Pakistani rupee gains strength against US dollar

ISLAMABAD: Pakistani rupee on Friday appreciated by 08 paisa against the US dollar in the interbank trading and closed at Rs 277.66 against the previous day’s closing of Rs 277.74.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 277.40 and Rs 278.90 respectively.

The price of Euro increased by 42 paisa to close at Rs 293.49 against the last day’s closing of Rs 293.07, according to the State Bank of Pakistan (SBP).

The Japanese yen remained unchanged and closed at Rs 1.78, whereas a decline of 89 pasia was witnessed in the exchange rate of the British Pound, which traded at Rs 351.54 as compared to the last day’s closing of Rs 352.43.

The exchange rate of the Emirates Dirham decreased by 02 paisa and closed at Rs 75.59 and the Saudi Riyal increased by 01 paisa to close at Rs 73.93.

READ More: Pakistan’s foreign exchange reserves stand at US$ 15.96bn

It is important to note here that Pakistan’s overall foreign exchange reserves were recorded at US$15.96 billion during the week ended on November 8.

Pakistan’s reserves held by the SBP rose by US$ 84 million to US$ 11.25 billion during that time, the central bank said in a statement.

During the same period, commercial banks retained US$4.7 billion as the country’s net foreign reserves.

“During the week ended on 08-Nov-2024, SBP reserves increased by US$ 84 million to US$ 11,258.6 million,” the SBP added.