The Pakistani rupee has pressed ahead with his slow-march against the US dollar in interbank market on Friday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency appreciated by eight paisas and ended the day at Rs279,59.
On Thursday, the Pakistani rupee had remained unchanged at Rs279.67 against the US dollar.
In a key development, country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) had increased by $243 million on a weekly basis, clocking in at $8.27 billion as of January 19.
Total liquid foreign reserves held by the country stood at $13.34 billion. Net foreign reserves held by commercial banks stood at $5.07 billion.
The SBP attributed the increase in reserves to inflow from the International Monetary Fund (IMF). It added, however, that the net reserves grew by less than the amount received by the IMF due to “government’s external debt repayments” executed during the week.
After accounting for all flows, SBP’s reserves recorded a net increase of $243 million to reach $8,270.5 million and net foreign reserves held by commercial banks stood at $ 5,070.9 million.
Total liquid foreign reserves held by the country, in the previous week ended on January 12, 2024, were $13,145.1 million.
Reporter Ashraf Khan