13/05/2022
13-05-2022: FOREX RATES: Pakistan's currency was thrown deeper into oblivion on Thursday, with the rupee closing near the 192 level against the US dollar amid deepening economic woes and no policy-plan in sight. Driven by market speculation and panic over low foreign exchange reserves, the rupee has been on a downward trend for several weeks, and fell for the sixth session on Thursday. As per the State Bank of Pakistan (SBP), the rupee closed at its all-time low of 191.77 after a day-on-day fall of Rs1.75, or 0.91%. In the open market, the rupee was trading in the 192-193 range with dealers saying that there is a clear shortage of dollars as well, attributing it to a lack of greenback sellers. The currency crisis has been worsened due to uncertainty regarding resumption of the International Monetary Fund (IMF) bailout programme and Pakistan government's willingness to meet conditions of the Washington-based lender. On Wednesday, rupee had closed at its then historic low of 190.02 against the greenback after a day-on-day fall of Rs1.36, or 0.72%. Pak-Kuwait Investment Company Head of Research Samiullah Tariq said quotes went as high as 192 during the day. “Banks gave quotes of Rs192 and more as well, however, it is uncertain if rupee traded at that value or not,” he said. Ismail Iqbal Securities Head of Research Fahad Rauf told Business Recorder that the latest depreciation stems from speculation in the foreign exchange market ahead of a meeting between Pakistan’s economic managers and IMF leadership. An announcement with regards to the IMF programme is in the offing, which is expected to steer the direction of the local currency in the next few days. Market projects the rupee will remain volatile until the resumption of the $6 billion IMF bailout. Open-market movement. In the open market, the PKR lost one rupee for buying and 50 paisas for selling against USD, closing at 192 and 193. Against Euro, the PKR gained one rupee for both buying and selling, closing at 200 and 202. Against UAE Dirham, the PKR lost 50 paisas for both buying and selling, closing at 52 and 52.50. Against Saudi Riyal, the PKR lost 30 paisas for buying and 40 paisas for selling, closing at 50.70 and 51.20. Open Bid Rs 192.00, Open Offer Rs 193.00. Inter bank Closing Rates: Inter bank Closing Rates for Dollar on Thursday. Open Bid Rs 191.30, Open Offer Rs 191.50. RUPEE IN LAHORE: The Pak rupee continued to lose ground against the US dollar on Thursday, as the greenback reached an all-time high of Rs193 in the open currency market. The short supply phenomenon of the greenback continued to prevail for the fourth straight day in the market which again helped its all-time high appreciation for buying and selling at Rs 191.60 and Rs 193.00 against the overnight closing rate of Rs 190.40 and Rs 192.00. Likewise, the national currency also maintained its downtrend for the third consecutive day against the pound sterling. Consequently, the pound’s buying and selling rates further rose from Wednesday’s closing of Rs 231.50 and Rs 233.00 to Rs 233.00 and Rs 235.00.
