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Dollar reaches Rs103.30 as rupee continues to nosedive

KARACHI: The US dollar gained 63 paisa in the inter-bank currency exchange on Monday, reaching Rs 103.30 mark as uncertainty continues to prevail on the political horizon in the country. The experts blame the current political situation for frailty of rupee and fear that it may further depreciate if the situation did not return to normalcy. Earlier, currency experts had ... Read More »

Arresting rupee value

According to the director of the monetary policy of the State Bank of Pakistan, the recent political confrontation is responsible for devaluation of the Pakistani rupee, which has not only increased inflation, but also jeopardized the smooth supply of daily use items across the country. Talking to journalists on Friday, he says that though the political uncertainty is blamed for ... Read More »

Need to work out win-win solution

 The political chaos created by the sit-ins by Pakistan Tehreek-e-Insaf chief Imran Khan and Pakistan Awami Tehreek leader Dr Tahirul Qadri has begun to dent the national economy. The Pakistani rupees is continuing shedding its value against dollar while trade and business activities are also slowing down in the twin cities and elsewhere in the country. It is reported that ... Read More »

Restart of talks helps rupee to firm value

LAHORE: With the ‘apparent’ signs of improvement in the prevailing political scenario, Pak Rupee managed to sustain its value against US Dollar and other international currencies in currency market. Though no extra ordinary market demand for the US dollar was seen, its rates remained stable. Market players said that emergence of new political situation with restart of dialogue process between ... Read More »

Foreign reserves of SBP fall below $9b

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen below $9 billion after three months while the private banks succeeded in maintaining their foreign reserves. In its report, the SBP announced that its reserves dropped to $8.902 billion during the week ended on August 15, 2014. Its reserves touched 10-year low at $3.18 billion in January ... Read More »

Overseas investment: Capital outflow reaches $457m in 5 years

ISLAMABAD: The statistics of the Finance Ministry reveals that $457 million capital has been transferred for overseas investment with the approval of the State Bank of Pakistan and Economic Coordination Committee of the Cabinet in the last five years (2009-14). Official documents revealed that $298 million outflow was recorded during 2012-13 which is the highest in five years. This was ... Read More »

Imran, Qadri marches: Rupee continues to lose value against dollar

KARACHI: Pakistani rupee continued to lose value as it plummeted 70 paisas against US dollar in the inter-bank market as later touched the Rs 101.10 mark. Traders and businessmen are worried due to this political standoff because this situation would further curtail the value of local currency against dollar. Analysts reflected that if the current political scenario continued to prevail ... Read More »

Rupee weakens against dollar amid Azadi, Inqlab marches

KARACHI: The call of civil disobedience and sit-ins against government has added to the confusion prevailing in open and intra bank markets. The value of Pakistani rupees has decreased to Rs99.95 in open market against US dollar. Also intra bank rate of dollar touched Rs100.1 with an increase of 6 paisa. Financial analysts said that because of political turmoil and ... Read More »

Stagnant inflow, debt servicing shrink forex reserves

KARACHI: Foreign exchange reserves of the State Bank of Pakistan declined due to external debt servicing and no fresh inflow over the past two months. According to a State Bank report, the reserves held by the bank declined by $89 million to $9.188 billion during the week ended on Aug 8 as against $ 9.277bn in the previous week. Total ... Read More »

Rupee weakens against dollar

KARACHI: The value of dollar strengthened in inter-bank market against Pakistani rupees and traded at highest rate of Rs 99.30 in interbank. The data provided by the Forex Association of Pakistan has revealed that dollar traded at lowest rate of Rs 99.20 and highest rate of Rs 99.30 in interbank market while it was traded at minimum price of Rs ... Read More »

Dollar at 40-day high against rupee

KARACHI: After dipping more than a month, dollar crossed Rs99 rupees a dollar both in inter-bank and open market. With the beginning of Ramazan, dollar had fallen to below Rs99 and most of the time kept hovering around Rs98.50. However, for the first time in 40 days, the US currency gained strength to cross Rs99. Political uncertainty and a number ... Read More »

Rupee devalues by 47.1pc against dollar from 2008-13

ISLAMABAD: Pakistani Rupee devalued approximately 47.1% against US Dollar during period from 2008 to 2013. Rupee met with the worst depreciation in the fiscal year 2009 when it was devalued up to 16.0% and the lowest was in 2011 which was 0.5% only. Official documents available with Customs Today show that Pak rupee was victim of depreciation against dollar in ... Read More »

SBP policy rate remains unchanged at 10pc

LAHORE: State Bank of Pakistan (SBP) has kept the policy rate unchanged at 10.0 percent for next two months. Governor SBP, Ashraf Mahmood Wathra announced the Monetary Policy Statement (MPS) for the next two months at a press conference on Saturday. Central Board of Directors of SBP chaired by the Governor SBP took this decision after detailed meeting. In recent ... Read More »

Record $15.8b remittances in FY13-14

KARACHI: The country received a record $15.83 billion in remittances from overseas Pakistanis in fiscal year 2013-14, an increase of 13.7 per cent over the previous year. The constantly increasing remittances have now become the second largest source of dollar inflows in the country after export proceeds. The details of remittances showed that overseas Pakistanis were sending more money back ... Read More »

SBP governor to announce monetary policy in Lahore office

LAHORE: Ashraf Mahmood Wathra, Governor, State Bank of Pakistan will announce monetary policy at a press conference on Saturday, July 12, 2014 at 3:00pm, SBP-BSC Office, Lahore. Sources said that this is the second occasion the SBP governor will announce monetary policy in Lahore office. Earlier, during first term of Benazir Bhutto as PM, the SBP had announced the policy ... Read More »

Rupee fluctuates owing to political situation in Lahore

ISLAMABAD: US dollar appreciated to as much as over Rs 100 in the currency market due to nervousness created by the arrival of Dr Tahirul Qadri and subsequent events in the day in connection to his arrival. Currency dealers in the open market said that the arrival of Dr Qadri and ensuing political tension depressed the market. Nervous traders turned ... Read More »

Dollar jumps in open market ahead of summer vacations

KARACHI: After staying stable for over a month and a half, US dollar crossed Rs 100 mark in the open market towards the end of this week, said currency traders. Dollar crossed Rs100 by midday however returning back to Rs 99.85 by the close, said a money changer. The greenback breached the limit on Thursday as it was traded at ... Read More »

Money changers get immunity from ST

LAHORE: In compliance with the federal government directives, the Punjab Revenue Authority (PRA) has exempted foreign currency dealers and money changers services from sales tax. As per details, the provincial tax authority has decided to grant exemption to currency dealers from provincial sales tax for two years to encourage foreign exchange inflows into the country. The currency dealers and government ... Read More »

Rupee at 96 a dollar in another episode of appreciation trend

KARACHI: Pakistani rupee’s climb against the US dollar continued on Friday as the US currency traded as low as Rs 96.10 in the inter-bank and Rs 98.20 in the open market. The rupee has appreciated by 13 per cent over the past few months. There is no sign yet that the trend will change soon. Currency dealers in the inter-bank ... Read More »

Greenback falls to Rs97

KARACHI: The US dollar plummeted to Rs97-level on Monday, continuing its depreciation from the previous week. According to, the greenback was being bought at Rs97.70 and sold at Rs97.90 in the interbank-market. However, in the open market the dollar is being sold at Rs100.40 and bought at Rs100.15, registering a slight decrease in its value from the previous day. ... Read More »