The buying rate means an exchange company or a bank buys foreign currency from a customer.
“With the pronounced rupee slide, financial institutions tried to cover import payments. KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on August 23, 2022: Buying: Rs 218.00 to the US Dollar.
Talking about the increased demand for the greenback in the interbank market, the economist said that banks do not cover LC payments on opening but completely cover them at the time of getting the flows. “In this regime, trade deficit and market influencing news make a lot of impact on currency changes,” the former adviser to the finance ministry said.ĭr Hassan said that the recent adjustment of the Pakistani rupee is partly influenced by uncertainty due to election results coupled with a Fitch downgrade. Shedding light on the situation, economist and former adviser to the federal ministry of finance Dr Khaqan Hassan Najeeb said that Pakistan follows a market-determined exchange rate system. “I usually also stress upon long-term planning but at this hour adept fire fighting is extremely critical,” Rahman stressed. 215.766151 Pakistani Rupee 1 USD 215.766151 PKR 1 PKR 0.004634647 USD USD to PKR Chart United States Dollar to Pakistani Rupee 1 USD 215.77 PKR 10:10 UTC 30 days 60 days 90 days. “The depreciation this week, amongst other factors, has been triggered by the political surprise that the electorate delivered in Punjab on the weekend, and this frenzy should fizzle out soon,” she said.īut Pakistan, she said at this hour, needs active intervention as the overall outlook is fast becoming precarious with fast depleting liquidity. 1 PKR 0.004635 USD 1 USD 215.749730313 PKR PKR to USD Chart Pakistani Rupee to United States Dollar 1 PKR 0.004635 USD 01:20 UTC 30 days 60 days 90 days 180 days Money Transfer. The sources said that the IMF Executive Board meeting is likely to be held on August 29, 2022.Finance Minister Miftah Ismail, however, believes that the economy is on the right track and once political stability returns - which has been uncertain since the coalition government’s take over - the rupee will strengthen against the dollar.ĭevelopment economist Maha Rahman said that at this hour, foreign assistance from IMF and our long-term allies and its timeliness is more critical than ever before. The finance ministry said that the IMF will now review the data provided by Pakistan at its board meeting and release the billion-dollar tranche.Īfter the IMF board review, the State Bank of Pakistan (SBP) Acting Governor and Federal Minister for Finance will sign the final draft. The Ministry of Finance said that the Pakistan government had sent a letter of acceptance to the IMF on Monday. The Pakistani currency is expected to perform much better in the coming days as sources in the Ministry of Finance have confirmed that all obstacles to the loan revival agreement between Pakistan and the IMF have been removed. Pakistani rupee closes at Rs195.74 in interbank market against US dollar. On Wednesday, the US dollar appreciated by 98 paisas which took its rate to Rs214.88 at the end of the day. The rupee lost its steam yesterday probably as still about ten days to go to the IMF board meeting which will be held at the month-end to decide about reviving the Pakistan’s loan programme.Īccording to the forex dealers, the US dollar gained a meagre 12 paisas against the Pakistani rupee in the morning and was currently being traded at Rs215. The US dollar on Thursday pressed ahead with its renewed upward journey against the Pakistani rupee as the greenback appreciated by 12 paisas in early interbank trading on Thursday.
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