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Rupee

Rupee drops by Rs 1.20 against US dollar in inter-bank market

LAHORE: The Pakistani rupee dropped by Rs 1.20 against the US dollar on Monday morning, as previously it was being traded between a range of Rs 133.20-133.63. In the open market, the Pakistani rupee was trading at Rs 131.83 against the US dollar till Monday early morning, but fluctuations were observed since the market opened today. The KSE-100 index showed a downward trend by losing 539.25 points in first 1.5 hours of intra-day trading on Monday to below 37,000 points, and now trading at 36,978.68 points. On Friday, the…

Rupee recovered by Rs2 against US Dollar in inter-bank market

LAHORE: The Pakistani rupee partly recovered by almost further Rs2 against the US dollar, and stood at Rs133 in inter-bank market on Friday, for the second consecutive day. It is observed that the bounce back of Pakistani rupee is an impact of Beijing welcoming Saudi Arabia as a fresh partner in the mega project of China-Pakistan Economic Corridor (CPEC). According to the State Bank of Pakistan (SBP), the Pakistani rupee in the inter-bank market, however, showed a downward trend by Rs0.16 in the last two days to…

It’s Rs 122 now – Dollar falls by Rs5 against Pakistani rupee

KARACHI: Pakistani rupee on Monday surged by 4.3 percent to 122.5 per dollar on Monday, following domestic media reports over the weekend that China had agreed to provide $2 billion in loans. Monday brought the first significant strengthening in years for the rupee, which has weakened more than 20 percent since December after four separate devaluations by the central bank. Karachi-based brokerage Intermarket Securities said weekend publication of full results of the July 25 election may have also helped sentiment, as…

Pakistan shares, rupee open firm as election results eyed

KARACHI: Shares in Pakistan rose to their highest in more than three weeks in early trade on Thursday, while the Pakistani rupee traded firmer at the open as the nation awaits general election results. With cricket hero-turned-politician Imran Khan leading in a partial count, the benchmark index was up 1.6 percent at 42,023.57 by 0542 GMT, giving up some of its gains shortly after the opening, when it was up as much as 1.9 percent. In spot trade, the currency was 0.1 percent stronger against the U.S. dollar.…

Warning about inflation, Imran says currency depriciation to directly affect masses

MIANWALI: Pointing towards recent devaluation of Pakistani rupee against dollar, Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan on Monday said the currency depreciation would directly affect the masses. "The depreciation of Pakistani rupee multiplies our foreign debts and to tackle this situation more taxes are imposed resulting in high costs of commodities," he said while addressing a public gathering in Mianwali, his hometown. He said the biggest problem facing Pakistan was surge in debts.  Comparing…

Warning about inflation, Imran says currency depreciation to directly affect masses

MIANWALI: Pointing towards recent devaluation of Pakistani rupee against dollar, Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan on Monday said the currency depreciation would directly affect the masses. "The depreciation of Pakistani rupee multiplies our foreign debts and to tackle this situation more taxes are imposed resulting in high costs of commodities," he said while addressing a public gathering in Mianwali, his hometown. He said the biggest problem facing Pakistan was surge in debts.  Comparing prices of…

Rupee continues to depreciate in inter-bank market

KARACHI: On Tuesday, a recent descent is observed of 1.11% in rupee value, due to which accumulative depreciation is around 15.38% to a record low of Rs121.73 to the US dollar in the inter-bank market since December 2017, the reason behind is mainly growing imports and fast diminishing foreign currency reserves. According to Pakistan Forex Association President Malik Bostan, “Traders believe the rupee may drop to Rs125 by June 30 (in the inter-bank market).” ALSO READ: Rupee depreciates- US dollar hits extraordinary…

Pakistan Eurobonds fall after rupee slump

LONDON: Pakistan’s Eurobonds fell following what traders said appeared to be the country’s third currency devaluation in seven months. The 2027-maturing bond fell 0.75 cents to trade at 89.76 cents - the first time the bond had slipped below the 90 cent mark, Thomson Reuters data showed. A 2025 bond fell 0.61 cents as well, to its lowest level since February 2016. Pakistan’s economy is forecast to expand by close to 6 percent this year which would be the fastest pace in more than a decade. A widening current account…

Rupee depreciates- US dollar hits extraordinary record of Rs122 in interbank market

KARACHI: Pakistan’s currency is devalued sharply in the opening of the week as US dollar hits a highest record of 122 for a third time since December by Central Bank. According to today’s early trade, the rupee dropped as much as 5.1 percent to 121.5 a dollar in trade. Whereas it was observed trading at Rs119.80 in the inter-bank market previously. The main reason for the ramble in the value of US Dollar is mainly increase in imports and a broadening current account deficit. The rupee was being traded at Rs124 against…