Rupee further strengthens against US dollar

KARACHI: The US dollar on Monday continued its slide against the Pakistani rupee in the interbank, following a hike in foreign exchange reserves after the rollover of Chinese bank loans and MEFP being received from the IMF for the seventh and eighth review for the release of nearly $1.5 billion tranches.

According to forex dealers, the dollar shed its value by Rs0.29 in the interbank and traded at Rs204.56. In the open market, the greenback traded between Rs205 to Rs206.

Interbank closing #ExchangeRate for todayhttps://t.co/48gwBn6aN2 pic.twitter.com/7nRRCocmss

— SBP (@StateBank_Pak) July 4, 2022

At the end of the week on Friday, the US dollar on Friday continued its downward slide in the interbank against the rupee and shed Rs0.45 against Pakistani rupee in the interbank and traded at Rs204.40.

In the open market, the greenback traded between Rs205 and Rs207.

Interbank closing #ExchangeRate for todayhttps://t.co/ulDZ4o9Wrs pic.twitter.com/d7iMLMqBLH

— SBP (@StateBank_Pak) June 30, 2022

Last Friday, the State Bank of Pakistan (SBP) announced that the country’s foreign exchange reserves have been increased by US$2.071 billion, following a rollover of a loan from Chinese banks.

According to the SBP, the total liquid foreign reserves held by the country stood at US$ 16.1956 billion as of June 24.

Detailing the breakup of the foreign exchange reserves, the central bank said the reserves held by the State Bank of Pakistan stands at US$10.309 billion followed by commercial bank reserves at US$5.8866 billion.

It shared that during the week ended on June 24, the SBP received proceeds of CDB loan amounting to RMB 15 billion. “After accounting for external debt repayment, SBP’s reserves increased by US$2.071 billion.”