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Greenback traded at Rs98: Dollar slips further in inter-bank market

KARACHI: The US dollar again fell back to one year low of Rs98 in the inter-bank market, prompting currency dealers to expect further decline. The dollar kept resisting in the inter-bank market for the last three days but could not break the psychological barrier of Rs100. Dealers in the inter-bank market said the State Bank had been influencing to keep ... Read More »

Rupee declines, expected to stabilize around 100 mark

ISLAMABAD: The rupee has decline by 80 paisas to close at 99.35 against the US dollar in the interbank market, dealers said. The forex market faced some panic on buying pressure and speculative sentiment, they said. The rupee hovered in the range of 99.35 and 99.45 per dollar at the commencement of the trading. The dealers expect the rupee to ... Read More »

‘Mystery’ of sudden rise in forex reserves yet to be unfolded

KARACHI: Net foreign exchange reserves with State Bank of Pakistan (SBP) rose by $1.03 billion during the second and third weeks of the outgoing month which provided the much-needed vigor to strength rupee against dollar. The current drastic appreciation in rupee against the dollar is largely due to the increase in the net foreign exchange reserves with SBP. However, one ... Read More »

Expats remittances rise by 11pc in 8 months

KARACHI: Remittances sent by overseas Pakistani surged by 10.95 percent to the amount of $10.245053 billion in the first eight months (July to February) of the current fiscal year, against $9.234077 billion during the same period of last fiscal year, said a SBP statement here. The inflow of remittances in July- February FY14 from Saudi Arabia, United Arab Emirates ( ... Read More »

Dollar plunges below Rs98, price of POL must lower down

KARACHI: The Pakistani rupee hit eight-month high on Wednesday against the dollar, trading below the key psychological 100-to-a-dollar level. Dollar further plunged to Rs97.90 in interbank and Rs98.00 in the open market during the day, witnessing Rs2.40 decease in the open market.  Foreign currency dealers said that the rupee maintained its upward journey for the second consecutive day both in ... Read More »

Rupee continues to gain weight in its value

LAHORE: Pakistani rupee is continuing to gain weight against the US dollar that has depreciated by around Rs 4 in a single week while its value is fluctuating at around Rs 100 mark. US dollar value in international foreign exchange rates stood at Rs 100.69. Pakistan open market rates for US dollar are Rs 100.25 whereas interbank rates for dollar ... Read More »

Foreign inflows stand at $3.5b so far in FY14

ISLAMABAD: Pakistan has received foreign inflows to the tune of over $3.5 billion including disbursement under the Coalition Support Fund (CSF), IMF tranches under the Extended Fund Facility (EFF), grants and loans from multilateral and bilateral donors so far in the current fiscal 2013-14. As per details, the country received $674 million under the head of CSF against the budgeted ... Read More »

Rupee strengthens, expected to gain value further

KARACHI: The rupee ended higher at 102.85/102.95 against the dollar compared to previous close of 103.30/103.35 a day earlier. Overnight rates in the money market rose to 9.90% from Thursday’s close of 9.00%. Heavy debt repayments to the International Monetary Fund (IMF) had dented the central bank’s reserves, which had declined significantly, putting pressure on the rupee. However reserves are stable ... Read More »

Rupee strengthens to 103.5 against US dollar

KARACHI: Pakistani rupee has gained value against the US dollar in both the inter-bank and open markets ending at 103.5 to the dollar indicating that the rupee is gaining faster than the market expectations which pushed investors to sell their holdings. The selling volumes doubled in last two days in the open market. Currency dealers said the sellers got nervous ... Read More »

No ST on forex transactions in a bid to strengthen rupee

ISLAMABAD: Federal government has withdrawn sales tax levied by the provincial governments on foreign exchange transactions of exchange companies so that it can aide in governments efforts to strengthen the country’s currency. The decision is in line with the decision taken by the Council of Common Interests (CCI). Sources said that the CCI decision further strengthens the viewpoint of the ... Read More »

Forex reserves reach up to $ 7,994 million

KARACHI: Pakistan’s total liquid foreign exchange reserves stood at $ 7,994.2 million on 14 Feb 2014. Foreign reserves held by State Bank of Pakistan were $ 3,196.7 million. Net foreign reserves held by banks were $ 4,797.5 million. According to SBP weekly report, reserves increased by $ 356 million at the end of the week. The increase in reserves is attributed to ... Read More »

Current account gap widens to $2bn

ISLAMABAD: Despite hectic efforts by the government, the current account deficit rose to $2 billion in the first seven months of the current fiscal year. The dollars inflows remained stagnant while the outflows too high which caused serious imbalance on external front during the corresponding period. Experts and bankers said that higher remittances could not cover up the widening current ... Read More »

Flow of fake currency notes mounting

ISLAMABAD: Circulation of fake currency notes valuing Rs 1000 is continuing unchecked in Karachi company market. Inflow of these fake notes makes rapid way in rush hours particularly in the evening time when all the shops are thronged by the consumers. The cloth shops are the easy targets of the fake currency dealers. “We are the hard hit sufferers as ... Read More »

SBP’s foreign exchange reserves plunge

KARACHI: State Bank of Pakistan’s weekly report for the week ending on January 24 has revealed that the Central Bank’s foreign exchange reserves have fallen to $3.177 billion as compared to $3.322 billion in the preceding week, registering a decline of $145 million. The decline in the SBP’s reserves is partly attributed to $76 million paid on account of external ... Read More »

Forex reserves down by $149m

KARACHI: The country’s liquid forex reserves fell by $149 million during last week. According to State Bank of Pakistan’s weekly reserves report, the country’s total liquid reserves declined to $8.168 billion as on January 17, 2014 down from $8.317 billion on January 10, 2014. Over the past, the central bank’s liquid forex reserves decreased by $145 million to $3.322 billion ... Read More »

Forex reserves rise by $267m

KARACHI: Pakistan forex reserves have registered an increase of $267.6 million during the last week. According to the State Bank of Pakistan’s weekly reserves report, Pakistan’s total forex reserves have surged to $8.317 billion as on Jan 10, 2014 compared to $8.05 billion as on Jan 3, 2014. During the week, the SBP’s liquid forex reserves have increased by $222 ... Read More »

Remittances up by $1.5b

KARACHI: Remittances by overseas Pakistanis have registered a growth of 9.46 per cent over the previous fiscal year. $7.79 billion remittances have been sent in the first half of the ongoing fiscal year, according to a report by State Bank of Pakistan. The half-yearly total of remittances in FY 2012-13 was $ 6.3 billion. The details of the State Bank ... Read More »

Customs vigilant in averting flight of foreign currency

KARACHI: Pakistan Customs has initiated an effective onslaught against flight of foreign currency through passengers and has so far been successful in recovering a substantial amount during its operation, official sources said. A customs official said that airport staff is ensuring the filing of the currency declaration form at departure. This is followed by a physical inspection in case of ... Read More »

Man found in possession of huge foreign currency

KARACHI: The Customs Drugs Enforcement Cell has arrested a man with huge sum of foreign currency here at Jinnah Terminal Airport. As per details, Customs DEC officials recovered 31,000 Saudi Riyal and 87,000 UAE Dirham, equivalent to $32,000 or Rs3.4 million from socks and shoes a passenger. The man identified as Saeed Ahmed Sheikh, a resident of Hyderabad, was going ... Read More »

Carrying forex: NTN likely to be made mandatory

ISLAMABAD: The National Tax Number (NTN) is likely to be declared mandatory for carrying foreign exchange during foreign tours in a bid to discourage money laundering and flight of foreign exchange. It is to be noted that Section 4 of Protect of Economic Reforms Act, 1992 and State Bank of Pakistan (SBP) rules allow all citizens to carry up to ... Read More »