Tag: Dollar
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July remittances post significant hike
The Pakistani diaspora has sent $3 billion back home in July, 48 percent higher than the previous year, The News has reported. State Bank Pakistan (SBP) data shows that remittances from Saudi Arabia increased by 56 percent to $761 million in July, while those from the United Arab Emirates increased by $611 million.The percentage reflected…
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Pakistani rupee predicted to decline to Rs350 against US dollar in 2024
According to BMI, a Fitch Solutions Company, the Pakistani rupee is anticipated to depreciate to as low as Rs350 against the US dollar by the end of 2024
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Second consecutive decline: Gold price drops by more than Rs6,000 per tola
The price of gold in Pakistan fell for the second consecutive day on Tuesday, as the rupee depreciated against the US dollar. The price of 24 karat gold decreased by Rs6,300 per tola (11.66 grammes) and Rs5,402 per 10 grammes, to settle at Rs232,800 and Rs199,588, respectively. The decline in gold prices was in line…
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Pakistani rupee drops to Rs295 against US dollar
It seems like the Pakistani rupee is headed for a new historic low, as on Wednesday, it dropped further against the US dollar, losing Rs3.42 or 1.17 percent to reach Rs294.95 per dollar.
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US dollar surges against Pakistani rupee for eighth consecutive day in interbank market
At the start of the daily trading session in the interbank market, the American currency gained Rs1.8, reaching a value of Rs289 against the local currency. Over the course of the last eight days, the US dollar has gained Rs12.50 against the rupee in the interbank market.
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Pakistani rupee closes at Rs277.41 as US dollar recovers by nearly Rs2 in interbank trade
The US dollar appears to have bounced back on Wednesday at the opening of interbank trade, as it gained 31 paisas. The American currency closed at Rs277.41 after gaining Rs1.97 against the local unit. The dollar was exchanged for Rs275.75 at the start of the trading session on Wednesday.
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Pakistan commits to boost foreign exchange reserves to $11.7 billion by 2024
Pakistan has made a commitment to the International Monetary Fund (IMF) to significantly improve its gross foreign exchange reserves by $7.65 billion. The goal is to raise the reserves to $11.7 billion by the end of the financial year 2024, up from the current level of $4.056 billion in the financial year 2023. This move…
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Pakistani rupee drops by more than Rs18 against US dollar due to delay in IMF deal
Pakistani rupee (PKR) experienced a significant decline of over Rs18.8 against the US dollar in the interbank market during intra-day trade, ahead of the monetary policy review and delay in the International Monetary Fund (IMF) deal. At approximately 11:40 am, the greenback was being traded at Rs285 against the local currency, compared to its previous…
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IMF likely to announce staff level agreement with Pakistan by this week
According to Syed Naveed Qamar, the Federal Minister for Commerce, Pakistan has taken all necessary measures to unfreeze a $6.5 billion credit line and is expected to reach a staff level agreement (SLA) on Extended Fund Facility (EFF) with the International Monetary Fund (IMF) this week. Dr Aisha Ghaus Pasha, the Minister of State for…
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No luxury cars, no five-star hotels, federal cabinet’s perks and salaries cut amid economic crisis
Prime Minister (PM) Shehbaz Sharif has announced major cuts in perks and facilities that were being given to the federal cabinet as the economic crisis worsens. Addressing a press conference on Wednesday in Islamabad, the Premier, flanked by members of the federal cabinet, said that ministers, state ministers and special advisers had decided “willingly” to…