Pakistani rupee gains a few paisas against US dollar

By: News Desk
Published: 11:25 AM, 21 Oct, 2022
Pakistani rupee gains a few paisas against US dollar
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The Pakistani rupee gained a few paisas in its value against the US dollar in the interbank trading on Friday, reported 24NewsHD TV channel.

According to the forex dealers, the US dollar which has been fortifying its gains for the last many days, shed a few paisas as the trading closed down on Friday for the week. In the morning trading activity, the US dollar was up by 05 paisas but towards the end of the day it dropped by 11 paisas to Rs220.95.

Yesterday, the USD was closed at Rs220.95 as per the data released by the State Bank of Pakistan. 

The local unit is under pressure due to falling reserves. However, during the week ending on Oct 14, the foreign exchange reserves held by the country increased by $4.1 million to $13.25 billion, according to the SBP. 

The central bank held reserves slightly increased by $0.30mn to $7.60bn. Meanwhile, reserves held by the commercial bank went up by $3.80mn to $5.65bn.

The experts believe that the US dollar is evaporating from the market and is being sold in the grey market at much higher rates. The USD rates being offered in Peshawar and Afghanistan were as high as Rs235 and Rs245 per dollar, respectively. 

The financial experts said that pressure was also being seen on the Pakistani rupee due to external repayment of commercial borrowing and import bills.

Reporter Ashraf Khan

Categories : Business