Dance
SENIOR MEMBER
- Joined
- Jul 20, 2010
- Messages
- 4,850
- Reaction score
- 0
PAKISTANs foreign exchange reserves were flat at $17.52 billion in the week ending June 18, unchanged from the previous week. Its forex reserves have grown steadily thanks to higher export proceeds, as well as record inflow of remittances, hitting an all-time high of $17.95 billion during the week that ended on March 26.
Reserves have since eased slightly on debt repayments. Remittances sent by overseas Pakistanis crossed $10 billion for the first time, hitting $10.1 billion in the first 11 months of the 2010/11 fiscal year, an increase of 25.20 percent compared with the same period last year, according to the SBP data.
Foreign exchange reserves were boosted in January by more than $633 million when the US provided funds for military and logistical support for Pakistans campaign against a Taliban insurgency. In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme.
In the local currency market, the rupee this week showed all-round gains versus dollar while it came under renewed pressure against euro. In the inter-bank market, the rupee posted seven paisa rise against dollar on the buying counter and further five paisa rise on the selling counter and traded at Rs85.78 and Rs85.83 in the weeks opening session after closing last week at Rs85.85 and Rs85.88.
The rupee further extended its overnight firmness versus dollar in the second trading session and posted 11 paisa gain on the buying counter and 13 paisa rise on the selling counter against dollar which traded at Rs85.67 and Rs85.70 on June 21.
The rupee maintained its recovery against dollar in the third trading session on the back of easy dollar supply. It managed to gain 13 paisa, changing hands in relation to US currency at Rs85.54 and Rs85.57 on June 22.
After remaining firm against the dollar in the first trading session, the rupee lost ground and shed 18 paisa in the fourth trading session with dollar changing hands Rs85.72 and Rs85.75.
The downtrend in the rupee/dollar parity persisted for the second day in the last trading session when the rupee extended it fall in relation to dollar, losing eight paisa on the buying counter and another 10 paisa on the selling counter, closing the week at Rs85.80 and Rs85.85. During the week, the rupee in the inter-bank market posted net gain of 5 paisa on the buying counter and 3 paisa on the selling counter.
In the open market, the rupee traded in positive zone against dollar throughout this week. In the opening session, it gained 15 paisa and traded at Rs86.05 and Rs86.15 on June 20 as against last weekends Rs86.20 and at Rs86.30. The rupee further extended its overnight firmness in the second trading session, picking up 17 paisa on the buying counter and another seven paisa in the selling counter to trade at Rs85.93 and Rs86.08. The rupee continued its upward movement versus dollar for the third consecutive day on June 22, when it traded at Rs85.80 and Rs85.95 after gaining 13 paisa over the previous day close.
The rupee maintained its overnight level versus dollar in the fourth trading session and traded unchanged at Rs85.80 and Rs85.95 on June 23.
However, it ended the week on a dismal note as it failed to hold its week long firmness and fell sharply against dollar in the last trading session, losing 20 paisa the buying counter and another 25 paisa on the selling counter to close the week at Rs86.00 and Rs86.20 on June 24. On week over week basis, the rupee in the open market posted net gain of 20 paisa against the dollar on the buying counter. It also recovered 10 paisa on the selling counter.
Versus the European single common currency, the rupee this week came under renewed pressure and remained escalated between the low of Rs123.00/123.50 and high of Rs121.67/122.17.
After closing last week at Rs123.02 and Rs123.52, the rupee rebounded against euro this week as it posted 62 paisa gain in the first trading session and was last seen trading at Rs122.40 and selling at Rs122.90. In the second trading session, the rupee however lost ground against euro after it failed to hold overnight firmness and shed 37 paisa, changing hands at Rs122.77 and Rs123.27 on June 21.
On June 22, the rupee continued its downslide against euro for the second consecutive day, as it further shed 23 paisa in the third trading session to trade at Rs123.00 and Rs123.50.
It, however, managed to rebound in the fourth trading session and picked up Rs1.33 against euro, hitting the weeks highest level at Rs121.67 and Rs122.17on June 23. The rupee continued to weaken against euro. It shed 21 paisa in the last trading session to close the week at Rs121.88 and selling at Rs122.38.
However on cumulative basis, the rupee managed to recover Rs1.14 against the European single common currency this week.
On the international front, the euro was little changed against the dollar, recovering from losses that took it as low as $1.41910, well above a three-week low of $1.40730 hit last week on trading platform EBS. It last traded at $1.43020. The dollar also edged higher against the yen, rising 0.2 per cent to 80.19 yen. Sterling turned positive against the dollar. In London, it traded against the dollar at 1.6192/1.6195.
On June 21, the euro was up 0.7 per cent against the dollar at $1.44080 on electronic trading platform after hitting a session high of 1.44217. The dollar was also down 0.2 per cent against the yen at 80.14. In London, sterling was marginally higher at $1.1622, after having dived to a session low of $1.6167 earlier.
On June 22, the dollar rose against the euro for the first time in five days. In late New York trading, the euro was down 0.4 per cent at $1.43560, off a high of $1.44424. Against the yen, the dollar was 0.1 per cent higher at 80.300 yen. Against the dollar, sterling was down 0.8 percent at $1.6110, leaving it on course for a test of the mid-June low of $1.6078 in London trade.
On June 23, the dollar rose for a second straight session, as the euro fell 0.7 percent to $1.4256 in late New York trading. The dollar was last up 0.3 per cent at 80.56 yen. Sterling slumped to its lowest versus the dollar in nearly three months, sliding below its 200-day moving average at around $1.6029 for the first time since early January. It last traded down 0.6 percent at $1.5969, having broken below options barriers at $1.5950 to hit a low of $1.5938.
At the close of the week on June 24, the euro declined against the dollar for a third straight session in the early New York trading, falling 0.5 per cent to $1.41790. The euro was down 0.7 on the week. It is lower by 1.5 per cent so far this month.
Against the Japanese currency, the dollar was lower at 80.17 yen. In London, sterling headed towards its third straight day of losses against the dollar, its worst weekly performance since early May. The pound was last down 0.2 percent on the day at $1.5974. It is already 1.2 percent lower this week.
Rupee gains against dollar | Magazines | DAWN.COM
Reserves have since eased slightly on debt repayments. Remittances sent by overseas Pakistanis crossed $10 billion for the first time, hitting $10.1 billion in the first 11 months of the 2010/11 fiscal year, an increase of 25.20 percent compared with the same period last year, according to the SBP data.
Foreign exchange reserves were boosted in January by more than $633 million when the US provided funds for military and logistical support for Pakistans campaign against a Taliban insurgency. In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme.
In the local currency market, the rupee this week showed all-round gains versus dollar while it came under renewed pressure against euro. In the inter-bank market, the rupee posted seven paisa rise against dollar on the buying counter and further five paisa rise on the selling counter and traded at Rs85.78 and Rs85.83 in the weeks opening session after closing last week at Rs85.85 and Rs85.88.
The rupee further extended its overnight firmness versus dollar in the second trading session and posted 11 paisa gain on the buying counter and 13 paisa rise on the selling counter against dollar which traded at Rs85.67 and Rs85.70 on June 21.
The rupee maintained its recovery against dollar in the third trading session on the back of easy dollar supply. It managed to gain 13 paisa, changing hands in relation to US currency at Rs85.54 and Rs85.57 on June 22.
After remaining firm against the dollar in the first trading session, the rupee lost ground and shed 18 paisa in the fourth trading session with dollar changing hands Rs85.72 and Rs85.75.
The downtrend in the rupee/dollar parity persisted for the second day in the last trading session when the rupee extended it fall in relation to dollar, losing eight paisa on the buying counter and another 10 paisa on the selling counter, closing the week at Rs85.80 and Rs85.85. During the week, the rupee in the inter-bank market posted net gain of 5 paisa on the buying counter and 3 paisa on the selling counter.
In the open market, the rupee traded in positive zone against dollar throughout this week. In the opening session, it gained 15 paisa and traded at Rs86.05 and Rs86.15 on June 20 as against last weekends Rs86.20 and at Rs86.30. The rupee further extended its overnight firmness in the second trading session, picking up 17 paisa on the buying counter and another seven paisa in the selling counter to trade at Rs85.93 and Rs86.08. The rupee continued its upward movement versus dollar for the third consecutive day on June 22, when it traded at Rs85.80 and Rs85.95 after gaining 13 paisa over the previous day close.
The rupee maintained its overnight level versus dollar in the fourth trading session and traded unchanged at Rs85.80 and Rs85.95 on June 23.
However, it ended the week on a dismal note as it failed to hold its week long firmness and fell sharply against dollar in the last trading session, losing 20 paisa the buying counter and another 25 paisa on the selling counter to close the week at Rs86.00 and Rs86.20 on June 24. On week over week basis, the rupee in the open market posted net gain of 20 paisa against the dollar on the buying counter. It also recovered 10 paisa on the selling counter.
Versus the European single common currency, the rupee this week came under renewed pressure and remained escalated between the low of Rs123.00/123.50 and high of Rs121.67/122.17.
After closing last week at Rs123.02 and Rs123.52, the rupee rebounded against euro this week as it posted 62 paisa gain in the first trading session and was last seen trading at Rs122.40 and selling at Rs122.90. In the second trading session, the rupee however lost ground against euro after it failed to hold overnight firmness and shed 37 paisa, changing hands at Rs122.77 and Rs123.27 on June 21.
On June 22, the rupee continued its downslide against euro for the second consecutive day, as it further shed 23 paisa in the third trading session to trade at Rs123.00 and Rs123.50.
It, however, managed to rebound in the fourth trading session and picked up Rs1.33 against euro, hitting the weeks highest level at Rs121.67 and Rs122.17on June 23. The rupee continued to weaken against euro. It shed 21 paisa in the last trading session to close the week at Rs121.88 and selling at Rs122.38.
However on cumulative basis, the rupee managed to recover Rs1.14 against the European single common currency this week.
On the international front, the euro was little changed against the dollar, recovering from losses that took it as low as $1.41910, well above a three-week low of $1.40730 hit last week on trading platform EBS. It last traded at $1.43020. The dollar also edged higher against the yen, rising 0.2 per cent to 80.19 yen. Sterling turned positive against the dollar. In London, it traded against the dollar at 1.6192/1.6195.
On June 21, the euro was up 0.7 per cent against the dollar at $1.44080 on electronic trading platform after hitting a session high of 1.44217. The dollar was also down 0.2 per cent against the yen at 80.14. In London, sterling was marginally higher at $1.1622, after having dived to a session low of $1.6167 earlier.
On June 22, the dollar rose against the euro for the first time in five days. In late New York trading, the euro was down 0.4 per cent at $1.43560, off a high of $1.44424. Against the yen, the dollar was 0.1 per cent higher at 80.300 yen. Against the dollar, sterling was down 0.8 percent at $1.6110, leaving it on course for a test of the mid-June low of $1.6078 in London trade.
On June 23, the dollar rose for a second straight session, as the euro fell 0.7 percent to $1.4256 in late New York trading. The dollar was last up 0.3 per cent at 80.56 yen. Sterling slumped to its lowest versus the dollar in nearly three months, sliding below its 200-day moving average at around $1.6029 for the first time since early January. It last traded down 0.6 percent at $1.5969, having broken below options barriers at $1.5950 to hit a low of $1.5938.
At the close of the week on June 24, the euro declined against the dollar for a third straight session in the early New York trading, falling 0.5 per cent to $1.41790. The euro was down 0.7 on the week. It is lower by 1.5 per cent so far this month.
Against the Japanese currency, the dollar was lower at 80.17 yen. In London, sterling headed towards its third straight day of losses against the dollar, its worst weekly performance since early May. The pound was last down 0.2 percent on the day at $1.5974. It is already 1.2 percent lower this week.
Rupee gains against dollar | Magazines | DAWN.COM
