9-month high: Rupee strengthens to 99 against dollar

[Imran Khan]

 

[Pakistanisage]

Yaar, meray dollar ki qimat gir gayee ?

Chalo koyee baat nahi, upnay Pakistan ka bhala ho raha hai.....

 

[Imran Khan]

Yaar, meray dollar ki qimat gir gayee ?

Chalo koye baat nahi, upnay Pakistan ka bhala ho raha hai.....

i wish dollar pakistan main namaak se sasta ho jaay

 

[faisal6309]

9-month high: Rupee strengthens to 99 against dollar

KARACHI: The US dollar depreciated against the Pakistani rupee, reaching a 9-month low, Express News reported on Tuesday.

The rupee-dollar parity now stands at Rs99.90 in the interbank market, decreasing by Rs1.52 today.

Speaking to The Express Tribune, Standard Chartered Bank Senior Economist Sayem Ali had said the rally is driven more by sentiments, as macros remain largely weak.

“Sentiments have shifted due to positive IMF staff reviews, expectations of significant aid and investment inflows in 2014, and interventions by the State Bank of Pakistan (SBP) through the forward/swap market,” Ali had said.

An inflow of investment in fiscal year 2013-14 also helped shift market sentiments in favour of the rupee. According to the SBP, Pakistan received foreign direct investment (FDI) of $523 million in the first seven months of 2013-14. FDI amounted to $106.9 million in January alone.

In addition, the expected receipt of $550 million from the International Monetary Fund (IMF), along with the launch of Eurobonds amounting to $500 million likely next month, has also led to positivity in the foreign exchange market.

While appreciation of the rupee will contain inflation, a stronger currency will inevitably make exports less competitive.

“Hence, a widening trade gap will put more pressure on foreign exchange reserves, forcing the SBP to readjust the rupee to equilibrium levels,” Ali had noted.

 

[HRK]

i wish dollar pakistan main namaak se sasta ho jaay

.........

http://www.sbp.org.pk/ecodata/rates/m2m/2014/Mar/10-Mar-14.pdf

 

[seethru]

congratulations

 

[Edevelop]

KARACHI: The US dollar depreciated against the Pakistani rupee, reaching a 9-month low, Express News reported on Tuesday.The rupee-dollar parity now stands at Rs99.90 in the interbank market, decreasing by Rs1.52 today.Speaking to The Express Tribune, Standard Chartered Bank Senior Economist Sayem Ali had said the rally is driven more by sentiments, as macros remain largely weak.“Sentiments have shifted due to positive IMF staff reviews, expectations of significant aid and investment inflows in 2014, and interventions by the State Bank of Pakistan (SBP) through the forward/swap market,” Ali had said.An inflow of investment in fiscal year 2013-14 also helped shift market sentiments in favour of the rupee. According to the SBP, Pakistan received foreign direct investment (FDI) of $523 million in the first seven months of 2013-14. FDI amounted to $106.9 million in January alone.In addition, the expected receipt of $550 million from the International Monetary Fund (IMF), along with the launch of Eurobonds amounting to $500 million likely next month, has also led to positivity in the foreign exchange market.While appreciation of the rupee will contain inflation, a stronger currency will inevitably make exports less competitive.“Hence, a widening trade gap will put more pressure on foreign exchange reserves, forcing the SBP to readjust the rupee to equilibrium levels,” Ali had noted.



9-month high: Rupee strengthens to 99 against dollar – The Express Tribune

 

[Leader]

its the dollar devalued, not the same as being projected !

 

[Areesh]

Maulvi Sami ul Haq says dollar has depreciated because of TTP ceasefire.

 

[Rahil khan]

Will Resign and leave my National Assembly Seat if Dollar comes down to 98 : Sheikh Rasheed Ahmed


@HRK @faisal6309 @Imran Khan @Pakistanisage ??

 

[Manticore]

I had read that dollar came back from 113 to 100. Is it correct?

Pakistani rupee rallies against US dollar
Islamabad: The Pakistani rupee has seen an exceptional growth against the US dollar in the last week-and- a-half and is currently at a nine-month high.
Pakistani rupee rallies against US dollar - Free Press Journal
The rupee-dollar parity now stands at Rs 99.90 in the interbank market which had touched over Rs 111 few months back and was over Rs 105 last week.

“Everyone wants to sell their dollars now. Not many are buying. This trend will continue as of now,” a leading Islamabad-based exchange firm owner said.

He was buying one US dollar at Rs 100 yesterday which was lower than the interbank rate of Rs 101 at that time.

An inflow of investment in fiscal year 2013-14 also helped shift market sentiments in favour of the rupee.

According to the State Bank of Pakistan, the country received foreign direct investment (FDI) of USD 523 million in the first seven months of 2013-14 and USD 106.9 million in January alone.

While further appreciation of the rupee will contain inflation, a stronger currency will make exports less competitive.

A statement released last evening by Finance Minister Ishaq Dar, who had emphasised that he will bring down the rupee-dollar parity to Rs 98, said the government has implemented concrete steps to improve overall external position by ensuring substantial capital and financial inflows in the country.

As a result, forex reserves of Pakistan have improved substantially in the last one month. This has been made possible by not only receiving larger inflows from multilateral and bilateral resources, but also through attracting forex flows through the capital markets and better home remittances,” he said.

“I am very pleased to inform that the forex reserves of the country have improved from USD 7.59 billion as on February 7, 2014 to USD 9.37 billion as on March 7, 2014,” Dar said.

“As you know that in the first half of FY14 there was some drain on the foreign exchange reserves mainly on account of timing of large debt repayments and we also saw some speculative tendencies putting pressure on the value of rupee.

“However, we have all seen the recent positive results of our efforts and the resultant reversal of the speculative positions,” he added.

Dar stressed that the government is following a carefully planned strategy to attract forex inflows from different sources.

 

[Sugarcane]

i wish dollar pakistan main namaak se sasta ho jaay

Tere rial bhi sath hi sastay hon gay

 

[vsdave2302]

Congrats!!!!!!!!!

INR is also strong at 60.70 a usd.

 

[FunkyGen]

its the dollar devalued, not the same as being projected !

But still.... good news right!?

 

[Leader]

But still.... good news right!?

If it reduces inflation !