The level of the fee or markup may differ for each customer and may differ for the same customer depending on the method or venue used for transaction execution. The price provided may include profit, fees, costs, charges or other mark ups as determined by us in our sole discretion. We provide all-in pricing for exchange rates. The exchange rate you are offered may be different from, and likely inferior to, the rate paid by us to acquire the underlying currency. Exchange rates offered by other dealers or shown at other sources by us or other dealers (including online sources) may be different from our exchange rates. You acknowledge that exchange rates for retail and commercial transactions, and for transactions effected after regular business hours and on weekends, are different from the exchange rates for large inter-bank transactions effected during the business day, as may be reported in The Wall Street Journal or elsewhere. If we assign an exchange rate to your foreign exchange transaction, that exchange rate will be determined by us in our sole discretion based upon such factors as we determine relevant, including without limitation, market conditions, exchange rates charged by other parties, our desired rate of return, market risk, credit risk and other market, economic and business factors, and is subject to change at any time without notice. Forex reserves stand at USD 7.8 billion - hardly enough for over a month of imports.Įxchange Companies Association of Pakistan (ECAP) General-Secretary Zafar Paracha told Arab News that the local unit’s fall - among other reasons - was due to its smuggling to Afghanistan, where sellers get higher rates.1Exchange rates fluctuate, at times significantly, and you acknowledge and accept all risks that may result from such fluctuations. He also cited depleting foreign reserves held by the State Bank of Pakistan (SBP) as a reason for the fall.
Moreover, the UAE has made it mandatory for Pakistani travellers to declare 5,000 dirhams at the airport when landing - leading to an increase in the price of the US dollar in the open market.Įconomist and former adviser to the federal ministry of finance Dr Khaqan Hassan Najeeb said the rupee is slipping not only because of the dollar’s global strengthening but also due to recent political developments - causing jitters in the market, reported Geo News.
Once Pakistan gets the loan from the IMF, experts are predicting that the country will get additional funds from multilateral and bilateral organisations - giving a further boost to the depleting forex reserves, reported Geo News.Īpart from the pressure of the IMF, the government has also lifted the months-long ban on the import of luxury items and the exports have not increased at desired pace - resulting in pressure on the rupee. The acting governor hoped that the country’s forex reserves will shore up to USD 16 billion by the end of the current fiscal year 2022-23. In an interview with Bloomberg TV, State Bank of Pakistan Acting Governor Murtaza Syed said that Pakistan is likely to receive a USD 1.17 billion loan tranche from the IMF within six days after the Executive Board’s approval, reported Geo News.Īs per Syed, the country’s forex reserves dropped to USD 8 billion due to delays in the revival of the IMF agreement and external flows. Karachi, August 25 (ANI): Ahead of the International Monetary Fund’s (IMF) executive board meeting on August 29 in Washington, the Pakistani rupee continued to decline against the US dollar on Thursday.Īfter losing 0.62 paisas against the dollar as of 11 am, up from yesterday’s close of 218.38, the local unit was trading at 219 during intraday trade in the interbank market, reported Geo News.Įconomic experts have said that the pressure on the rupee will continue till the IMF board’s approval of disbursing the USD 1.17 billion tranches for Pakistan.
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