Tag: open market
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Pakistani rupee sinks to record low of Rs308 against US dollar in open market
On Tuesday, the Pakistani currency experienced a significant decline, reaching a new record low of Rs308 against the US dollar in the open market. This marked a 1 per cent decrease, or Rs3, from the previous day’s closing rate, as reported by the Exchange Companies Association of Pakistan.
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Pakistani rupee’s three-day winning streak ends due to delayed IMF deal
The value of the Pakistani rupee (PKR) decreased 0.45 per cent against the US dollar following a three-day period of gains due to prolonged delays in critical funding from the International Monetary Fund (IMF). During the interbank session held today, the PKR depreciated by Rs1.3 to settle at Rs279.12 per USD, compared to yesterday’s closing…
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Exchange companies suggest higher US dollar rate to increase remittances
The government has been advised by the Exchange Companies Association of Pakistan (ECAP) to “set” the dollar rate to lessen currency market volatility as the country fights a severe economic crisis and declining foreign exchange reserves. The general secretary of ECAP Zafar Paracha said in a statement on Monday, “It is advised to fix the…
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Intraday trade: PKR resumes downward spiral against US dollar, falls to Rs223
The Pakistani rupee was trading between Rs222-223 on Wednesday as losses against the US dollar persisted in the early hours of trading. During intra-day trading, the rupee was quoted at Rs222.49 at roughly 10:30 am, depreciating by Rs1.07 or 0.48 per cent against the US dollar. The local unit lost for the third session in…
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Rupee gains ground against dollar for second day, closes at Rs238
Following days of increases in the interbank and open markets, the US dollar fell against the Pakistani rupee on Tuesday as a result of assurances from the government and State Bank of Pakistan (SBP) that the nation will have enough money for FY2022-23 after receiving IMF tranches. For the third straight session, the Pakistani rupee…
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Open market: Lemon being sold at Rs1,100 per kg in Lahore
The local price of lemon increased by Rs105 per kg, to Rs770 to 775 per kg, and was sold at an unbelievable price of Rs1,100 per kg in open markets and a few online stores with available stock. Due to the district administration’s inability to impose official rates at Ramazan bazaars, consumers are unable to…