KARACHI: The Pakistani rupee (PKR) appreciated by 18 paisa against the US dollar (USD) in interbank trading on Friday. The rupee closed at Rs277.61, improving from the previous day’s closing of Rs277.79. The Forex Association of Pakistan (FAP) reported that the buying and selling rates of the US dollar in the open market stood at Rs277.75 and Rs279.25 respectively.
Euro, Yen, and Pound Exchange Rates
According to the State Bank of Pakistan (SBP), the euro’s price dropped by 50 paisa, closing at Rs301.02. On the previous day, it had closed at Rs301.52.
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The Japanese yen also saw a slight decrease, down by one paisa to close at Rs1.84.
Meanwhile, the British pound gained Rs1.19, trading at Rs362.02 compared to the last day’s closing of Rs360.83.
Emirates Dirham and Saudi Riyal Decline
The Emirates dirham and Saudi riyal also saw minor declines in value. The dirham dropped by 4 paisa, closing at Rs75.58, while the riyal decreased by 5 paisa, ending the day at Rs73.91.
Increase in Foreign Reserves
In a positive development, the SBP’s foreign exchange reserves increased by $215 million, bringing the total to $11.022 billion by the end of the week on October 11.
A statement from the central bank revealed that Pakistan’s total liquid foreign reserves now stand at $16.11 billion. Out of this, commercial banks hold $5.09 billion in net foreign reserves.
“During the week ended on 11-Oct-2024, SBP reserves increased by US$ 215 million to US$ 11,022.7 million,” the SBP stated. The bank did not provide specific reasons for the increase.
Prior Reserve Figures
As of October 10, the country’s total foreign exchange reserves were reported at US$16.04 billion. These figures were for the week ending on October 4, 2024.
The consistent updates on the rupee’s performance and foreign reserves are significant for Pakistan’s economy. A stable or appreciating currency helps in controlling inflation and easing external debt pressures. However, fluctuations in foreign exchange rates impact trade, investment, and consumer purchasing power. Economic experts will closely monitor these developments in the coming days.
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