Rupee depreciates by 2 paisa against dollar in early trade

KARACHI: The Pakistani rupee depreciated by two paisa against the US dollar in the interbank market at the start of Monday’s trade, ARY News reported.

According to forex dealers, the dollar is trading at 154.58 against the local currency as compared to last week’s closing of 154.56.

Last week, the rupee rose 27 paisa to finish at 154.56 from 154.83 against the dollar in the interbank market – its highest in seven months.

Also Read: Rupee at seven-month high against US dollar

Whereas, the Pakistani rupee appreciated by 40 paisa against the US dollar to settle at 154.80 in the open market.

Earlier, on Jan 14, the State Bank of Pakistan had reported a $82.3 million increase in its net reserves during the week ending January 10.

According to the data released by the central bank, the country’s total foreign reserves stood at $18.12 billion.

Foreign reserves held by the State Bank of Pakistan stood at $11.58 billion while net foreign reserves held by commercial banks at $6.53 billion.

Also Read: SBP reserves jump $82mn to $11.58bn