Pakistani rupee thrashes US dollar in interbank
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The Pakistani rupee on Monday pressed ahead with its winning streak as it gained another seven paisas against the US dollar in the interbank market, reported 24NewsHD TV channel.
As per the State Bank of Pakistan, the local currency appreciated by 59 paisas in the morning but later the margin was reducted to seven paisas only against the greenback, and it settled the day at Rs259.92.
Interbank closing #ExchangeRate for todayhttps://t.co/6rgYRDKIij pic.twitter.com/i3ld1nnVri
— SBP (@StateBank_Pak) February 27, 2023
On Friday last, the Pakistani rupee had registered a modest gain against the US dollar for the third successive session, appreciating by 0.36% to close just below Rs260.
As per the State Bank of Pakistan (SBP), the Pakistani rupee settled at Rs259.99 against the greenback, up 94 paisas or 0.36% in the inter-bank market.
Interbank closing #ExchangeRate for todayhttps://t.co/WJ7qRDtYVK pic.twitter.com/l04f3rrws6
— SBP (@StateBank_Pak) February 24, 2023
The rupee appreciated nearly 1.1% during the previous week to close at 259.99, as news of an inflow of $700 million from China boosted sentiment. The currency has been on a gaining spree since it hit its all-time low of over 276 earlier in February, with realisation of export proceeds and a higher flow of remittances through legal channels aiding the recovery.
The country’s foreign exchange reserves have increased marginally but the level is still at less than one month of import cover, and underscores the urgent need for authorities to revive the stalled International Monetary Fund (IMF) programme.
In a key development, foreign exchange reserves held by the SBP increased by $66 million to $3.26 billion, data released on Thursday showed. Total liquid foreign reserves held by the country stood at $8.73 billion. Net foreign reserves held by commercial banks stood at $5.47 billion.
Reporter Ashraf Khan