Pakistani rupee records marginal gain against US dollar in interbank
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The Pakistani rupee recorded a marginal gain against the US dollar in the interbank trading on Friday, reported 24NewsHD TV channel.
As per the State Bank of Pakistan, the Pakistani rupee appreciated by seven paisas against the greenback and ended the day at Rs305.47.
Interbank closing #ExchangeRate for todayhttps://t.co/fzRDGzwWP5#SBPExchangeRate pic.twitter.com/nDnCTwLYD4
— SBP (@StateBank_Pak) September 1, 2023
On Thursday, the local currency had closed at a record low of Rs305.54 against the US dollar in the interbank market.
Interbank closing #ExchangeRate for todayhttps://t.co/wZnBHxjjGt#SBPExchangeRate pic.twitter.com/1ajdB67TzJ
— SBP (@StateBank_Pak) August 31, 2023
In a key related development, the State Bank of Pakistan (SBP) had rejected reports making rounds in the media about holding an emergency meeting of the Monetary Policy Committee (MPC), terming them “completely baseless”.
The central bank said that it would be “premature to forecast the future policy rate as only the MPC, which is an independent statutory body, is empowered to decide about the policy rate”.
Reports circulating in media about an emergency meeting of the Monetary Policy Committee are completely baseless. Next meeting is scheduled for Sep 14, 2023, during which the committee will assess the economic developments and take appropriate decisions.https://t.co/F60313DJAu pic.twitter.com/ajechHYlf3
— SBP (@StateBank_Pak) September 1, 2023
The next meeting of the MPC is scheduled to be held on September 14, 2023.
Meanwhile, the State Bank has reported decline in its foreign exchange reserves.
Total liquid foreign #reserves held by the country stood at US$ 13.17 billion as of August 25, 2023.
— SBP (@StateBank_Pak) September 1, 2023
For details https://t.co/WpSgomnKT3#SBPReserves pic.twitter.com/dDJWw2ULC6
Reporter Ashraf Khan