The rupee has become the worst performing Asian currency because of being devalued for the 5th time in 7 months by the State Bank of Pakistan. Agencies. Analysts have predicted that the rupee will continue to weaken in the second-half of 2018. Considering Eid Al Fitr is around the corner, it is expected that the remittances from the UAE and other countries will increase substantially this month. macro_adspot: ©2021 Galadari Printing and Publishing LLC. Further Information Pakistani Rupee - US-Dollar. macro_adspot: ©2021 Galadari Printing and Publishing LLC. People need securities and commodities to invest part of their savings to avoid the impact of high inflation. KLM halts long-haul flights due to new Covid-19... Video: Biden begins inauguration, vowing... Trump lifts tariffs on aluminium imports from UAE. He attributed the current volatility in the rupee to the imbalanced imports and exports. It further weakened by roughly Rs7 from Wednesday close of 141.4 in early hours of trade at the inter-bank. Filed on December 17, 2017 | Last updated on December 17, 2017 at 06.12 am. macro_action: article, Meanwhile, global gold prices further went down by 39 dollars to $1,915 per ounce. Who will bailout Pakistan - … Pakistan Further rupee fall, interest rate hike expected ; Further rupee fall, interest rate hike expected. The domestic currency has reached 2.3% to Rs156.38 to the US dollar compared to the financial year 2019’s ending at Rs160.05 following the minute increase in the prevailing account shortfall and foreign currency assets. The pair settled on Monday just a few pips higher at 159.80. Reaching at the historic level of Rupees 128.75 per dollar this week, Pakistani rupee has fallen down to almost 21% relative to the US Dollar, from December 8 to up till now. Yesterday's rate 160.22. its sharply declining value against the US Dollar. macro_profile: , Imran Khan’s PTI government has launched a draconian anti … "Pakistani residents might be waiting for the rupee to hit 111-112 against the US dollar, as it has tested 110 on Thursday. Considering political situation in the country, Rajiv Raipancholia, CEO, Orient Exchange, predicts further depreciation in the rupee over the next couple of weeks. LAHORE: The almighty US Dollar (USD) seems to have broken the Pakistani Rupee’s (PKR) back as the rupee continues to depreciate further… In respect of remittances, Ahamed said that bthe volume has not gone up on account of the recent rupee slide. But it later recovered and settled at 147.5 on Thursday. Rajiv Raipancholia, CEO pof Orient Exchange, had told Khaleej Times earlier that rupee can depreciate to 40 against the dirham in 2019. The gains of last the 5,000 points in Sensex has come in just 32... READ MORE, Brent crude futures similarly dropped 26 cents, or 0.5 per cent, to... READ MORE, The Biden administration is expected to push through a nearly $2... READ MORE, I frequently give business tips to the youth in my entrepreneurship... READ MORE, Those who have already received the first dose and are awaiting their ... READ MORE, The employee had helped a Dubai-based journalist as her Metro card... READ MORE, UAE set to be biggest beneficiary of rapid vaccination rollout, say... READ MORE, More than 24.2 million tests have been carried out. It plunged further and closed at 29.89 on the weekend. F.P. All rights reserved. During PTI’s 10-month rein the Pakistani rupee has fallen 27.80 per cent. At 10:15 UTC, USD/PKR trades +0.5% at US$160.60. The Pakistani rupee continued to fall to record lows on Friday, after the government agreed in principle to a $6 billion loan from the International Monetary Fund that’s expected to set tough conditions on Prime Minister Imran Khan’s administration. macro_profile: , In its manifesto, one issue that BJP had strongly criticised UPA for, was the free fall of Rupee i.e. Report ISLAMABAD: The exchange rate of Pakistani rupee weakened by 06 paisas against the US dollar in the interbank trading on Monday and closed at Rs160.37 as compared to the previous day’s closing of 160.31. All this would further deteriorate the financial condition of Pakistan. The Pakistani rupee has witnessed volatility during the last week, losing as much as four per cent of its value as the State Bank of Pakistan allowed the currency to depreciate in a controlled manner. According to the official figures, the UAE and other Gulf countries comprised of over 60 per cent of the country's $19.3 billion remittances during the last fiscal year. It opened at a high of 142 rupees in the morning and the local currency further devalued by 2 rupees to 144 rupees. Currently, compared to the past few weeks, the rupee has depreciated significantly and there is a surge in the remittances. The Pakistani rupee hit an all-time low versus the UAE dirham and the US dollar on Thursday and the market expects the South Asian currency to slide further. On Thursday, the rupee managed to extend further gains against the dollar in both the currency markets, dealers said. USD TO PKR TODAY. On December 11, the rupee suddenly jumped from 28.8 against dirham to 29.25 in a single day. Further Information Pakistani Rupee - Saudi Riyal. US Dollar to Pakistani Rupee currency converter. It is predicted by the experts that Pakistani currency will further devalue due to the IMF bailout.. Rajiv Raipancholia, CEO Orient Exchange said, “Today, the rupee was trading at 133.10 against the dollar, or 36.23 against the dirham, during early morning hours. Malik said that factors which will drive the rupee will be trade, inflation, employment, interest rates, growth rate and geopolitical conditions. "Now is a good time for Pakistani expats to start sending money home, it will get them more rupees per Dirham. READ MORE, Dubai announces new Covid safety rules: Full list, UAE: Compulsory Covid tests expanded to include teachers, Coronavirus: UAE reports 3,566 Covid-19 cases, 4,051 recoveries, 7 deaths, Covid-19: Belgium to ban non-essential travel, Dubai fights Covid: New gym rules announced, Pakistani man killed during TikTok stunt on train track, Sheikh Mohammed praises Dubai Metro employee for his kindness, Missile or drone intercepted over Riyadh: Saudi TV, UAE's Covid vaccine success will help lift most restrictions, UAE Covid-19 vaccine: 87,720 residents vaccinated in a day, Russia’s Sputnik V vaccine in UAE: All you need to know. KARACHI: The Pakistani rupee continued to fall to record lows on Friday, after the government agreed in principle to a $6 billion loan from the … ... IMF or China? But at the same time we see some speculation among customers that it will go down even further," adds Raipancholia. macro_action: article, The rupee is likely to fall to Rs175-Rs180 levels by the end of this year, market experts believe. "Yes, this is the right time to send money as going forward, the State Bank of Pakistan may intervene and make the rupee stable, if not, then there will be a further deficit in the balance of payments," Malik said. All rights reserved. This is at the top end of the daily trading range. The rupee has been under pressure due to shortage of the US currency in Pakistani forex markets. Reaching six and a half month high of 158.9 against the US dollar, Pakistani rupee on Monday became Asia's third best performing currency, The News reported. Remittances from overseas Pakistani reached $17.87 billion in first 10 months (July to April) of the 2018-19 fiscal year, a growth of 8.45 per cent compared with $16.48 billion received during the same period in the preceding year. Change for today +0.08 Rupees, +0.05%. But the rates today are good and I will take advantage of it even though analysts say the rupee will fall further," said Indian expat Pratap Singh. Meanwhile, according to Forex Association of Pakistan, the buying and selling rates of dollar in the open market were […] We expect the depreciation to continue for some more time, but the pace could be slower. Though it increased inflationary pressure in the country, at the same time, it has also given an immense opportunity for overseas Pakistanis to cash in on the declining value of their currency by remitting more. We have witnessed a sudden growth in remittances to Pakistan as expatriates want to take advantage of the favourable rate. Nothing to worry about it as it was expected from long time. Prime Minister Imran Khan on Tuesday set up a committee under advisor to the PM on finance Dr Hafeez Sheikh to rein in rupee devaluation and capital flight from the country. “Pakistan’s debt securities offer comparatively higher profits. READ MORE, Dubai announces new Covid safety rules: Full list, UAE: Compulsory Covid tests expanded to include teachers, Coronavirus: UAE reports 3,566 Covid-19 cases, 4,051 recoveries, 7 deaths, Covid-19: Belgium to ban non-essential travel, Dubai fights Covid: New gym rules announced, Pakistani man killed during TikTok stunt on train track, Sheikh Mohammed praises Dubai Metro employee for his kindness, Missile or drone intercepted over Riyadh: Saudi TV, UAE's Covid vaccine success will help lift most restrictions, UAE Covid-19 vaccine: 87,720 residents vaccinated in a day, Russia’s Sputnik V vaccine in UAE: All you need to know. "Pakistani residents might be waiting for the rupee to hit 111-112 against the US dollar, as it has tested 110 on Thursday. 2021/01/21. The US Dollar Pakistan Rupee (USD/PKR) exchange rate is extending gains on Tuesday. The Pakistani rupee plunged again last week to 157 in a spasm of panic selling in local foreign exchange markets. The rupee fell to … "The main reason for today's fall was that State Bank of Pakistan had left rupee to market forces. Pakistan rupee falls to record low against US dollar on Wednesday prompting Prime Minister Imran Khan to form a special committee to check further devaluation of currency. Schemes are required to attract deposits and a climate needs to be created to boost the confidence of foreign investors so that there can be more foreign investments," he added. Pakistan's stock market also declined on Friday, with the benchmark KSE 100 index down 2.4 percent by 0615 GMT. Raging Bull: Sensex crosses 50,000, global cues,... Oil slips on surprise rise in US crude stocks. In the intra-banking market, the rupee had fallen to an all-time low of 148 against the dollar on Thursday compared to 141.5 on Wednesday. "The concentration needs to evolve around current account balance by promoting exports and reducing imports. Hence they should take advantage and send more money home," says Promoth Manghat, CEO of UAE Exchange. The persistent drop in the rupee is seen as a boon for expatriate Pakistanis as they will be able to remit more funds. The rupee continued its declining trend as the dollar ascends and rupee dropped to an all-time low of 148 to the US dollar in the inter-bank market on Thursday. All new KT app is available for download: Get the latest news around the world in your inbox, so you dont miss out on the action. In the event of further slide from here, the high value tickets might go up and we expect a spurt in remittances.". Risk aversion amid persistent coronavirus fears sends Pakistan Rupee to all time low of 168.45; Rupee under pressure as companies’ close books for end of financial year; Safe haven US Dollar gains across the board, despite encouraging economic data; US Dollar Pakistani Rupee exchange rate (USD/PKR) on track to gain 3.3% across June, the largest monthly gain since March. "Pakistani rupee has depreciated by nearly four per cent within a week. Today's range: 160.10-160.72. Current USD to PKR exchange rate equal to 160.30 Rupees per 1 US Dollar. He further stated that this fall … Pakistan’s rupee is vying for the title of the world’s biggest loser this month, the victim of an apparent devaluation with more pain ahead. The Pakistani currency shed 10 rupees in inter-bank trading by Friday afternoon after it was traded at 134 rupees on Thursday. The UAE Central Bank's data for the third-quarter of 2017 showed that the UAE-based Pakistanis remitted more year-on-year. 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