After suffering a decline for the last several days, the Pakistani rupee on Friday recovered and gained 65 paisas in its value against the US dollar in the interbank. According to the data provided by the money dealers, the rupee showed robustness in the early trading session where the US dollar went down by 65 paisas and was traded at Rs284.05. Yesterday, the local unit depreciated 0.47 percent against the greenback and ended the day at Rs285.15, down by Rs1.35 paisas.

 Though the country is grappling with a serious economic mess, the foreign exchanges reserves held by the State Bank of Pakistan, however, rose by $4.203 billion to reach $8.727 billion during the week ended on July 14, 2023, according to the data released by the central bank on Thursday. With the fresh injection, the country’s total foreign exchange reserves reached $14.065 billion. The net holdings of the commercial banks were $5.338 billion. The SBP has got the FX reserves boost as it received a $1.2bn immediate disbursement from the International Monetary Fund (IMF), a $2bn deposit from Saudi Arabia, and an additional $1bn deposit from United Arab Emirates (UAE).

 
Credit : Independent News Pakistan-INP