Forex boost leads Pakistani rupee to thrash US dollar in interbank
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A massive boost in country’s foreign exchange reserves fuelled the Pakistani rupee’s rally against the US dollar as the local currency appreciated for the 13th consecutive day in the interbank market on Friday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the Pakistani rupee gained seven paisas against the greenback and ended the day at 281.86.
Interbank closing #ExchangeRate for today https://t.co/f5vFxgudE9#SBPExchangeRate pic.twitter.com/IDRce4q39w
— SBP (@StateBank_Pak) December 29, 2023
On Thursday, the Pakistani rupee had appreciated by 27 paisas against dollar, settling for the day at Rs281.93.
Interbank closing #ExchangeRate for today https://t.co/eQ99deOfSL#SBPExchangeRate pic.twitter.com/l5N8iEiQNa
— SBP (@StateBank_Pak) December 28, 2023
On Thursday, the total liquid foreign reserves of Pakistan increased to US$12,855.7 million while the reserves held by the central bank reached $7,757.1 million in the week ended on December 22, 2023.
The State Bank of Pakistan, in a statement issued in Karachi, informed that SBP’s reserves increased by $ 852 million to $ 7,757.1 million mainly due to receipt of official Government of Pakistan inflows during the week under review.
Meanwhile, net foreign reserves held by commercial banks stood at $ 5,098.6 million, it added.
Total liquid foreign reserves held by the country, in the previous week ended on December 15, 2023, were $ 12,068.4 million. Among them, foreign reserves held by the central bank were $ 6,904.8 million while net foreign reserves held by commercial banks were $ 5,163.6 million.
Reporter Ashraf Khan