The Pakistani rupee consolidated its position against the US dollar in the interbank market on Friday, a day after breaking 17-day losing streak. According to the figures obtained from the forex dealers, the local currency appreciated by 88 paisas and was currently being traded at Rs286.50. On Thursday, the Pakistani rupee had appreciated 0.26% against the US dollar, settling for the day at Rs287.38, an increase of Re0.76.

Experts said that the reversal in the rupee’s trajectory comes as Pakistani authorities and the International Monetary Fund (IMF) staff on Wednesday struck a staff-level agreement on the on the first review under the nine-month $3 billion Stand-By Arrangement (SBA). The agreement is subject to approval by the IMF’s Executive Board. Upon approval, Pakistan will have access to SDR 528 million (around $700 million), bringing total disbursements under the programmee to almost $1.9 billion.

Meanwhile, the total liquid foreign reserves of the country Thursday stood at US$ 12,535.5 million while the central bank held the reserves of $ 7,396.7 million. The State Bank of Pakistan, in a statement issued here informed that SBP’s reserves decreased by $ 115 million to $ 7,396.7 million due to debt repayments during the week ended on November 10, 2023.

 Meanwhile, net foreign reserves held by commercial banks stood at $ 5,138.8 million, it added. Total liquid foreign reserves held by the country, in the previous week ending on November 3, 2023, were US$ 12,614.2 million. Among them, foreign reserves held by the central bank were $ 7,511.5 million while net foreign reserves held by commercial banks were $ 5,102.7 million.

 
Credit: Independent News Pakistan (INP)