Rupee edges up 30 paisa against US dollar in outgoing week

KARACHI: The rupee extended marginal gains against the US dollar in both the interbank and open markets during the outgoing week, ARY News reported on Saturday.

According to a weekly report, the local currency edged up 14 paisa to close at 154.89 against the greenback in the interbank market. The US dollar had finished at 155.03 against the rupee last week, according to forex dealers.

The rupee also registered a trifle increase in its value in the open market where it gained 30 paisa to clock in at 155.10 against the dollar as compared to last week’s closing of 155.40.

It is noteworthy that the State Bank of Pakistan’s (SBP) net reserves increased by $582 million to $11.48 billion during the week ending December 27.

According to data released by the State Bank of Pakistan (SBP) on Thursday, the country’s total foreign reserves stood at $18.8 billion.

Foreign reserves held by the State Bank of Pakistan stood at $11.48 billion, while net foreign reserves held by commercial banks at $6.59 billion,