo.tv www.geo.tv
 
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