Pakistan open market foreign currency rates

Following are the foreign currency exchange rates in all the cities with slight differance. It is just to give an overall idea only. The rates always keep changing even during the day also.

US Dollar	66.80	67.00
UK Pound Sterling	131.45	131.65
Australian Dollar	62.90	63.10
Bahrain Dinar	176.45	176.55
Canadian Dollar	65.35	65.55
China Yuan	9.60	9.70
Danish Krone	13.70	13.80
Euro	103.35	103.55
Hong Kong Dollar	8.48	8.58
Indian Rupee	1.65	1.70
Japanese Yen	0.633	0.638
Kuwaiti Dinar	249.55	249.75
Malaysian Ringgit	20.70	20.80
NewZealand $	52.30	52.50
Norwegians Krone	12.92	13.02
Omani Riyal	172.85	172.95
Qatari Riyal	18.28	18.38
Saudi Riyal	17.75	17.80
Singapore Dollar	48.95	49.15
Swedish Korona	10.95	11.05
Swiss Franc	63.10	63.30
Thai Bhat	2.05	2.10
U.A.E Dirham	18.15	18.20

What is the Pakistani rupee (PKR)?

The official currency of Pakistan is the rupee (PKR). One rupee consists of 100 paise (singular = paisa). When Pakistan began printing its own currency in 1948, they used Indian currency with "Pakistan" stamped on it for the first few months until enough of the Pakistani notes were in circulation. Until 1961, the rupee was divided into 16 Annas before being changed to 100 paise. From the time of the rupee's introduction until the turn of the 21 st century, it steadily declined in value against the U.S. dollar. Then, Pakistan's large current-account surplus drove up the value of the rupee until the government lowered interest rates and bought dollars to stabilize the currencies value and maintain its export competitiveness.

PKR loses 178 paisa against USD in one day

On Monday, Pak rupee lost 178 paisa or nearly 2.5 percent against US dollar by the closing of day's second trading session on interbank foreign exchange market. Since July 02, the Pak rupee currency has lost 5.5 percent to hit a new all-time low of Rs 71.92 against one dollar. Last fiscal year's closing of rupee was Rs 68.3970 against one dollar. The absence of State Bank of Pakistan from the interbank Foreign Exchange market clearly points towards a strong greenback demand with weak inflows. On the first day of the week, interbank opened at Rs 71.15 to a dollar on bleak political and economic outlook. By afternoon 13:30 hours, the rupee had weakened to Rs 70.95-71.00 buy/sell to a dollar. Since the start of the month the central bank has injected $150 million in the market to satisfy pent-up demand for the greenback. The demand for dollar emerged soon after lifting of 35% cash reserve imposed on certain goods by the SBP through interim measures the central bank had taken in the last week of May 2008. Rising oil prices in the international market, shortage of essential food items due to poor agriculture growth and low FDIs are some of the major factors putting immense pressure on exchange rate. Unfortunately, however, our exports numbers are not sufficient to provide the required support. The oil bill has already reached an alarming level and at current price, $1.6 billion are required to meet the monthly oil bill. Monday's demand was mainly caused by oil payment, capital import payment by some telecom and gas distribution companies and remittance by corporates in power and fertiliser sector. Estimated amount ranges around $100-125 million. Last week, Sate Bank of Pakistan invited Treasury heads of eight leading banks of the country. The central bank warned them against unnecessary interbank FX activity. Banks were told not to quote wide prices to arrest volatility, as a twenty-pip Rs/Dlr quote means that if the offered side was hit then the next quote is up by another twenty paisa, ie if the price is quoted 69.50-70, then next offered price would certainly be above 69.70, possibly 69.70-90, for a two-way quote. Banks throughout the day were scurrying to cover the underlying import demand. Importers were ready to pay premium for forward purchases: 60 paisas for one month; Rs 1.25 per two months; Rs 2.05 for three months; Rs 2.80 for four months; Rs 3.43 for five months; Rs 4.00 for six months; and Rs 7.50 to 8.00 for 12 months to dollar. As a result, banks were buying dollars on ready market and placing them in their NOSTRO account. The State Bank did intervene, but sensing strong demand from jittery importers soon pulled back and allowed the market value to prevail. As a result, in late afternoon, trading Pak rupee went on a steep downward slope to hit the low of Rs 71.95 to a dollar on tomorrow (Tuesday) value. The SBP asked banks to utilise its Foreign Exchange Exposure Limit (FEEL), which is USD 320 Million. This means that 36 banks are authorised to expose itself by either carrying a long dollar positions or a short dollar position, with a market limit of USD 320 million. Historically, in Pakistan, banks never sit on short dollar positions as rupee has a long history of weaknesses due to current account deficit and negative balance of payment. Between 1948 and 1954, one dollar could be obtained for Rs 3.3085. Until December 1971, one USD was equivalent to Rs 4.7679. In 1981, one dollar would fetch Rs 9.90. By the end of 1991, a dollar was worth Rs 24.20. On December 31, 1995 one dollar was equivalent to Rs 31.20, in 1998, a dollar was for Rs 46.10. In 2000, a dollar would fetch Rs 58 and in 2001 60.55. In 2002, rupee gained some strength to close the year at 58.41 and it remained stable until December 2007 and during this 5-year period it lost only 5 percent of its value against the US dollar to close 61.21. On January 02, 2008 one USD was worth 61.85 and as of now rupee has lost 16 percent of its value against the US dollar to close at 71.92. There were two views on the market with regard to SBP exchange rate policy. Some forex experts believe SBP should not allow the base rate to go up so sharply in one day. "Once an L/C is opened, it is then a customer's liability and also the bank as well as of SBP's. Therefore, SBP can buy ready dollars from banks lying in then NOSTRO accounts, and then sell the same in forward back to the bank to smoothen the volatility prevailing on the interbank market," they emphasise. While others feel that SBP should recognise the ground reality and put the brakes on non-essential imports, making them prohibitively expensive by allowing the overnight rates to shoot up. And also, raise interest rates substantially to attract rupee deposits in order to curb the outflows of dollar. The sharp falling rupee has negative connotations on foreign portfolio investment. While local stocks have become very attractive at seven time multiples with dividend yields of 11 to 12 percent, the one percent lower lock has turned the KSE into a one-way street ie coming in with no easy exit. This is also making the foreign portfolio managers uneasy. Meanwhile, exchange companies had closed shops Monday, awaiting a higher rate on Tuesday based on interbank Tuesday value. But one could remit through telegraphic transfers at, ie, lower than interbank rate Rs 71.50 to dollar. UAE dirham was available at Rs 19.00 in exchange companies and Rs 19.40/19.45 with Hundi/Hawala dealers. The supply and demand for dollar is widening and it is becoming difficult for the central bank to control. SBP's own forex reserves are not so large to be effectively used to arrest the slide. SBP HAS TWO OPTIONS: It could provide regular dollars to meet the daily needs, and it would require the injection of a billion dollar on weekly basis for a couple of weeks to stabilise the market. And, subsequently the injection of USD 600,000 for every week until the central bank reserves are sufficient to cover at least 12 weeks' imports. The other option is to give a bitter pill to the nation by sharply hiking the CRR & SLR rates, and, simultaneously making the lending rates so high that rupee becomes more dearer, ie, the choice is either to go for more demand management measures and let the economic wheel move at a slower pace or to spend the reserves to keep growth at comparatively higher level and risk going into an IMF programme. In the later course, the Fund itself would force much sharper rise in lending rates and force an even more deeper slide of rupee against the dollar. It would therefore be more prudent to allow SBP to balance its act not on the basis of any mathematical model but undertake its own value judgement. But this means giving SPB a free hand with full political and fiscal support. LAHORE: The rupee lost 80 paisa against dollar on the buying at Rs 70.50 and Re 1 on the selling side at Rs 71.00 at Lahore currency market on Monday. The dollar kept moving up throughout the day's trading following persistent demand and moved up and closed higher at Rs 70.50 and Rs 71.00 against Rs 69.70 and Rs 70.00. Moneychangers accounted the dollar's increasing demand for its appreciation. The rupee also faced pressure and significantly declined against pound sterling at Rs 137.10 and Rs 138.10 on the buying and selling counters as compared to the last week closing of Rs 136.50 and Rs 137.00. ISLAMABAD: The dollar and showed an extraordinary increase of Rs 1.40 at the currency markets of Islamabad and Rawalpindi on Monday. The dollar resumed trading at Rs 71 (buying) and Rs 71.50 (selling) against last rate of Rs 69.60 (buying) and Rs 69.70 (selling). It did not observe further change in the evening session and closed at Rs 71 (buying) and Rs 71.50 (selling). Pound sterling opened at Rs 148 (buying) and Rs 149 (selling) against last rate of Rs 136.25 (buying) and Rs 136.75 (selling). It did not observe further change in the second session and closed at Rs 148 (buying) and Rs 149 (selling).

Definition of Money

Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main uses of money are as a medium of exchange, a unit of account, and a store of value.

Aristotle on good money

Aristotle (384 BC – 322 BC) was a Greek philosopher, a student of Plato and teacher of Alexander the Great. Aristotle discovered, formulated, and analyzed the problem of commensurability. He wondered how ratios for a fair exchange of heterogeneous things could be set. He searched for a principle that makes it possible to equate what is apparently unequal and non-comparable.

Aristotle says that money, as a common measure of everything, makes things commensurable and makes it possible to equalize them. He states that it is in the form of money, a substance that has a telos (purpose), that individuals have devised a unit that supplies a measure on the basis of which just exchange can take place. Aristotle thus maintains that everything can be expressed in the universal equivalent of money. He explains that money was introduced to satisfy the requirement that all items exchanged must be comparable in some way.

Within such frame work, Aristotle defined the characteristics of a good form of money:

1. It must be durable. Money must stand the test of time and the elements. It must not fade, corrode, or change through time.
   
   
2. It must be portable. Money hold a high amount of 'worth' relative to its weight and size.
   
   
3. It must be divisible. Money should be relatively easy to separate and re-combine without affecting its fundamental characteristics. An extension of this idea is that the item should be 'fungible'. Dictionary.com describes fungible as:

   "(esp. of goods) being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind."

4. It must have intrinsic value. This value of money should be independent of any other object and contained in the money itself.

Forex Open Market Time and Volume

OPEN MARKET FOREX RATES

Remittance	Buying	Selling
US Dollar TT 81.35 81.90 US Dollar DD 81.35 81.90 Currency Notes Australian Dollar 64.15 65.30 Bahrain Dinar 214.35 216.00 Canadian Dollar 69.70 71.00 China Yuan 11.25 12.00 Danish Krone 15.20 15.50 Euro 114.00 116.00 Hong Kong Dollar 10.39 10.60 Indian Rupee 1.60 1.70 Japanese Yen 0.8400 0.8500 Kuwaiti Dinar 277.10 280.00 Malaysian Ringgit 22.20 22.80 NewZealand $ 52.45 53.45 Norwegians Krone 12.55 12.80 Omani Riyal 210.00 212.00 Qatari Riyal 22.20 22.40 Saudi Riyal 21.55 21.70 Singapore Dollar 55.50 56.80 Swedish Korona 10.50 10.80 Swiss Franc 74.70 75.70 Thai Bhat 2.20 2.40 U.A.E Dirham 22.05 22.25 UK Pound Sterling 134.30 136.30 US Dollar 81.45 81.70

What is Forex (Foreign Exchange)?

Foreign Exchange (FOREX) is the arena where a nation's currency is exchanged for that of another. The foreign exchange market is the largest financial market in the world, with the equivalent of over $1.9 trillion changing hands daily; more than three times the aggregate amount of the US Equity and Treasury markets combined. Unlike other financial markets, the Forex market has no physical location and no central exchange (off-exchange). It operates through a global network of banks, corporations and individuals trading one currency for another. The lack of a physical exchange enables the Forex market to operate on a 24-hour basis, spanning from one zone to another in all the major financial centers.

Traditionally, retail investors' only means of gaining access to the foreign exchange market was through banks that transacted large amounts of currencies for commercial and investment purposes. Trading volume has increased rapidly over time, especially after exchange rates were allowed to float freely in 1971. Today, importers and exporters, international portfolio managers, multinational corporations, speculators, day traders, long-term holders and hedge funds all use the FOREX market to pay for goods and services, transact in financial assets or to reduce the risk of currency movements by hedging their exposure in other markets.

MG Financial, now operating in over 100 countries, serves all manner of clients, comprising speculators and strategic traders. Whether it’s day-traders looking for short-term gains, or fund managers wanting to hedge their non-US assets, MG's DealStation™ allows them to participate in FOREX trading by providing a combination of live quotes, Real-Time charts, and news and analysis that attracts traders with an orientation towards fundamental and/or technical analysis.

Definitions of FOREX

• The foreign exchange market (currency, forex, or FX) is where currency trading takes place. It is where banks and other official institutions ...
  en.wikipedia.org/wiki/FOREX
• Foreign Exchange
  en.wiktionary.org/wiki/forex
• The foreign exchange market, where brokerage firms and banks are connected over an electronic network that allows them to convert the currencies ...
  investor.infospaceinc.com/tr/glossary.cfm
• The simultaneous buying of one currency and selling of another.
  www.trading-futures-markets.com/glossary.htm
• An over the counter market where buyers and sellers conduct foreign exchange transactions.
  www.aibcm.com/servlet/ContentServer
• Forex is short for foreign exchange. When one speaks of a forex profit or loss, he is talking about the increased or decreased value of an ...
  www.garyascott.com/currez/glossary.html
• Foreign Currency Exchange
  www.greekshares.com/forex_terms.php
• Any type of financial instrument-from electronic transactions to paper currency, checks, and signed, written orders called bills of exchange-that& ...
  www.morganstanleyindividual.com/customerservice/dictionary/Default.asp
• the international exchange market, the market for conversion exchange operations of specified amounts of one country’s currency into the currency of another country according to an agreed rate for a given date.
  www.forexltd.co.uk/resources/glossary
• Any type of financial instrument that is used to make payments between countries is considered foreign exchange. ...
  www.pathtoinvesting.org/dictionary/words_f.htm

Forex News Trader

How do the majority of profitable Forex traders truly profit in the FX market? One way… they trade the news!

Forex News Trader was developed to give traders the edge they need to learn how to trade based on economic news events from around the world. The same edge the institutions use to make hundreds of millions and even billions of dollars in profit each year.

Forex News Trading will provide you with the information you need to give you a true insider’s understanding of the Forex markets. You will feel confident in your trading, and never doubt your trades again.

Does this mean you will win every trade? No, of course not, but armed with the knowledge Forex News Trader will provide you, you will never be afraid to take that next trade - as the odds will now be tipped in your favor.

Each and every month there are a tremendous number of news releases for the Off Exchange Retail Foreign Currency Market (FOREX). Many of these events and announcements move the markets considerably. But how do you properly capitalize on these moves? Get it wrong and you could be wiped out. Get it right and you can be in a small group of trading elite, consistently pulling pips out of the market each and every week.

Our Forex Trading goal is to provide our visitors with the best trading strategies available. We work exclusively with Forex brokers who specialize in news trading, and also include extensive reviews on the best in the business. Any relevant and helpful information related to Forex news trading can be found on this site.

There are many trading methods that exist to help you succeed as a trader, but there also many factors you need to consider before you execute your trades. Each news event moves differently. What we do is provide you with techniques and systems on how to trade these major news events. How can you maximize your gains and limit your loses? Not easily done, unless you truly know what you are doing.

Forex News Trader will teach you the moves you need to make. In volatile or fast moving markets, such as news trading events, it is imperative to be completely focused and on top of your game. You need to constantly learn new styles and techniques if you want to stay ahead.

Whether you profit, or end up like the other 95% of traders, depends on your ability, knowledge, patience, and how the market moves that day. With such a large world market there are numerous opportunities to pull profits on a consistent basis.

Global Calendar

Time (NYT)	Loc	Description	Fcst	Prev
7/2 05:00	E-15	May Unemployment	9.4%	9.2%
7/2 05:00	E-15	May PPI y/y	n\f	-4.6%
7/2 05:00	E-15	May PPI m/m	n\f	-1.0%
7/2 07:45	E-15	ECB Rate Decision	1.0%	1.0%
7/2 08:30	US	May New Goods Orders	n\f	1.4%
7/2 08:30	US	May Durable Goods Orders	n\f	1.8%
7/2 08:30	US	May Core Durable Goods Orders	n\f	1.1%
7/2 08:30	US	June Unemployment	9.6%	9.4%
7/2 08:30	US	June Non-Farm Payrolls	-368.0k	-345.0k
7/2 08:30	US	June Manufacturing Payrolls	-150.0k	-156.0k
7/2 08:30	US	Weekly Continued Jobless Claims	n\f	6.738m
7/2 08:30	US	Weekly Jobless Claims	n\f	627.0k
7/2 10:00	US	May Factory Orders	0.2%	0.7%
7/3 00:00	US	Market Holiday
7/3 03:53	E-15	June Composite PMI	n\f	44.0
7/3 03:53	E-15	June Services PMI	44.5	44.8
7/3 03:53	E-15	Germany June Services PMI	n\f	45.2
7/3 04:28	UK	June CIPS Services PMI	n\f	51.7
7/3 05:00	E-15	May Retail Sales m/m	n\f	0.2%
7/3 05:00	E-15	May Retail Sales y/y	n\f	-2.3%

US Dollar Canadian Dollar Exchange Rate Chart

Dollar-rupee exchange rate edges up to over Rs76

KARACHI - Setting a new record, the dollar-rupee exchange rate further edged up to over 76 in the open market on Wednesday. Thus during the past three days Pak rupee depreciated by Rs 4 against the US dollar in the local forex markets as the SBP acts as a silent spectator.
Since Monday, the rupee started to decline freely versus the US dollar during different trading sessions in the domestic currency markets by breaching the liquid market benchmark and fundamentals.
So far, the SBP is silent on the steady depreciation of rupee against the US dollar and not taking it as an “extra ordinary” development that was taking place for the last three days.
The frequent upward trend witnessed in the dollar rupee exchange rate is a big question mark on the SBP foreign exchange regulations which had further amended immediately during July, 2008.
On the pretext of speculative and panic sentiments prevalent in the capital market, the rupee reached record low level against US dollar by closing at Rs 75 in the primary (interbank) market on Wednesday.
The profit-margin-seekers are purchasing huge amount of dollars affecting from fast moving uncertain money market behaviour.
A forex dealer told The Nation that speculations regarding rupee devaluation versus the US dollar continued to grip the foreign exchange markets where manipulators had started spreading rumours that the dollar might be touching Rs 80 by the end of this week.

Why Should You Use Forex Robots Anyway?

A common question I always get asked is about forex robots and if they do work? My response to these people is: Some do work and several are simply scam to make money rather an attempt to create some software that will capture some of this growing industry. So, in other words a few forex trading robots are better than the rest.

Why should you use forex robots anyway?

I believe forex robots are meant only for newbie’s and will be a big help to when starting out with the forex trading business pretty quickly. But, if you’ve been doing this type of business for a couple of years and know what you are doing, then this kind of software can still benefit you.

Even as beginners in forex trading, you’ll still need to study the basics of foreign exchange trading, because one day, it will not pan out as it was expected, due to unexpected changes that happen in the market. You should also be warned as some of the trading robots for sale online are just trash and don’t actually work. Occasionally, these systems provide tested simulations and over hyped sales strategies but don’t work. Are these forex trading robots just a scam?

Some of the benefits you will get if you choose to invest in a forex trading program are:

* You don’t need any previous forex trading knowledge

* You have to learn the technical side of the forex market

* Reduced risk of a loss. While robots trade, they will not become victims of psychology, fear and greed etc.

Things you should know

No system is 100 percent fail safe. There are always hazards when dealing, with or without robots. If using forex robots, even the best ones may lose effectiveness over the period of time as past patterns change and new trends emerge.

Conclusion

By using a forex trading robot, you can significantly cut the chance of making a loss and be able to begin trading promptly. However, you need to be particular about which robot, because not all robots are created equal.Is FAPturbo a scam?

FAPTURBO or FAP (Forex autopilot robot) is a software robot or EA that can trade the foreign exchange currency markets on autopilot 24 hours a day. You attach your FAP Turbo plugin to your Metatrader4 currency charts provided by your FOREX broker.

FAPTURBO forex robot is a new generation of EA. It’s simple to setup and comes with some simple to follow instructional videos to take you through the entire setup.

The FAP Turbo EA has 2 main modes of operation. Scalping mode which is a short term strategy and a long term advanced FAP strategy. Both strategies are built to the FAP expert advisor and can be turned on and off as necessary.

Using a test account you can get familiar with the ins and outs of trading forex without risk. Start practice trading with FAP Turbo while you become familiar with the system and are ready to begin live trading. FAP Turbo can trade even while you are sleeping is there nothing better than logging into your trading account to see how much money was earned while you were sleeping.

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Forex Trading

In recent years, there are many people are involved in forex trading. Do you know what forex trading is ? Have you ever saw trading on the stock market? OK, Forex trading is just quite similar with that and in this field we make a deals with trading currencies amongst different countries which is usually done with a financial institution or a broker.

At this moment, we can say that Forex becomes the largest market on the planet and it is always changing, worldwide, 24×7. All these aspect is one of the things that makes forex so exciting. With that kind of activity, it is not always accurately predictable, but you need to understand the market so that you can jump on profitable trades and minimize your losses in losing trades, which is all based on the strategy that you utilize.

However, before you start to trade, one important things that you need to know and understand forex trading is a gamble, and like the advice offered to those who want to enter this field, never play with money you cannot afford to lose. Keep in mind There are no guarantees in the forex market, which means that you need to utilize all the tools at your disposal to ensure you have considered all factors that will impact a currency’s value, both now and in the future.

They are a key player when it comes to forex markets and trading. The central banks are located in New York, Tokyo and London. In fact, these are the areas where the concentration of central banks are the largest. If financial institutions suffer a loss in the forex market, the investors will also feel the loss.

If you really want to get serious please take the time to learn the forex market, since the financial rewards are huge, but make sure you also protect yourself by allowing for a potential loss.