The Pakistani rupee on Friday inched up against the US dollar in the interbank market amid more positive news on foreign exchange reserves front. According to the information obtained from the money traders, the local currency appreciated by 42 paisas against the greenback and wan currently being traded at Rs281.25. On Thursday, the Pakistani rupee had registered a marginal gain against the US dollar, settling for the day at Rs281.67. In a key development, the State Bank of Pakistan (SBP) foreign exchange reserves recorded a notable increase of $1.3 billion during the two-week period supported by the arrival of the government of Pakistan official inflows from international financial institutions. The SBP’s foreign exchange reserves witnessed an upward momentum during the last two weeks of December. Inflows worth $852 million were received during the week ended Dec 22, 2023, while inflows amounted to $464 million were arrived by Dec 29, 2023. Cumulatively, an amount of $1.316 billion landed in the SBP’s account during two weeks.

Credit: Independent News Pakistan (INP)