The rupee, which lost 3.6 per cent on Thursday to close at 146.2 against the U.S. dollar in the interbank market, dropped further on Friday, dealers said, selling at 149.50 in the interbank market and 150 in the open market.
The fall reflects the IMF's condition for a "Market-based exchange rate mechanism, which will see limited intervention by the central bank now," said Saad Hashemy, chief economist and research director at Topline Securities in Karachi.
Pakistan's stock market also declined on Friday, with the benchmark KSE 100 index down 2.4 per cent by 0615 GMT. While the exact conditions of a final IMF deal are still unknown, Sunday's Staff-Level accord, which must still be approved by the Fund's board in Washington, said a "Market-determined" exchange rate would help the financial sector.
Late on Thursday, the central bank issued a statement saying the sharp fall in the rupee "Reflects demand and supply conditions in the foreign exchange market" and would help in correcting market imbalances.
While many analysts see the rupee as overvalued and say the central bank has wasted billions defending it, a weaker currency is likely to fuel inflation, which is already over 8 per cent, with power and fuel prices hit especially hard.
The central bank, which is due to announce its latest interest rate decision on Monday, said late on Thursday that its foreign exchange reserves fell $138 million in the week ending May 10 to $8.846 billion, less than needed to cover three months of imports.
KARACHI, (UrduPoint / Pakistan Point News - 14th Nov, 2020 ):Following were the Opening and Closing Rates of Foreign currencies in kerb market issued by the Forex Association. of Pakistan (FAP), here on Saturday. F.C. LOW RATE HIGH RATE. U.S $ (Inter Bank) ---- -----U.S $ (Cash Free Market) 157.80 158.20. SAUDIA RIYAL 41.45 41.90. UAE DIRHAM 42 ... CURRENCY RATES IN PAKISTAN TODAY. Open Market Currency Rates in Pakistan - Last updated currency rates according to the Forex Association of Pakistan on 10 Nov, 2020 12:08:05 PM are US Dollar to PKR 158.40, Euro to PKR 185.50, British Pound to PKR 207.00, Saudi Riyal to PKR 41.75, UAE Dirham to PKR 42.85 and Check the list for other foreign currencies. KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro and other foreign currencies in Pakistan open market on ... Forex rates in Pakistan. Forex rates in Pakistan or Pakistan Open Market Forex Rates are important because they provide an overall picture of market up-to-date and trend scenarios. As free trade becomes more prevalent in the world. Similarly understanding Pakistan’s currency exchange rate is now crucial for Pakistani organizations. KARACHI: Open market rates of foreign currencies supplied by the Forex Association of Pakistan on Wednesday ... AVN 63.40 Decreased By -0.30 (-0.47%) BOP 9.12 Increased By 0.07 (0.77%) Forex.com.pk (Pakistan) offers daily open market forex rates in Pakistan. Also listing Forex Banks and Dealers directory of Pakistan. Forex news and articles like Introduction to Foreign Exchange, Forex Margin Trading, Foreign Market Existence, Forex Development History and Forex Trading. KARACHI: The buying rate of the US Dollar was Rs159.3 while it was sold at Rs160 at the closing of trading in Pakistan’s currency market on Wednesday, November 4. Today currency rates in Pakistan. Live and updated open market currency exchange rate of all major currencies including US$, SAR, AED, EUR, CAD, AUD, GBP & more agaisnt PKR Pakistani Rupee. Find buying and selling rates according to the Forex market and open exchange. Forex.pk, Pakistan's top currency rates portal provides you upto date open market currency rates of Pakistan. Currency exchange rates in Pakistan open market are not quite same as inter bank specially dollar rate. Here you can find USD to PKR , EURO to PKR , SAR to PKR and all other currency rate against PKR. In Pakistan Banks generally charge a higher exchange rate on the currency. We timely ...
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