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[ad_1] The Pakistani rupee strengthened for the ninth consecutive session against the US dollar, appreciating 0.3% in the inter-bank market on Monday. As per the State Bank of Pakistan (SBP), the rupee settled at 295.95 after an increase of Re0.9 in the inter-bank market. During the previous week, the rupee appreciated nearly 2.1% across the five sessions to close at 296.85 against the US dollar in the inter-bank market. The currency closed positive on all five days, extending its winning run to eight successive sessions as momentum continued to favour the rupee. The change in fortune comes as authorities introduced reforms in the Exchange Companies’ sector and reportedly cracked down on smuggling, lending support to the currency markets.   [ad_2] Source link https://worldnews2023.com/business/pkr-continues-to-gain-ground-against-us-dollar-such-tv/?feed_id=327820&_unique_id=675df31d9b111

[ad_1] On Wednesday, the interbank exchange rate for the US Dollar experienced a notable 22-paisa drop, standing at Rs285.30. The day began with an unexpected 13-paisa increase, according to currency dealers. However, as the trading day continued, the Pakistani Rupee displayed resilience, leading to a strengthening trend in the market. During the course of trading, the interbank rate saw a reduction of 22 paisas, bringing the exchange rate to a stable Rs285.30. This turnaround reflects the dynamic nature of currency markets, where fluctuations are not uncommon. In placement with the interbank market, the open market also witnessed a decline in the US dollar's value, with a 50-paisa drop, settling at Rs285.50. This slight dip in the open market further contributes to the overall narrative of the US Dollar's adaptability in the face of market dynamics. Looking back at the last day of the previous business week, there was a 10-paisa increase in the value of the US D...

[ad_1] The Pakistani rupee fell by Rs1.52 against the US dollar during interbank trade on Tuesday, extending its losses from the previous week. The greenback was changing hands in the interbank market at a record Rs298.65 at around 1pm. In the open market, the dollar was changing hands for Rs306. The local currency closed at Rs297.13 yesterday, rising by Rs1.35 from the last week’s close of Rs295.78, according to data shared by the Exchange Companies Association of Pakistan (ECAP). Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. The removal of those restrictions beginning in June was a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.   [ad_2] Source link https://worldnews2023.com/business/pkr-slumps-to-record-low-against-us-dollar-such-tv/?feed_id=319436&_unique_id=66ff5b8f54c6b

[ad_1] On Saturday, the current rate for US Dollar stands at Rs280.57, as the interbank exchange rate saw a notable Rs1.77 rise during the past week. After a continuous decline in the value of the US dollar against the Pakistani currency for five weeks, there has been a trend of increasing over the past two weeks. According to the State Bank of Pakistan, on Friday, the dollar closed at 280.57 rupees in the interbank market. During the past week, the dollar saw an overall increase of Rs1.77. The value of the US dollar had been on a downward trend against the Pakistani rupee for 28 consecutive business days, dipping below 277 rupees at one point. However, the decline in the value of the dollar stopped during the last week. Currency market analysts suggest that the dollar's value had significantly dropped, and a recovery was expected. However, pressure on income payments in the interbank market emerged last Wednesday. The increase in the value of the dollar in the world ...

[ad_1] The US dollar’s relentless surge against the Pakistani rupee shows no signs of abating, reaching record highs in both the interbank and open markets on the second day of the business week. According to details, the dollar’s value climbed by an additional 75 paisas in the interbank market, settling at an alarming 302.75 rupees. In the open market, the dollar remains at a historic level of Rs316. Within a mere two weeks, the US dollar has appreciated by a staggering 13 rupees in the interbank market and 20 rupees in the open market. On Monday, the rupee concluded the day at an all-time low against the US dollar, closing at 302. [ad_2] Source link https://worldnews2023.com/business/us-dollar-soars-to-new-high-against-pkr-such-tv/?feed_id=300178&_unique_id=662f46d2e6b41

[ad_1] MUMBAI: The Indian rupee inched down on Thursday to a nearly eight-week low on the back of higher U.S. bond yields and a firmer dollar as risk sentiment improved on hopes of an imminent debt ceiling deal. The rupee was down at 82.4750 against the U.S. dollar, compared to its previous close of 82.38. It hit its lowest since March 24 at 82.4825. "The recent breakout of the U.S. dollar is giving a directional move in USD/INR and oil has also swung back, which is adding some pressure to the rupee," said Anand James, chief market strategist at Geojit Financial Services. "Rupee is moving to a consolidation zone after the recent weakness," James added. Meanwhile, U.S. Treasury yields rose overnight and the dollar index surged to an over seven-week high in the wake of positive signs on the debt ceiling negotiations and upbeat housing data. April housing starts data showed a surprise increase of 2.2% month-on-month. "At 1.40 million, the annualised level...

[ad_1] The price of petrol could be reduced by up to Rs19 per litre at the end of September when the government announces petroleum prices for the next fortnight. The reduction has been estimated on the basis of rupee appreciation and the relative stability that the world oil prices enjoyed in the past week. The Pakistani rupee has appreciated over 6% against the US dollar in the past 16 trading sessions with the greenback declining from Rs307 to Rs288. When the government last notified oil prices on September 16, benchmark Brent crude oil was trading at above $95 per barrel. It dropped to $93.69 since then and now remains stable below $94.50. Ogra’s computations show that the regulatory authority used an average exchange rate of Rs302.32 per US dollar when it calculated oil prices on September 15. The average exchange rate has now dropped to Rs291. Sources in Ogra say that the petrol price could be slashed by Rs10 on the account of rupee appreciation alone. If the authori...

[ad_1] The prices of petroleum products may increase by over Rs32/litre from February 16 (tomorrow) owing to the US dollar exchange rate. Petroleum, oil and lubricants prices closed at Rs236.40 per dollar which currently stands at 271.82 for the next fortnight. However, the free-on-board Platt prices saw a decline as compared to last fortnight’s pricing. As per media reports, the Mogas price would likely go up by 12.8% per litre or by Rs32.07 to stand at Rs281.87 from Rs249.8 per litre. Similarly, the price of diesel could rise by 12.5% or by Rs32.84 to stand at Rs295.64 from Rs262.8 per litre previously. Kerosene oil price was forecast to increase 14.8% or by Rs28.05 to stand at Rs217.88 per litre, while light diesel oil (LDO) could go up 5.3% or by Rs9.90 to stand at Rs196.90 from Rs187 per litre set in the last review. The above prices have been assumed based on the current government taxes and estimated Pakistan State Oil (PSO) incidentals. The government might adjust ...

[ad_1] NEW DELHI: The rupee appreciated by 5 paise to settle at 81.97 (provisional) against the US dollar on Monday, tracking a weak American currency in the overseas market. At the interbank foreign exchange market, the local unit opened at 81.90 against the US currency and finally closed at 81.97 (provisional) against the greenback, registering a gain of 5 paise over its previous close. During the session, the rupee touched a high of 81.78 and a low of 81.98 against the dollar. On Thursday, the rupee closed at 82.02 against the US currency. On April 7, equity and forex markets were closed on account of Good Friday. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 102.06. Global oil benchmark Brent crude futures advanced 0.05 per cent to $85.16 per barrel. According to Anuj Choudhary - research analyst at Sharekhan by BNP Paribas, a below-normal monsoon forecast by Skymet and a strong dollar in early Asian t...

[ad_1] Gold prices continued downward trend in domestic market for second consecutive day on Tuesday as Pakistani rupee made rebound against the US dollar following IMF loan deal. The price of per tola gold plunged by Rs2,200 to close at Rs205,000 while the price of 10 grams of 24 carats gold saw a decline of Rs1,887 to settle at Rs175,754, according to the All-Pakistan Sarafa Gems and Jewellers Association’s (APSGJA) data. In the international market, the price of the precious commodity increased by $19 to settle at $1,929 per ounce. Meanwhile, the price of silver remained unchanged as Rs2,500 per tola and Rs2,143.34 per 10 grams. [ad_2] Source link https://worldnews2023.com/business/gold-price-declines-by-rs2200-per-tola-such-tv/?feed_id=19145&_unique_id=64a45f51ba20b