PKR continues to gain ground against US dollar

ISLAMABAD: Pakistani Rupee on Friday gained 09 paisa against the US dollar in the interbank trading and closed at Rs277.94 against the previous day’s closing of Rs278.03, ARY News reported.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs278 and Rs280.75 respectively.

The price of the Euro decreased by 44 paisa to close at Rs299.55 against the last-day closing of Rs299.99, according to the State Bank of Pakistan (SBP).

The Japanese Yen remained unchanged and closed at Rs1.83, whereas an increase of 28 paisa was witnessed in the exchange rate of the British Pound, which was traded at Rs350.86 compared to the last closing of Rs350.58.

Read more: Pakistan’s foreign exchange reserves stand at US$ 13,427.6m: SBP

The Emirates Dirham and the Saudi Riyal decreased by 03 paisa and 02 paisa to close at Rs 75.68 and Rs 74.11 respectively.

It is pertinent to mention here that Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by US$ 4 million, reaching a total of US$ 8,021.9 million as of March 22.

According to the data released by the central bank, total liquid foreign reserves held by the country stood at US$ 13,427.6 million. Net foreign reserves held by commercial banks stood at US$ 5,405.7 million.

The central bank did not specify a reason for the increase in the reserves.

“During the week ended on 22-Mar-2024, SBP’s reserves increased by US$ 4 million to US$ 8,021.9 million,” it said.