The Pakistani rupee staged a swift but heavy comeback in the interbank market on Monday as it went up by a healthy margin of 94 paisas against the US dollar, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the rupee which suffered an 18-paisa slide in its value as the business opened on Monday, quickly recovered the loss and staged a remarkable turnaround, gaining 94 paisas, ending the day at Rs261.88.

https://twitter.com/StateBank_Pak/status/1627633998087475203

On the last business day on Friday, the Pakistani rupee maintained its upward trajectory against the US dollar for the fourth successive session, appreciating 0.59%. As per the State Bank of Pakistan (SBP), the currency closed at Rs262.82 against the US dollar, an increase of Rs1.56. 

https://twitter.com/StateBank_Pak/status/1626545073453408256

Despite the gains, the Pakistani currency has depreciated by 21.8% during the ongoing fiscal year against the greenback.

In a key development, foreign exchange reserves held by the SBP had increased by $276 million to $3.19 billion. This was the first increase in reserves after three weeks.

Total liquid foreign reserves held by the country stood at $8.7 billion. Net foreign reserves held by commercial banks stood at $5.51 billion. However, the reserves’ level is still alarmingly low at less than one month of import cover.

 
Reporter Ashraf Khan