During the past week, the US dollar appreciated by 12 paisa in the interbank market, rising from Rs. 277.52 to Rs. 277.64. However, in the open market, the dollar saw a slight decrease of 25 paisa, closing at Rs. 279.59.
The euro also experienced a significant drop, decreasing by Rs. 2.55 to close at Rs. 304.67. Similarly, the British pound fell by Rs. 2.55, ending at Rs. 364.16. The UAE dirham saw a minor decline of 7 paisa, settling at Rs. 76.01, while the Saudi riyal dropped by 11 paisa, closing at Rs. 74.17.
Experts attributed the relief in pressure on the Pakistani rupee to the increase in foreign exchange reserves. The State Bank of Pakistan (SBP) reported an increase of $106.3 million in reserves, reaching a 16-month high of $10.80 billion as of April 16, 2022.
However, commercial bank reserves saw a reduction of $42.2 million, bringing them down to $5.23 billion. As of October 10, the country’s overall foreign exchange reserves increased by $64.1 million, bringing the total to $16.04 billion, the highest level since June 24, 2022.
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