Advertisement
Advertisement
Advertisement
Advertisement
Rupee drops against dollar in interbank market

Rupee drops against dollar in interbank market

Rupee drops against dollar in interbank market

Rupee drops against dollar in interbank market

Advertisement

KARACHI: The Pakistani rupee fell against the dollar on Monday, owing to renewed fears of default, as Pakistan paid $1 billion for the Eurobond on December 2, three days ahead of its due date, besides rising demand for the greenback, dealers said.
The exchange rate shed 22 pasias to reach Rs223.91, against Friday’s closing of Rs223.69 against the dollar in the interbank foreign exchange market.

Currency experts said that local currency recorded losses against the greenback after fears of default eroded the earlier gains. The market witnessed increased demand for the foreign currency for import and corporate dividend payments.
The latest drop is a warning signal for the government which has already failed to ensure excess loan debt financing coverage after paying off $1 billion Sukuk on Friday, November 2, they added.

Additionally, Finance Minister Ishaq Dar’s harsh statement regarding the negotiations with the International Monetary Fund (IMF) further dented the investors’ confidence.

Advertisement
While speaking to a local media channel, Dar said that he would not beg the IMF for providing loans to Pakistan and that he has told the lender’s officials that “you can not dictate; if the money does not come in, we will manage”, he said.
The foreign exchange reserves held by the State Bank of Pakistan fell $134 million to reach $7.82 billion during the week ended November 18, compared with $7.95 billion on November 11.
According to the central bank, the decrease in reserves came due to external debt repayment.

The overall liquid foreign currency reserves held by the country, including the net reserves held by banks other than the SBP, stood at $13.64 billion, while the net reserves held by banks amounted to $5.81 billion.
The net foreign direct investment (FDI) in Pakistan slumped 62 per cent to $95 million in October 2022, compared with $247.3 million in the same month last year. However, the net FDI was up 13 per cent, compared with $84 million recorded in September 2022.

During the first four months of fiscal year 2023, the net FDI dropped 52 per cent year-on-year to $348 million, compared with $726 million during the same period of last fiscal year.

Advertisement

The workers remittances have also declined 15.7 per cent to reach $2.21 billion in October, compared with $2.62 billion in the same month of the last year.
On a monthly basis, the remittances witnessed a decline of 9 per cent, compared with $2.43 billion received during September.

The textile exports declined 15.2 per cent to reach $1.35 billion in October, compared with $1.6 billion in the corresponding month of the last year.
On a monthly basis, the exports declined 11.1 per cent with a major decline in components including cotton cloth, knitwear, bedwear, towels, and readymade garments.

The local currency remained under pressure since the start of the current fiscal year. The rupee lost Rs19.30 or 9.19 per cent from Rs204.85 to dollar on June 30, 2022 to the current level of Rs223.91.
At the open market, the buying and selling of the dollar was recorded at Rs229.25 and Rs231.5 at 4:30pm PST.

Advertisement

Also Read

Rupee drops 31 paisas against dollar
Rupee drops 31 paisas against dollar

KARACHI: The rupee declined 31 paisas against the dollar on Tuesday, as...

Advertisement
Read More News On

Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Live News.


End of Article
BOL Stories of the day
ETH Price Prediction: Today’s Ehereum Price, 28th Jan 2023
ETH Price Prediction: Today’s Ehereum Price, 28th Jan 2023
Lunc Price Prediction: Today’s Lunc Price, 28th Jan 2023
Lunc Price Prediction: Today’s Lunc Price, 28th Jan 2023
Unisame asks PCSIR to explore indigenous resources
Unisame asks PCSIR to explore indigenous resources
Bitcoin to PKR: Today's Bitcoin Price in Pakistan on January 27, 2023
Bitcoin to PKR: Today's Bitcoin Price in Pakistan on January 27, 2023
Dollar TO PKR - Today's Dollar Price in Pakistan - 27 January 2023
Dollar TO PKR - Today's Dollar Price in Pakistan - 27 January 2023
IWMI organises workshop on future water availability for Okara
IWMI organises workshop on future water availability for Okara

Next Story