1 rupee in dollar6/29/2023 ![]() ![]() Inter-bank market rates for dollar on Friday Oil prices, a key indicator of currency parity, slipped on Friday, heading for a fourth weekly decline, as renewed economic concerns in the United States and China revived concern about fuel demand growth in the world’s two largest oil consumers. ![]() The index is set to snap a two-week losing streak, gaining 0.7% this week. The dollar index, which measures the US currency against six rivals, eased 0.059% to 102.02, not far from the 102.15 it touched overnight, the highest since May 2. Internationally, the US dollar was clinging close to a more than one week peak on Friday as a slew of data overnight pointed to a slowing US economy, with investors betting that the Federal Reserve will further pause its interest rate increases. This was not the case today, thus the currency rebounded,” he added. “Yesterday (Thursday), Letters of Credit on account of oil payments were retired, which led to an increased demand for the US dollar. The expert said that high demand for US dollars and political tension drove the rupee towards a record low. “This is the highest ever day-to-day appreciation recorded on absolute terms,” Tahir Abbas, Head of Research at Arif Habib Limited (AHL), told Business Recorder. Political volatility rose in Pakistan amid deadly unrest sparked by Pakistan Tehreek-e-Insaaf (PTI) chief Imran Khan’s arrest on Tuesday that aggravated instability at a time of severe economic crisis and a delay in the IMF bailout. “What we were seeing for the past two days was random depreciation, which is being corrected,” he added. The market expert said political uncertainty caused the depreciation. “The rebound comes on the back of lower political temperature,” said Saad Khan, Head of Research at IGI Securities, told Business Recorder. He also said the budget would be presented on June 9, 2023. He added that China is expected to roll over another $2.4 billion. Taking to the media on Thursday, Dar said that there is a plan for foreign payments of $3.7 billion in May and June. The non-refunded TCS will be reflected in the 26AS of the payer for claiming Income Tax credit.The massive appreciation comes after the rupee finished at a record low of 298.93 against the US dollar in the inter-bank market on Thursday.Īs the dust settled a bit on the political front after the Supreme Court declared Imran Khan’s arrest illegal, and violent protests ended, investors took some positive cues from the development.Īdditionally, Finance Minister Ishaq Dar again moved to pacify markets that Pakistan, with or without the International Monetary Fund (IMF), will not default and shall fulfill external obligations in a timely manner. ![]() In the event of cancellation of services and refund of amount, Tax collected at source under section 206C(1G) of the Income Tax Act, 1961 shall not be refunded. The TCS collected will be reflected in the 26AS of the payer for claiming Income Tax credit. 7,00,000 in a financial year for remittance out of India under the Liberalised Remittance Scheme of the Reserve Bank of India. Further TCS under section 206C(1G)(a) of the Income-tax Act, 1961 at the rate of 5% will be collected if the aggregate amount exceeds Rs. Tax Collection at Source (TCS) at the rate of 5% will be levied under section 206C(1G)(b) of the Income Tax Act on outbound tour services. This blocked rate will be valid for 2 working days. You may block foreign currency by paying 2% of total transaction value.You can further add/edit travellers in preconfirmation page which can impact the total amount. This amount is calculated considering one traveller.
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