Tag: currency depreciation
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JPMorgan warns of temporary PKR depreciation despite strong economic conditions
Despite a robust Balance of Payments (BoP) position, Pakistan may experience a depreciation of the Pakistani rupee (PKR) in the near term due to the finalisation of outstanding dividend payments, according to a recent report from JPMorgan analysts. The report suggests that while the PKR is not perceived as overly expensive, analysts are anticipating more…
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More imports, less exports: Pakistan’s trade gap grows in October
Recent trade data for Pakistan reveals a monthly trade deficit increase of $0.6 billion, primarily driven by an $0.8 billion surge in imports.
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Pakistani rupee declines by 48 paisa, closing at Rs280.57 against US dollar
In the financial markets this week, the Pakistani rupee (PKR) experienced a depreciation of 1.78 rupees against the US dollar, closing the week’s trade at PKR 280.57.
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Pakistan’s imports drop sharply, leading to 42% reduction in trade deficit
Pakistan’s trade deficit for the first three months of the fiscal year 2023–24 has notably contracted by 42.25 per cent to reach $5.29 billion. This remarkable reduction is primarily attributed to a significant decrease in imports, a direct consequence of carefully administered measures. Data released by the Pakistan Bureau of Statistics (PBS) reveals that the…
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SBP expected to hike interest rates by at least 150 bps to control inflation
The State Bank of Pakistan (SBP) is expected to hike interest rates by at least 150 basis points (bps) on Thursday in an effort to curb sky-high inflation and bolster diminished foreign exchange reserves.
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Pakistani rupee snaps 10-day depreciation streak against US dollar with 0.02% gain
The Pakistani rupee (PKR) finally terminated its ten-session depreciation streak against the US dollar on Friday as the local currency concluded trading at Rs305.47 versus the greenback. The State Bank of Pakistan (SBP) reported a modest appreciation of Re0.07, or 0.02 per cent, when compared to the previous day’s closing rate.
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Pakistani rupee ends the day at another record low of Rs305.54 versus US dollar, losing Rs1.09
Pakistani rupee is nearing another historic low in the interbank market on Thursday.
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Pakistani rupee hits new all-time low of Rs304.445 after declining by Rs1.38 against US dollar
In the interbank session held on Wednesday, the Pakistani rupee (PKR) exhibited a decline of 1.39 rupees against the US dollar (USD). The closing exchange rate for the day stood at Rs304.445 per USD, in contrast to the concluding rate of Rs303.052 per USD observed in the preceding session.
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Pakistani rupee plunges to fresh record low of Rs303 against US Dollar
In a worrisome turn of events, the Pakistani rupee has continued its steady descent, hitting a new record low against the US dollar and raising concerns among economic analysts and policymakers. The local currency settled at Rs303.05 in the inter-bank market on Tuesday, marking a significant drop from its previous standing.
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Gold price reaches Rs234,000 per tola, nearing new record high
Gold prices in Pakistan continued to rise on Tuesday, influenced by the Pakistani rupee’s decline against the US dollar and an uptick in global prices.