Forex Trading in Pakistan – The Big Business

What is Forex: Forex stands for Foreign Exchange. The Forex market is also referred to as FX market in short. Forex currency trading is conducted round the clock, 5 days a week and it is the largest market in the world. Prior to 1998, the Forex market was only for large financial firms, trading companies and banks. Since 1998, the Forex market is open to everyone. The purpose of establishing a world-wide Forex market is to facilitate the trading that is the buying and selling of currency by the central government commercial banks and small investors around the globe. There are major trading centers worldwide in many cities such as London, Frankfurt, New York, Tokyo there is no set location for this trading. It can be conducted by telephone and through the internet from every part of world.

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Currencies involved in Forex trading

Currency exchange takes place between the major currencies and supports global trade in the world. The major business revolves around the main currencies like the US dollar (USD), the British pound (GBP), the Euro (EUR), the Japanese yen (JPY) and others. All tradings in the world, both export and import, involveForex.

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Basic Principles

Before you begin Forex trading, you need to understand the basic principles of the currency markets. For this purpose you need to learn the tools of the trade that is the technical and fundamental analysis tools. Other than this basic technical information, you do not have to be an expert in the currency markets to make money. Just learn the basics of of Forex trading and you are on your way to beginning a money making career in Forex trading.

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How to start Forex trading:

It is possible to earn an excellent income from online currency trading in Pakistan or anywhere else in the world. You can join this market as a small player by first understanding the fundamentals of currency markets and learning the skills ofForex trading online. You will require a small capital investment in the beginning. If you are a small player in the forex market, you will not be able to trade on your own and you will have to hire the services of a Forex broker or an online forex company where you can open your account with a reasonable amount and begin your forex business

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“Thrift as a national asset is going to play an important part in the building up of the state. So save and invest in Pakistan saving certificates.”

Quaid-i-Azam

Muhammad Ali Jinnah?

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Pakistan Rupee Continues to Slide

The rupee climbs up one paisa against dollar on Monday after hitting its lowest during the weekend. Dealers said that 1-dollar was bought for 86.20 rupee and sold for 86.24 rupee.

State Bank of Pakistan announced in its weekly statement that foreign exchange reserves rose to a record 16.7 billion dollars in the week ending September 24, 2010. Foreign exchange inflows from export receipts and remittances sent by overseas Pakistanis are not sufficient to strengthen rupee. Rupee is likely to weaken further.

‘Reformed general sales tax’ (RGST) rate announcement and implementation was postponed last month that created doubts in the market and led to tumbling rupee.

Money traders increased dollar stocks to deal with the imposition of ‘reformed general sales tax’ (RGST). The tentative political and economic conditions also led traders to buy dollars.

The State Bank increased the interest rate from 13 percent to 13.5 percent, and export refinance rate from 8.5 percent to 9 percent to manage inflation that could negatively impact industrial production and exports.

Many countries have slashed interest rates to encourage investment and enhance industrial production. Enhanced interest rates can lead to lower industrial production and decreased exports. Despite State Bank’s attempt to control inflation by increasing interest rates, prices are still climbing to new heights.

This year rupee shed 1.19 percent in value, whereas in 2009 rupee lost 6.17 percent. Continuation of uncertain political and economic conditions can reduce rupees value even further.

The rupee dropped against other currencies also. Between July, 1st 2009 and September, 27th 2010 rupee fell 1.88 percent against euro, shed 2.15 percent versus pound sterling, lost 17.70 percent against yen, dropped 16.72 percent versus Canadian dollar, and fell 21.01 percent against Australian dollar.

Despite Missing Deadlines, Pakistan Gets $1.13 Billion IMF Loan

The International Monetary Fund announced Friday that it will release $1.13 billion aid package for Pakistan despite country’s failure to meet conditions specified in loan agreement.

Pakistan had requested for a waiver for its inability to meet quarterly budget deficit target and net government borrowing limits from the State Bank of Pakistan.

Murilo Portugal, IMF’s deputy managing director and acting chairman said, “preparations for important and politically difficult tax reforms have moved forward, and there has been steady progress in financial sector reform”.

IMF has approved total of $10.66 billion loan for Pakistan and with the release of $1.13 billion it has disbursed $7.27 billion so far. IMF has also accepted Pakistan’s request to merge the remaining three payment instalments into two. The IMF said Pakistan has missed two conditions because of the delay in getting pledged aid from other nations.

Portugal said, “Pakistan’s vulnerabilities remain high, due to persistent inflation, security-related spending pressures, energy-sector problems and shortfalls in revenue collection and external financing”.

United States is exerting pressure on Pakistan to send troops to North Waziristan to fight Taliban who claimed responsibility for the recent failed bombing attempt in New York. The IMF announced its readiness to adjust Pakistan’s budget deficit and borrowing targets to let Pakistan manage necessary funding for such priority programs as security.

Portugal said, “these challenges highlight the importance of pursuing a credible fiscal consolidation, maintaining a flexible exchange rate and a cautious stance to monetary policy, and improving governance”.

IMF accepted Pakistan’s request to increase the end-June 2010 budget ceiling by 0.15 percent of gross domestic product, and the floor for net foreign assets of the State Bank of Pakistan was raised by $300 million.

Pakistan Rupee Gains Vs US Dollar: Traders Plan to Short

Pakistan rupee gained esteem against US dollar but lost ground to the Euro Wednesday. Forex traders in Karachi Thursday plan to hold a short position on the US dollars with expectations that it will decline further.

Buy rate for dollars in the interbank market today were Rs. 85.00 and sell rates were Rs.85.05. In both directions Pakistan rupee was standing strong.

During the Asian trade dollar fell to its lowest in more than two months against yen as investors dumped long positions against other currencies that had built up to levels not seen in more than a year.

Investors have been picking up dollars in recent months as Greece’s credit and fiscal woes hit the euro and worries over a potential hung parliament and speculation that Britain’s asset-buying scheme could be revived knocked the pound lower.

The rupee was higher by 20 paisa against the US currency for buying and selling at 85.20 and 85.40 in open market. The dollar touched a two month low against the yen in Asia on Wednesday due to selling by Japanese exporters, falling long-term U.S. interest rates, and expectations for weak U.S. jobs data.

During Asian trading hours, the dollar fell to Y88.47 on EBS, the lowest since Y88.32 on Dec. 14. That compares with Y88.75 in New York late Tuesday.

If coming U.S. data are weaker than expected, adding to speculation that the Federal Reserve may not start raising its policy rate as soon as had been expected, U.S. yields could fall further, causing the dollar to decline more against the yen, Inoue said. He tips the dollar to trade in a range of Y83.00 to Y91.00 in the coming days.

However, Pakistan rupee lost 50 paisas againts the euro: buying and selling at 114.85 and Rs 115.35. The euro had hit a two-week high Wednesday against the dollar in a sign that Greece’s stepped-up efforts to cut its gaping budget deficit has helped calm investors fears over a possible debt crisis.

But the reprieve for the common currency may not last: There is no assurance the Greek measures will be fully implemented nor was there any word from Germany or France, the euro zone heavyweights, whether they would offer more than just verbal support to the debt-laden Greeks.

Investors are now waiting to see whether “an actual bailout will happen,” said Jessica Hoversen, fixed-income and foreign-exchange analyst at MF Global in Chicago.

Pakistan Stops Financing Crude Oil Imports

As of yesterday State Bank of Pakistan will not sell foreign exchange to banks for financing the crude oil imports. SBP had given banks a full working week to get prepared for securing funding from the international market.

The present measure has been adopted in the wake of Pakistan rupee losing 53 paisa or 0.6 per cent of its value within 4 days against the dollar as banks began to buy US dollars in advance. Bankers anticipate a further decline in the rupee value as they start financing crude oil imports. Crude imports stood at $4 billion or more than 40 per cent of the overall petroleum imports of $9.5 billion in FY09.

Pakistani bankers estimate this year’s crude imports around $3.5 billion if the global prices remain range-bound and local refineries’ output that declined eight per cent in July-November 2009 does not rebound quickly.(In July-October 2009 crude imports fell to a billion dollars from two billion dollars in a year-ago period due to reduced refineries’ production and lower international prices )

The banks in Pakistan need some $300 million per month to finance crude oil imports. The rupee depreciated a bit immediately after last announcement and it may lose some more value in next few weeks unless there are big inflows of foreign exchange.

After the talks between Pakistan and the IMF mission held in Dubai last month, the government is expecting $1.2 billion after the approval by the IMF board scheduled to meet on December 21-22.

But IMF’s Director of External Relations Department Caroline Atkinson has said discussions with Pakistan were in progress, implying that the Dubai talks were not final and that the release of the fourth trance of the $7.6 standby credit might be delayed.

If Pakistan does not get the fourth trance this month a steeper decline in the rupee value of rupees in anticipated in the last weeks of December.

Pakistani bankers also concerned that the year-end servicing of both sovereign and corporate foreign debts would keep the rupee under pressure.

Foreign debt servicing in October-December 2009 was estimated well above a billion dollars, the major share of which was paid in December. In July-September Pakistan spent $1.2 billion on foreign debt servicing despite a roll-over of $450 million.

In July 2008, the State Bank had decided to provide foreign exchange to banks for financing import of crude oil and petroleum products to keep the exchange rates stable amidst inconsistency triggered by international financial crisis and recession. But it stopped providing foreign exchange for financing of import of furnace oil from February 2009 and for that of petroleum products from July.

Now it has stopped selling foreign exchange for crude oil as well—reportedly to meet one of the conditions of the IMF standby loan—thus restoring the pre-July 2008 arrangements wherein banks were responsible for arranging foreign exchange to finance imports of both crude oil and all petroleum products.

Between February 2009 and 10 December 2009, when banks started financing of furnace oil imports on their own, the rupee has lost 6.8 per cent of its value against the US unit. A senior State Bank official remarked. “This should remove fears that the shifting of financing of crude oil imports to banks would lead to a big depreciation in the rupee value,” He also added “The rupee might lose a bit but we neither foresee a major decline in its value nor a serious inconsistency in exchange rates.”

Bankers also dispel the possibility of a speculative attack on the rupee value saying the State Bank is yet to allow forward selling of foreign exchange to importers and thus the question of manipulating exchange rates does not arise. But they say the central bank may allow it sometime next year as the IMF is believed to have raised this issue during talks with SBP authorities.

The reeling Pakistan rupee

After a tumultuous 2008 when Pakistan’s forex market saw its worst money laundering scam, and the PKR received its worst battering in years, the rupee finally found its feet during 2009. The rupee weakened 6.17 percent this year after losing 22.12 percent in 2008. For Pakistan, the lesser loss was the good news of 2009.

“With reserves touching $ 15 billion the upside risks to the USD-PKR are materially lower at the moment we can easily rule out the possibility of a runaway weakness, I believe we can even see an upside” says Priyanka Chakarwarty, FX Strategists at Standard Chartered India.

Some of the main factors for the rupee finding the floor were the IMF program, slowdown in imports, S&P upgrade of the sovereign credit ratings, easing of inflationary pressures, return of portfolio investment to the equities market and record remittances.

THE IMF PROGRAM

“The $ 12 billion arrangement with the IMF has had multiple effects on the rupee situation. The most obvious impact has of course been on the dwindling forex reserves. But another far more important impact has been on the economy by containing the twin deficits through corrective measures” says Sayem Ali of Standard Chartered Pakistan.

In fact it was the IMF’s approval to provide an additional $ 3.2 billion which also triggered an S&P upgrade from CCC+ to B-. This upgrade has caused an improvement in the risk appetite, and the Karachi Stock exchange for the first time in 18 months, saw an inflow of over $ 100 million in the month of September alone. The release of the USD 1.2bn third tranche of the IMF loan, plus a USD 1.2bn increase in Pakistan’s Special Drawing Rights (SDRs), helped to boost FX reserves to USD 14.3bn as of end-August 2009, from USD 6.5bn in October 2008.

“Going forward, we expect the current account deficit to narrow further to USD 8.4bn (4.9% of GDP) in FY10 on weak import demand and robust growth in remittances.” believes Priyanka Chakarwarty.

The current account deficit also improved significantly to USD 8.9bn (5.5% of GDP) in FY09 from USD 13.9bn (8.5% of GDP) in FY08. While the trade deficit narrowed from USD 15bn to USD 12.5bn, net private remittances rose by 20% y/y to a record high of USD 7.8bn. Even though the portfolio outflows negatively impacted the financial account, but official inflows helped to narrow the balance-of-payments deficit.

OIL PAYMENTS:

The year also saw a significant shift in the central bank’s policy towards oil imports payments by moving all payments completely to the interbank market, thus putting the rupee under further pressure.

Starting early in January 2009 the central bank ordered banks to make all purchases of foreign exchange related to furnace oil from the interbank market meanwhile restricting its support to products exclusive of furnace oil.

In July we saw that support further restricted to just crude oil when the SBP ordered all banks to make all purchases of foreign exchange related to diesel and other refined products from the interbank markets as well.

Finally in December the state bank withdrew its support from the crude oil payments as well and ordered the banks to make the crude oil related payments from the interbank market.

THE LOOK AHEAD:

The Pakistani rupee (PKR) has stabilized, depreciating by around 6% in 2009 versus 22% in 2008. External account corrections, combined with record-high remittances from overseas Pakistanis, have helped to keep the PKR broadly stable.

However, the PKR can come under pressure during 2010 because of the rising trend in the commodity prices and exchange rate reforms including shifting crude oil payments to the interbank market.

On the brighter side there is a lot of potential in the already fruitful remittances area according to the Governor SBP Saleem Raza still over 50% of the country’s remittances come in through non formal channels. Some of the seasoned journalists do not completely agree with the governor’s statistics but they do agree that there is a lot of room for increase in workers’ remittances.

PAKISTAN’S FOREX MARKET

Pakistan forex market sees a trade of over $ 8 billion every month the bulk of which is carried out in the interbank market. There are a total of 31 exchange companies authorized by the central bank five of which are subsidiaries of country’s major banking institutions.

Three exchanges are currently on the suspension namely Al Sahara Exchange, Khanani and Kalia and Zarco Exchange due to non compliance and other issues. There are another 30 companies in the B category of exchange companies whose operations are restricted only to the sale and purchase of foreign currencies

All of these companies come under the exchange policy department of the State Bank of Pakistan and are regulated by the Foreign exchange regulations act 1947 (FERA 1947). There is a foreign exchange manual published by the central bank which out lines all the dos and don’ts for the authorized dealers, exchange companies, investors and general public.

OPEN MARKET CURRENCY RATES

OPEN MARKET CURRENCY RATES

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Forex Ivybot review

Recently, the market has been flooded with a whole range of new forex trading robots. Among these robots, the Forex Ivybot is a major contender. The much awaited Forex Ivybot has finally arrived and whether it lives up to the hopes that many enthusiasts have pinned on it, still remains to be seen.

Graduates from the Ivyleague, surely some of the world’s smartest, have designed the Forex Ivybot. It works on a different principle as compared to other forex trading robots- four separate trading systems work together, one for each currency pair. It is said that being an insider makes no difference if you’ve got the Ivybot on your side. Promoters of the Ivybot claim that it sees not only the major shifts in market trends, but also the minor fluctuations. Apart from this, they also say it uses the most advanced algorithm.

User reviews have been neutral and the Forex Ivybot seems to be working fine, with few bugs, if any. It will be interesting to see whether it matches up to the performance of the present leader in market, the FAP turbo. Several websites and third party reviewers rate the FAP turbo as the best deal available, with a five-point rating in almost all aspects such as ease of use, price, etc. The FAP turbo also comes with a build in loss prevention feature, which is yet another feather in its cap.

There is one important test that the Forex Ivybott is yet to clear- the test of time. It will be interesting to see whether it delivers consistently or not. Being a fairly recent entrant in the market, it would be unfair to already compare it to longstanding market leaders such as the FAP turbo, which have shown promise over a long period of time.

Pictures of FOREX TRADING IN INTERNATIONAL MARKET

Pakistan Forex Exchange Group.

H & H EXCHANGE CO. (PVT) LTD. (KARACHI)

H & H - Pakistan's first Exchange Company. Granted license by the State Bank of Pakistan to carry out foreign exchange business. We also deal in cash currencies, foreign remittance... More

DOLLAR EAST EXCHANGE COMPANY (LAHORE)

Dollar East Exchange Company (Pvt.) Limited is a leading exchange company in Pakistan. The company is one of the pioneers to start currency exchange business in the country. It was... More

EMIRATES GLOBAL ISLAMIC BANK LIMITED (EGIBL) (KARACHI)

Alhamdolillah, Emirates Global Islamic Bank Limited, a dedicated Islamic Commercial Bank, commenced operations in February 2007. Presently the Bank has ten branches in Pakistan (5 ... More

GLAXY EXCHANGE (PVT.) LTD (KARACHI)


ZARCO EXCHANGE COMPANY (PVT) LTD. (LAHORE)

The ZARCO Exchange Company is a respected financial institution that provides dependable Exchange and Transfer services to satisfied customers throughout Pakistan. Our company has ... More


A TO Z MONEY CHANGER (KARACHI)

A.R.K. EXCHANGE (KARACHI)

AA EXCHANGE COMPANY (PVT) LTD (ISLAMABAD)

AAKRA MONEY EXCHANGE (KARACHI)

ABID CURRENCY (PESHAWAR)

AHMAD MONEY CHANGER (LAHORE)

AJMAIR INTERNATIONAL (ISLAMABAD)

AL-ABBAS ENTERPRISES (RAWALPINDI)

AL-MUZHER MONEY CHANGER (LAHORE)

AL-RAHIM INTERNATIONAL (KARACHI)

ALI HAIDER MONEY EXCHANGE (LAHORE)

ALI INTERNATIONAL (KARACHI)

ALLIED GROUP OF BUSINESS (ISLAMABAD)

ARY INTERNATIONAL EXCHANGE (KARACHI)

ASMA MONEY EXCHANGER'S (LAHORE)

AYLIA FINANCIAL SERVICE (ISLAMABAD)

BANK OF PUNJAB (KARACHI)

BIG BOARD ADVISORY SERVICE (KARACHI)

CAPITAL EXCHANGE CO. LTD (KARACHI)

CASH CORNER CURRENCY EXCHANGE (RAWALPINDI)

CHANDA & CO (KARACHI)

CHANDA E.C (B) PVT. LTD. (KARACHI)

CHANDA MONEY CHANGERS (KARACHI)

CHASE EXCHANGE COMPANY-B (PVT) LTD. (KARACHI)

CHASE INTERNATIONAL (KARACHI)

CHIEF TRADERS (ISLAMABAD)

CONTINENTAL EXCHANGE (KARACHI)

DK EXCHANGE (KARACHI)

DOLLAR EXCHANGE (RAWALPINDI)

DOLLAR INN (KARACHI)

DOLLAR LINK (SIALKOT)

DOLLAR WORLD (FAISALABAD)

DUNIYA CURRENCY EXCHANGE COMPANY (GUJRANWALA)

ESSANI INTERNATIONAL (KARACHI)

EURO CURRENCY EXCHANGE (LAHORE)

EURO INN (ISLAMABAD)

FAIRDEAL EXCHANGE COMPANY PVT. LTD (KARACHI)

FRANCHISE-Z-H-FOODS WALLSTREET EXCHANGE COMPANY (PVT) LTD. (FAISALABAD)

G. WAY MONEY CHANGER (RAWALPINDI)

GLAXY INTERNATIONAL (KARACHI)

GOHAR INTERNATIONAL (KARACHI)

GOOD LUCK MONEY CHANGER (RAWALPINDI)

HABIB CURRENCY EXCHANGE (KARACHI)

HABIB QATAR INT.EXCHANGE LTD (KARACHI)

HILAND GROUP (LAHORE)

IMPERIAL INTERNATIONAL (ISLAMABAD)

KHALID AND BROTHERS (LAHORE)

LAHORE MONEY CHANGER (LAHORE)

MALIK EXCHANGE (PVT) LTD. (PESHAWAR)

MALIK EXPRESS (RAWALPINDI)

MONEY LINE (ISLAMABAD)

MONEY LINK (RAWALPINDI)

MONEY MASTERS CURRENCY EXCHANGE COMPANY B' (PVT.) LTD (KARACHI)

MUBARAK ENTERPRISES (FRANCHISER: PARACHA INTERNATIONAL EXCHANGE (PVT) LTD.) (KARACHI)

NEW DUBAI MONEY CHANGER (LAHORE)

NEW MILLENIUM EXCHANGE (KARACHI)

NEW SEVEN SEAS (A FRANCHISE OF ZARCO EXCHANGE) (ISLAMABAD)

NOBLE EXCHANGE (KARACHI)

NOBLE INTERNATIONAL (SIALKOT)

ORIENTAL EXCHANGE (KARACHI)

P.B.S. EXCHANGE (PVT.) LIMITED (LAHORE)

PAKISTAN CURRANCY EXCHANGE CO. (PVT) LTD (KARACHI)

PAKISTAN SAFE DEPOSIT LOCKERS (PVT) LTD. (KARACHI)

PARACHA INTERNATIONAL EXCHANGE (PVT) LTD (ISLAMABAD)

PEARL EXCHANGE (LAHORE)

PREMIER EXCHANE CO B (PVT.) LTD. (LAHORE)

QAZI MONEY CHANGER (RAWALPINDI)

RAAJPOOT ENTERPRISES (LAHORE)

RAJGAN INTERNATIONAL CURRENCY EXCHANGE (RAWALPINDI)

7, Rizwan Plaza,Blue Area.... More

RANJHA EXCHANGE CO. (LAHORE)

RAVI EXCHANGE COMPANY (PVT.) LTD (LAHORE)

ROYAL CONSULTANCY SERVICES (LAHORE)

ROYAL INTERNATIONAL EXCHANGE CO. (PVT) LTD. (KARACHI)

S.M. ZAIGHAM (LAHORE)

SABKA ENTERPRISES (KARACHI)

SH. ZAHIR-UD-DIN (LAHORE)

SHAHEEN TRADERS (GUJRANWALA)

SHAHEEN'S (FAISALABAD)

SHAUKAT & SHAUKAT EXCHANGE CO. (LAHORE)

SKY EXCHANGE (ISLAMABAD)

Sky Exchange Company now known as �Sky Exchange� has sound track record in foreign currency selling & buying deals. The Directors of �Sky Exchange� started business in 1992. They e... More

SOUND INTERNATIONAL MONEY CHANGER (KARACHI)

SUPER INTERNATIONAL MONEY CHANGER (RAWALPINDI)

SWISS INTERNATIONAL EXCHANGE COMPANY-B PVT. LTD.PRI (KARACHI)

TELECOME CITY (LAHORE)

THE BOOST INTERNATIONAL (KARACHI)

TIME EXCHANGE COMPANY PVT. LTD (KARACHI)

TOP MONEY CHANGERS (LAHORE)

TRAVEL OPTIONS (LAHORE)

UNITED EXCHANGE COMPANY (PVT.) LTD (LAHORE)

UNIVERSAL EXCHANGE CO. (KARACHI)

USMAN INTERNATIONAL (GUJRANWALA)

WALL STREET EXCHANGE COMPANY PVT. LTD (KARACHI)

WESTERN MONEY CHANGER (LAHORE)

XPRESS MONEY SERVICES LTD. (KARACHI)

ZAINAB MONEY EXCHANGER (KARACHI)

Forex Trading

Forex trading is one of the emerging businesses these days which not only have changed the lives of many people but have revolutionized the way of trading at one’s comfort at home, office or any place where one can has an easy access to get on line. Gradually with the passage of time as you get in to this field, the hope which was initiated by you at the very start point of initiating the work of Forex will turn out into a noticeable increase in the business in which you have put your effort and money in to. The merging of a company known as Forex mega tools, have mitigated the risks of this business.

Forex trading was never too easy, as the factors which made it difficult included; the instability of various highly traded currencies like dollar, euro, pound, yen etc as you really can not predict the very next moment turning out to be a loss, or a revolution in your life. The fluctuations in the sell and buy side of the trading data base was/is also another hindrance. Moreover this present economical recession has made things really unpredictable for the newbie specially who have just learnt to enter in to this business. This website Forex mega tools, is specifically aiming at providing you the best tools out of the lot that not give you out the best quality of the products and the services; but also provide you a dazzling platform where one can excel in the pertinent field as all the products that the Forex mega tools has got to offer, are developed and designed by highly adept professionals. Plus this site claims to offer you the best channels where you can start off your Forex trading and bud out on the best deals in the market and collect the bonuses from them.

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Navigating Dubai's Currency and Foreign Exchange

UAE Flag

In Dubai, currency exists in the form of the United Arab Emirates Dirham (Dh or AED as it is sometimes called.) Dirham notes come in an array of denominations which range from Dh 5 to Dh1000. In line with Arab tradition, falcons are pictured on the notes and the value of each note is written in Arabic only.

One dirham can be divided into 100 fils and coins can be obtained in values of Dh1, 50 fils, 25 fils, 10 fils and 5 fils. As is the case with all currencies exchange rates may vary, but when markets are stable exchange can be expected at around 7 Dirham to 1GBP British Pound Sterling and 3.7 Dirham to $1 US Dollar.

Foreign Exchange and Rates

As convenient and tempting as it may be, it is sensible not to exchange money at airports due to the fact that exchange rates offered at airports are usually exceptionally poor. Exchange centres, and local and international banks can be easily located in the city and will all likely present you with far better rates. There is no prohibition on the exchange of money in Dubai and most local banks will willingly transfer and exchange money for you. International banks like Citibank and HSBC Offshore can be found in Bur Dubai and Diera, as can a number of exchange centres like Al Razouki International Exchange Company, Thomas Cook Al-Rostamani and the UAE Exchange Center.

Both banks and exchange houses operate from around 8am to 1pm Saturday to Thursday. Some banks reopen from 4pm to 6pm Saturday to Wednesday and exchange houses typically reopen from 4:30pm to 8:30pm Saturday through to Thursday. Keep in mind the fact that the weekend falls on a Friday in Dubai and therefore all banks will be closed on this day and exchange houses are likely to only be open for a portion of the day if at all.

If you are looking to exchange large sums of money, it may be worth your while to spend some time comparing exchange rates offered by the various banks and money lenders in the city. Moneylenders will often offer better rates, although some will either refuse to accept Travellers Cheques or will accept only one or two specific types of cheques. ATMs are located all over Dubai in major shopping centres, hotels and banks. HSBC Financial Services and Emirates Bank International ATM s are connected to Global Access Systems and can be found in Deira and Bur Dubai

Travellers Cheques and major credit cards like Mastercard, Visa and American Express are accepted at the majority of hotels, shopping centres and restaurants. Tips and municipality taxes are usually already added into bills, although if you are unsure or wish to further compensate staff for good service, 10% is seen as more than generous. In the event that you are looking to pick up bargains, it is advisable to rather carry cash due to the fact that vendors will be more willing to lower prices for cash sales than they will for electronic sales. Smaller shops, especially those in souks will often refuse to accept credit cards altogether.

If you have any currency related queries whilst in Dubai you can contact either Al Razouki International Exchange Dubai on 04 2615113 or Thomas Cook Al Rostamani Exchange Company Dubai on 04 2223564.

Foreign Exchange (Forex) Market

Presently, there are various kinds of financial market, it is divided into: Stock market, interest market (including bond, commercial bill and so on), gold market (including gold, platinum, silver), futures market (including grain, cotton and kapok, oil and so on), option market and foreign exchange market or forex market and so on.

The foreign exchange market is a place to trade foreign exchange currency, or it is also a place for the transaction of all foreign currency. The foreign exchange market therefore is existence, because of:

Trade and investment
Import and export business, people pays one kind of currency when doing business, but when earns another kind of currency when receive the commodity. This means that, when settling account, business people will pay and receive different currencies. Therefore, they must convert the currencies that they received into the currencies that they could buy commodities. With this similar, when buying a foreign property a company must use the concerned country's currency to make payment, therefore, it needs to convert the domestic currency is concerned country's currency.

Speculation
Currencies exchange rates could fluctuate according to the demand and supply between two currencies. A Forex trader buys up one kind of currency in an exchange rate, but up casts this currency in another more advantageous exchange rate, he may gain. Speculation has occupied most of the Forex market.

Hedging
Due to the fluctuation between two currencies, those companies who owns foreign asset (for example factory), when these companies convert these properties into cost country currencies, there consist of certain risks. When the value of a foreign asset which is estimated based on foreign currencies remained unchanged, if the exchange rate changes, when converting this property value according to the domestic currency, there could be profit and loss. The company may eliminate such hidden risk through hedging. This carries out a foreign currency trading, its transaction result just counterbalances the foreign currency property profit and loss which produces by the exchange rate change.

Forex Market Development
The history of the Forex market as an international capital speculation market is much shorter compared the stock, the gold, the stock, the interest market, but it is developing in an astonishing speed. Today, the foreign exchange market daily trading volume has amounted to 150 billion US dollars, it’s scale has gone far beyond the stock, the stock and other finance commodity markets, it has became the world's most biggest sole finance market and the also the speculation market. Since the birth of the foreign exchange market, the fluctuation of the exchange rate of the Forex market is becoming bigger. In September 1985, 1 US dollar exchanged 220 Japanese Yen, but in May 1986, 1 US dollar only could exchange 160 Japanese Yen, in 8 months, the Japanese Yen has revalued 27%. In recent years, the foreign exchange market wave amplitude has been bigger, on September 8, 1992, 1 pound exchanged 2.0100 US dollars, on November 10, 1 pound exchanged 1.5080 US dollars, in the short two months, the pound exchanged US dollar exchange rate to fall more than 5,000, depreciated 25%. Not only that, presently, everyday the fluctuation of the exchange rate of the Forex market enlarges unceasingly, within a day the rise and drop 2% to 3% is commonly seen. On September 16, 1992, the pound exchanged US dollar from 1.8755 to fall to 1.7850, the pound on first lowers 5%.

Due to the large fluctuation of the Forex market, it has created more opportunities for the investor, attracted more and more investors to join this ranks.

FOREX RATES

Pakistan Open Market Forex Rates Updated at : 22/3/2010 8:06 PM (PST)
Currency	Buying	Selling
Australian Dollar	76.60	77.60
Canadian Dollar	82.45	83.45
China Yuan	12.00	13.50
Euro	113.80	115.20
Japanese Yen	0.9250	0.9350
Saudi Riyal	22.40	22.63
U.A.E Dirham	22.90	23.15
UK Pound Sterling	126.80	128.20
US Dollar	84.40	84.70

More Currencies

Inter Bank Rates

OPEN MARKET FOREX RATES

Remittance	Buying	Selling
US Dollar TT 84.30 84.90 US Dollar DD 84.30 84.90 Currency Notes Australian Dollar 76.60 77.60 Bahrain Dinar 225.20 227.10 Canadian Dollar 82.45 83.45 China Yuan 12.00 13.50 Danish Krone 15.50 16.00 Euro 113.80 115.20 Hong Kong Dollar 10.80 10.95 Indian Rupee 1.75 1.85 Japanese Yen 0.9250 0.9350 Kuwaiti Dinar 294.10 297.10 Malaysian Ringgit 23.00 24.50 NewZealand $ 59.50 60.50 Norwegians Krone 14.30 14.80 Omani Riyal 220.55 223.00 Qatari Riyal 23.30 23.50 Saudi Riyal 22.40 22.63 Singapore Dollar 59.80 60.80 Swedish Korona 11.75 12.00 Swiss Franc 79.60 80.60 Thai Bhat 2.40 2.60 U.A.E Dirham 22.90 23.15 UK Pound Sterling 126.80 128.20 US Dollar 84.40 84.70

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Welcome to FOREX.pk

Forex.pk, Pakistan's best forex portal provides you upto the minute forex rates in Pakistan Open Market, Pakistan Inter Bank & International forex market. Here you will find forex rates archives, graphs, charts, forex news, forex dealers directory, currency directory, gold prices, pakistan prize bond results and a wide range of information to help you explore the world of forex.

Forex Basics

The following is an introduction to some of the basic terms and concepts used in forex trading.

Foreign Exchange : The simultaneous buying of one currency and selling of another.

Foreign Exchange Market : An informal network of trading relationships between the world's major banks and other market participants, sometimes referred to as the 'interbank' market. The foreign exchange market has no central clearinghouse or exchange, and is considered an over-the-counter (OTC) market.

Spot Market : Market for buying and selling currencies for settlement within two business days (the value date). USD/CAD = 1 day. Most dealers will automatically roll over your open positions, allowing you to hold a position for an indefinite period of time.

Rollover : The process whereby the settlement of a transaction is rolled forward to the next value date. The cost of this process is based on the interest rate differential between two currencies.

Exchange Rate : The value of one currency expressed in terms of another. For example, if the exchange rate for EUR/USD is 1.3200, 1 Euro is worth US$1.3200.

Currency Pair : The two currencies that make up an exchange rate. When one is bought, the other is sold, and vice versa.

Base Currency : The first currency in the pair.

Counter Currency : The second currency in the pair. Also known as the terms currency.

ISO Currency Codes :

USD = US Dollar
EUR = Euro
JPY = Japanese Yen
GBP = British Pound
CHF = Swiss Franc
CAD = Canadian Dollar
AUD = Australian Dollar
NZD = New Zealand Dollar

Currency Pair Terminology

EUR/USD = "Euro"
USD/JPY = "Dollar Yen"
GBP/USD = "Cable" or "Sterling"
USD/CHF = "Swissy"
USD/CAD = "Dollar Canada" (CAD referred to as the "Loonie")
AUD/USD = "Aussie Dollar"
NZD/USD = "Kiwi"

The following pairs might also be referred to by the following nicknames:

EUR/USD = "Fiber"
USD/JPY = "Gopher"
EUR/GBP = "Chunnel"
GBP/CHF = "Geppy"

Market Maker :A market maker makes a market for a particular financial instrument, providing liquidity and a two-way price quote. A market maker takes the opposite side of your trade.

Broker : A firm that matches buyers and sellers for a fee or a commission.

Counterparty : One of the participants in a transaction.

Sell Quote : The quote on the left is the price at which you can sell currency. (Also known as the bid price). e.g. For EUR/USD 1.3200/03, you can sell 1 Euro for US$1.3200.

Buy Quote : The quote on the right is the price at which you can buy currency. (Also known as the ask or offer price). e.g. For EUR/USD 1.3200/03, you can buy 1 Euro for US$1.3203.

Spread : The difference between the sell quote and the buy quote. If the quote for EUR/USD reads 1.3200/03, the spread is 3 pips. In order to break even, the currency must shift in your direction by an amount equal to the spread.

Pip : Price Interest Point. The smallest price increment a currency can make. Also known as points. e.g. 1 pip = 0.0001 for EUR/USD, or 0.01 for USD/JPY.

Pip Value : The value of a pip. 1 pip = $10 for EUR/USD, GBP/USD, AUD/USD & NZD/USD with 100k lots, or $1 per pip with 10k lots. To calculate the pip value of other currency pairs, use a pip value calculator .

Tick : Minimum change in price

Lot : The standard unit size of a transaction. Typically, one standard lot is equal to 100,000 units of the base currency, or 10,000 units for a mini.

Standard Account : Trading with standard lot sizes

Mini Account : Trading with mini lot sizes

Margin : The deposit required to open a position. A 1% margin requirement allows you to open a $100,000 position with a $1,000 deposit.

Leverage : The amount of times the value of your transaction exceeds your margin. e.g. 100:1 leverage implies a 1% margin.

Long Position : A position whereby the trader profits from an increase in price. (Buy low, sell high)

Short Position : A position whereby the trader profits from a decrease in price. (Sell high, buy low)

Market Order : An order at the current market price

Entry Order : An order that is executed when the price touches a pre-specified level

Limit Entry Order : An order to buy below the market or sell above the market at a pre-specified level, believing that the price will reverse direction from that point.

Stop-Entry Order : An order to buy above the market or sell below the market at a pre-specified level, believing that the price will continue in the same direction from that point.

Limit Order :An order to take profits at a pre-specified level

Stop-Loss Order : An order to limit losses at a pre-specified level

OCO Order : One Cancels Other. Two orders whereby if one is executed, the other is cancelled.

Manual Execution : The order is executed with human intervention.

Automatic Execution : The order is executed automatically by computer without human intervention or involvement.

Slippage : The difference in pips between the order price and the price the order is filled at.

Example Transaction : Assume you have a trading account of $20,000 and you have chosen to use 100:1 leverage on your account. The current quote for EUR/USD is 1.3225/28. You place a market order to buy 1 lot of 100,000 Euros at 1.3228, expecting the euro to strengthen against the dollar. At the same time you place a stop-loss order at 1.3203, and a limit order at 1.3328.

The value of this trade is $132,280 (100,000 * 1.3228) but because you are using 100:1 leverage, you only need to deposit 1% of the total, which is $1322.80 ($132,280 * 0.01).

The Euro strengthens against the dollar as expected, rising to 1.3328 where your limit order is reached. Your position is closed. You have made 100 pips.

Your total profit for this trade is $1,000 (100,000 * (1.3328 - 1.3228)), and the return on your investment is 75.6% ($1000/$1322.80).

Trade Summary :

Opening Balance:	$20,000
Leverage:	100:1
Buy:	1 std lot EUR/USD @ 1.3228 = $132,280
Margin Requirement:	$1322.80
Position Size:	6.6% of the account ($1322.80/$20,000)
Pip Value:	1 pip = $10
Stop-Loss:	25 pips (representing 1.25% of the account)
Limit:	100 pips
Risk/Reward Ratio:	4:1
Sell:	1 std lot EUR/USD @ 1.3328 = $133,280
Profit:	$1,000
Return:	75.6% ($1,000/$1322.80)
Closing Balance:	$21,000 (+5% gain)

Pakistan Forex Trading

How to get an edge in forex trading?

December 21st, 2009

Lets start with the obvious – ensure you do proper research into your trade, practice using a demo account, ensure correct risk management (stop losses) and as importantly, ensure that you are trading with a reputable broker who will treat you with the respect you deserve and wont fool around with you when it comes to execution or even worse, withdrawals!

These are well known. However I wanted to introduce a relatively new concept to this business – the world of CFD

As an industry this is still in its infancy, but its growing all the time. There are a few companies out there that provide a pip rebate services. By this I mean that if you register with them, then open an account with one of their chosen brokers, they will pay you a trade by trade cash, or “pip” rebate on every trade you make. These payments are made to you on a monthly or quarterly basis.

Sounds too good to be true? For once it isn’t. Heres how it works:

The pip rebate company, has negotiated with various brokers a referral, or introducers fee for every client they bring to that broker. Some referrers take a one off payment for every client they open – this is how many broker comparison sites make their money. However, these pip rebate firms instead receive a revenue share of your spread. For example, if you are paying 3 pips spread on Euro, they may receive an introducing fee of 0.5 pips. Whilst most introducing brokers hold on to this share of the spread for themselves, pip rebate firms will rebate back a portion of that direct to you.

So for example, if you were to trade 100 lots per month, and the rebate rate was 0.25 pips, you would get an additional $250 per month. Thats a potentially massive increase in your revenue. One study suggested that for a regular traders it would increase your revenue by 5% a month. Put it another way, you are 5% up before you even have started trading!

A client opens their account in the normal way, normally via a link on the pip rebate site taking them to their chosen broker, at which point the client follows the usual interaction with the broker. The pip rebate firm does not obtain any personal or private information, the only info it gets from the broker is confirmation you have opened, your account number and your monthly trade volume. It needs this to rebate you back!

The company has a wide reach of contacts within the Forex and CFD market and as such is able to command the best deals from a far wider range than its competitors. New brokers are being uploaded all the time, and it welcomes suggestions from its clients as to additional brokers it should add.

As well as a guarantee to match any existing rate, it is launching trading games and prizes for all its members to participate in, meaning that not only do you reduce your trading costs, thereby increasing profit (or reducing losses!), you also have the chance of additional cash prizes on a monthly basis! Take a look and be sure to post any comments about their services or that of others – watch this space!

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The Chance To Profit In Both Rising And Falling Markets

December 20th, 2009

Equity markets follow rising and falling trends (cycling between Bull and Bear markets), but the Forex market does not suffer this cycling which comes from structural bias in the market.
World currency trading always involves two currencies so that if you are down on one currency then you are up on the other. There is therefore always the potential for making a profit whether the market is rising or falling.

Tags: Forex Aticales
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Low Trading Costs

December 20th, 2009

In many markets, like the equity market, traders not only have to pay a spread (the difference in price between buying and selling a stock) but also have to pay a commission to the broker. On small trades this commission can typically be about $20 and this can rise rapidly to over $100 for larger trades.
Because the foreign currency exchange market is a wholly electronic market many of the traditional trading costs are eliminated and you are in affect reduced to paying nothing more than the spread. In addition, the extremely liquid nature of the global currency exchange market means that spreads are normally much tighter than those seen in other markets.

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How does one profit in Forex?

December 20th, 2009

Very simple and obvious: buy cheap and sell for more! The profit is generated from the fluctuations (changes) in the currency exchange market.
The nice thing about the FOREX market, is that regular daily fluctuations, say – around 1%, are multiplied by 100! (in general, Easy-Forex™ offers trading ratios from 1:50 to 1:200). If, for example, the exchange rate of “your” pair of currencies increased by 0.6% in the last 4 hours, your profit will be 60% on your investment! Such can happen in one business day, or in a few hours, even minutes.

Moreover, you cannot lose more than your “margin”! You may profit unlimited amounts, but you never lose more than what you initially risked and invested.

You can implement your choice (the pair of currencies, the volume amount) under any direction to which the market is moving, and yet make profit. It does not matter whether the exchange rate is going up or down: you can always decide to buy Euro and sell dollar, or vice versa – buy dollar and sell Euro. You don’t have to physically possess certain currencies in order to perform “buy” or “sell” with them.

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Mini Forex Account or Forex Simulator

December 20th, 2009

I highly recommend you try a forex simulator if you are trading for the first time to get a hang of it. You can search on the internet for free forex simulator.

Once you get the hang of it, I recommend you open a mini forex account. With a mini forex account, you can start trading for real money with as little as 100 US dollars. An reason is if you do not have enough money to open a regular forex account since there usually is a minimum of at least US $5000.

A mini forex account works exactly the same as a regular forex account and it is a good way to start learning and making mistakes since your losses are minimum

If you want to learn forex trading, the 2 tips above can help shorten your learning curve and your losses.

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Forex Trading Education

December 20th, 2009

I firmly believe a forex trading education is necessary. Forex trading is inherently a technical game and you need to have a basic grasp of financial and forex terms before you start trading forex. Examples are terms such as pivot point, ask and bid price, bid/ask spread, limit and stop order etc.

There are plenty of free forex trading courses and tutorials online so you do not really need to pay any money when you start learning forex trading.

Once you have a bit of experience and trade in the forex market for a while, then you can buy intermediate to advanced forex trading courses such as the forexmentor course.

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Learn Forex Trading

December 20th, 2009

Do you want to learn Forex Trading? Maybe you have heard from your friends and family that so and so has made millions of dollars each year trading forex and you want a piece of the action and the money too.

Well, let me first say that making money trading forex is possible but there is a learning curve involved and most people probably will end up losing money at first. I like to call it a lesson learned by paying your fees, in this case your money.

Don’t get me wrong but from my experience, I learned by making a lot of mistakes and losing money. From there, I realized the mistakes I’ve made and gradually start to make a profit after years of practice.

Pakistan forex market finds some stability - Examiner.com

This is a discussion on Pakistan forex market finds some stability - Examiner.com within the Forex News forums, part of the FXD.com category; Pakistan forex market finds some stability Examiner.com The Pakistani rupee PKR has stabilized, depreciating by around 6% in 2009 versus

The Foreign Exchange Market for Beginners

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