Pakistani rupee goes up marginally against US dollar in interbank
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The Pakistani rupee managed to absorb the tensions at the Pakistan-Iran border as it was marginally up against the US dollar in the interbank market on Thursday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency appreciated by 12 paisas against the greenback and ended the day at Rs279.98.
Interbank closing #ExchangeRate for today https://t.co/nU4yo0Ygxz#SBPExchangeRate pic.twitter.com/3z5jGGnzGP
— SBP (@StateBank_Pak) January 18, 2024
On Wednesday, the Pakistan rupee has registered a gain of 15 paisas against the US dollar, settling for the day at Rs280.10.
Interbank closing #ExchangeRate for today https://t.co/WJElrYVEab#SBPExchangeRate pic.twitter.com/EZ92PM6bco
— SBP (@StateBank_Pak) January 17, 2024
This came on the head of a number of positive economic developments on the local front occurred on Wednesday.
The United Arab Emirates (UAE) had rolled over its $2 billion deposite with Pakistan for another one year to support the country’s foreign exchange reserves, while the International Monetary Fund (IMF) had also released $705 million loan tranche to Pakistan.
UAE has confirmed rollover of its two deposits of US$1.0 billion each placed with State Bank of Pakistan for another one year which were maturing in January 2024.#SBP
— SBP (@StateBank_Pak) January 17, 2024
1/2 #SBP has received SDR 528 million (equivalent to $705.6 million) in value 16th January 2024 from IMF following successful completion of the first review by the Executive Board of IMF under Stand By Arrangement (SBA).
— SBP (@StateBank_Pak) January 17, 2024
Pakistan last week requested the UAE for the rollover of $2 billion deposit to avert depletion in foreign exchange reserves of the country.
Moreover, the country’s current account had posted a surplus of $397 million in December, while foreign direct investment (FDI) has surged by 35% in first half of FY24.
Reporter Ashraf Khan