Tuesday, May 24, 2022

US dollar weakens against rupee

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KARACHI: The United States (US) dollar weakened against the Pakistani rupee in the interbank currency market on the last trading day of the week.

According to forex dealers, the greenback today finished at Rs176.77 against the domestic currency, showing depreciation of 21 paisas over the previous close of Rs176.98.

Also Read: Gold continues to rise in Pakistan

In the open market, however, the dollar is trading at Rs178.30 against the rupee.

Earlier, the State Bank of Pakistan (SBP) said the foreign exchange reserves held by the central bank fell 846 million during the week ending on January 21.

Sharing a break-up of the foreign reserves position, the central bank said that foreign currency reserves held by the SBP were recorded at $16.2bn, down $846mn.

Also Read: SBP reserves fall $846mn to $16.2bn

Last week, SBP-held foreign exchange reserves were down $562 million, taking the cumulative fall to over $1.4 billion. The central bank did not provide a reason for the week-on-week decline in reserves.

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