Rupee at seven-month high against US dollar

KARACHI: The Pakistani rupee appreciated by 40 paisa against the US dollar in the open market in the outgoing week, ARY News reported on Saturday.

According to a weekly report, the rupee settled at 154.80 against the greenback in the open market against last week’s closing of 155.20.

Likewise, 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.

Forex dealers attributed the appreciation of the rupee to increased dollar supplies and improved market sentiments.

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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.

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