After starting trade at 285 in the interbank market today, the Pakistani rupee increased against the US dollar for the fourth day in a row.
It was positive at 11:30 PM, rising to the 284 mark versus the US dollar after making a gain of about Rs. 1 in early trading.
Before securing trends for the rest of the day, the interbank rate stayed at the same level.
Today’s open market rates were between 284 and 286 at a number of currency counters.
Pakistani Rupee Gains 20 Paisas In The Interbank Market
After rising 20 paisas against the dollar today, the PKR appreciated by 0.07 percent to close at 284.97 at the day-end closure.
For the fourth straight day, the rupee closed higher today.
It has decreased by 20.5% so far in the calendar year and increased by 0.36% so far in the fiscal year.
The rupee has decreased overall since January 2023 by almost Rs. 68.
It has decreased by more than Rs. 115 versus the US dollar since April 2022.
Trader Views
According to a trader, short-term increases in foreign exchange reserves could help the PKR relative to other major world currencies, but overall forecasts are not good.
Remarkably, the SBP’s foreign exchange reserves increased by $77 million to $7.257 billion from $7.180 billion on November 17.
With net reserves held by banks other than the SBP included, the nation’s total liquid foreign currency reserves were $12.393 billion, an increase of $91 million from the previous week.
At the end of the week, the total net reserves held by banks increased by $14 million to $5.136 billion.
Saudi Fund for Development (SFD)
The term of the $3 billion deposit made with SBP, which matures on December 5, 2023, was extended by one year on Wednesday by the Saudi Fund for Development (SFD), acting on behalf of the Kingdom of Saudi Arabia.
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