Pakistani rupee gains a few paisas against US dollar
Stay tuned with 24 News HD Android App
The Pakistani rupee gained a few paisas in its value against the US dollar in the interbank trading on Friday, reported 24NewsHD TV channel.
According to the forex dealers, the US dollar which has been fortifying its gains for the last many days, shed a few paisas as the trading closed down on Friday for the week. In the morning trading activity, the US dollar was up by 05 paisas but towards the end of the day it dropped by 11 paisas to Rs220.95.
Interbank closing #ExchangeRate for todayhttps://t.co/MEFYHY7w0K pic.twitter.com/79hgXLmjRd
— SBP (@StateBank_Pak) October 21, 2022
Yesterday, the USD was closed at Rs220.95 as per the data released by the State Bank of Pakistan.
Interbank closing #ExchangeRate for todayhttps://t.co/TXNd1u9F2z pic.twitter.com/vhnQTwjztU
— SBP (@StateBank_Pak) October 20, 2022
The local unit is under pressure due to falling reserves. However, during the week ending on Oct 14, the foreign exchange reserves held by the country increased by $4.1 million to $13.25 billion, according to the SBP.
The central bank held reserves slightly increased by $0.30mn to $7.60bn. Meanwhile, reserves held by the commercial bank went up by $3.80mn to $5.65bn.
Total liquid foreign #reserves held by the country stood at US$ 13.25 billion as of October 14, 2022. For details: https://t.co/WpSgomnKT3 pic.twitter.com/XyyPOmbUZd
— SBP (@StateBank_Pak) October 21, 2022
The experts believe that the US dollar is evaporating from the market and is being sold in the grey market at much higher rates. The USD rates being offered in Peshawar and Afghanistan were as high as Rs235 and Rs245 per dollar, respectively.
The financial experts said that pressure was also being seen on the Pakistani rupee due to external repayment of commercial borrowing and import bills.
Reporter Ashraf Khan