The Pakistani rupee made a cautious start against the US dollar in the interbank market on Friday amid a major drop in the country’s foreign exchange reserves, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency appreciated by 27 paisas against the greenback in first session but towards the end the US dollar managed to go ahead by 10 paisas or 0.04 percent, ending the day at Rs285.37.
On Thursday, the Pakistani rupee had snapped its five-session positive run against the US dollar as it went down 0.05 percent in the interbank market, settling for the day at Rs285.27, down 66 paisas.
Meanwhile, the State Bank of Pakistan had reported a decline in the country's foreign exchange reserves by $23 million in the week ending on November 17, 2023.
According to the SBP, the reserves of the central bank decreased by $21.7 million to $7.018 billion, while the reserves of the commercial banks decreased by $1.65 million to $5.122 billion.
The total liquid foreign exchange reserves of the country stood at $12.140 billion, down from $12.163 billion in the previous week. The SBP said that it made external debt repayments of $21.7 million during the week.
The foreign exchange reserves of the country have been under pressure due to the widening current account deficit and the rising import bill.
Reporter Ashraf Khan