The rupee climbs up one paisa against dollar on Monday after hitting its lowest during the weekend. Dealers said that 1-dollar was bought for 86.20 rupee and sold for 86.24 rupee. State Bank of Pakistan announced in its weekly statement that foreign exchange reserves rose to a record 16.7 billion dollars in the week ending [...]
The International Monetary Fund announced Friday that it will release $1.13 billion aid package for Pakistan despite country’s failure to meet conditions specified in loan agreement. Pakistan had requested for a waiver for its inability to meet quarterly budget deficit target and net government borrowing limits from the State Bank of Pakistan. Murilo Portugal, IMF’s [...]
Pakistan rupee gained esteem against US dollar but lost ground to the Euro Wednesday. Forex traders in Karachi Thursday plan to hold a short position on the US dollars with expectations that it will decline further. Buy rate for dollars in the interbank market today were Rs. 85.00 and sell rates were Rs.85.05. In both [...]
As of yesterday State Bank of Pakistan will not sell foreign exchange to banks for financing the crude oil imports. SBP had given banks a full working week to get prepared for securing funding from the international market.