However, the US dollar
decreased in the open market by Rs0.80 to be traded at Rs156.70
Earlier on Thursday, the Pakistani rupee continued to weaken against the US dollar
, shedding Rs1.33 in the interbank market.
At today's morning trading session of the US dollar
, the minimum rate was 379.4 tenge per US dollar
and the maximum rate was 379.9 tenge, while the closing rate was 379.9 tenge per dollar.
15 marked the intermediate low in the US dollar
According to sources, the government has received US dollar
138.95 million in grants in first four months of the current fiscal year from Asian Development Bank (ADB), International Bank for Reconstruction and Development (IBRD), the United Nations High Commissioner for Refugees (UNHCR), Islamic Development Bank and some other countries.
Those resources are used by a country to buy US dollars
from the market, at market rates, to provide the same US dollars
to banks and companies that need to service their debts, denominated in US dollar
, or to spend on imports, etc.
The factories mainly rely on importing raw materials, which requires them to deal in US dollars
. The shortage of US dollars
in banks has forced these manufacturers to secure their foreign currency needs from the informal market, which sells the US dollar
at a higher exchange rate than the banks, according to Abdellah.
The firm also expects to make 4.5bn US dollars
(PS3.1bn) in efficiency savings from its PS35bn merger with BG, up from its previous estimate of 3.5bn US dollars
With staff numbers rising 2% to 32,900 it meant average remuneration was squeezed from the 399,506 US dollars
(PS243,988) in 2012.
During year 2007-08, the country imported mobile phone handsets with battery worth US dollar
445.9 million, in 2008-09 US dollar
129.7 million, in 2009-10 US dollar
169.23 million, in 2010-11 US dollar
218.2 and during 2011-12, the country spent US dollar
465.3 million on handsets import.
However, John Taylor of FX Concepts thinks QE3 is a possibility but will be unsuccessfull: (http://www.ibtimes.com/articles/156456/20110602/john-taylor-definitely-another-recession-coming-buy-us-dollars.htm) John Taylor: Definitely Another Recession Coming, Buy US Dollars