Pakistani rupee’s gradual rise against US dollar continues
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The Pakistani rupee recorded another appreciation in its value against the US dollar in the interbank market on Friday despite a health y drop in the country’s forex reserves, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency went up by eight paisas against the greenback and settled for the week at Rs279.90.
Interbank closing #ExchangeRate for today https://t.co/ICS2Ha1zYv#SBPExchangeRate pic.twitter.com/WaudXcoIZd
— SBP (@StateBank_Pak) January 19, 2024
On Thursday, the Pakistan had registered back-to-back gains against the US dollar, appreciating 0.04% in the interbank market, settling for 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
The latest rupee appreciation came as Pakistan’s foreign exchange reserves, held by the State Bank of Pakistan (SBP), reached $8,027.4 million, down 1.6% week-on-week.
As of the week ended January 12, 2024, the SBP’s foreign currency reserves stood at $8,027.4 million, marking a $127 million decline compared to the previous week’s total of $8,154.8 million.
The central bank cited debt repayments as the reason for the decrease in reserves. Total liquid foreign currency reserves of the country, inclusive of the reserves held by commercial banks, amounted to $13,145.1 million. Of these, the commercial banks had net reserves of $5,117.7 million.
The SBP’s reserves cumulatively rose $1.32 billion in the prior two weeks, which reflected a rebound from almost six-month low of $6.9 billion hit on December 15, 2023.
Total liquid foreign #reserves held by the country stood at US$ 13.15 billion as of January 12, 2024. For details https://t.co/WpSgomnKT3 #SBPReserves pic.twitter.com/stCjN775VV
— SBP (@StateBank_Pak) January 18, 2024
The reserves grew on the back of official inflows coming from multilateral creditors. This helped the country to meet the International Monetary Fund’s (IMF) end-December quarterly target of net foreign assets, according to industry sources and local research houses.
Reporter Ashraf Khan