The Pakistani rupee managed to thrash the US dollar in interbank market on Friday despite a heavy drop in country’s foreign exchange reserves. According to the information obtained from money dealers, the local currency appreciated by 37 paisas against the greenback and was currently being traded at Rs283.75. On Thursday, the Pakistani rupee had maintained its upward journey against the US dollar for the eighth consecutive session as it went up by two paisas, settling for the day at Rs284.12. Meanwhile, the total liquid foreign exchange reserves of Pakistan had reached $12,107.1 million while the central bank held the reserves of $7,020.2 million.

The State Bank of Pakistan, in a statement issued on Thursday, informed that SBP’s reserves decreased by massive $237 million to $7,020.2 million due to debt repayments during the week ended on December 1, 2023. Meanwhile, net foreign reserves held by commercial banks stood at $5,086.9 million, it added. Total liquid foreign reserves held by the country, in the previous week ended on November 24, 2023, were $12.39 billion. Among them, foreign reserves held by the central bank were $7.257 billion while net foreign reserves held by commercial banks were $5.136 billion.

Credit: Independent News Pakistan (INP)