The Pakistani rupee recorded another marginal hike against the US dollar in the interbank market on Wednesday as it kept hovering around Rs281 mark, reported 24NewsHD TV channel.
According to the information received from forex dealers, the local currency appreciated by 22 paisas against the greenback and was currently being traded at Rs281.
The Pakistani rupee registered a marginal gain against the US dollar, appreciating 0.08% during the opening hours in the inter-bank market on Thursday.
On Tuesday, the Pakistani rupee has registered a minor gain against the US dollar and settle for the date at Rs281.22.
Interbank closing #ExchangeRate for today https://t.co/uAO5RGRB2Q#SBPExchangeRate pic.twitter.com/6aG4TXpFj8
— SBP (@StateBank_Pak) January 9, 2024
It may be mentioned here that Pakistan’s foreign exchange reserves, held by the State Bank of Pakistan (SBP), soared 19%, or $1.3 billion, in the past two weeks in the wake of inflows from multilateral creditors.
The forex reserves stood at a five-and-a-half-month high at $8.22 billion in the week ended December 29, 2023.
Apart from the IMF tranche, more inflows are expected from the multilateral and bilateral creditors including the AIIB, World Bank and ADB.
The current account balance is also likely to remain at breakeven level, fuelled by a surge in exports and contraction in imports in December 2023.
Reporter Ashraf Khan