KARACHI: Pakistani rupee on Monday continued to appreciate against the US dollar, gaining 0.12% in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 221.66 after an appreciation of Rs0.26.
Interbank closing #ExchangeRate for todayhttps://t.co/FdpsXnikPN pic.twitter.com/AnmDycpvHF
— SBP (@StateBank_Pak) November 7, 2022
The US dollar surged this week when the Federal Reserve increased its benchmark funds rate by 75 basis points (bps), as was generally anticipated, to 3.75–4%, keeping the rupee relatively constant, gaining by 0.25%.
An increase in State Bank of Pakistan’s (SBP) foreign exchange reserves after the receipt of Asian Development Bank’s $1.5-billion loan, and a narrower trade deficit helped the rupee that ended at 221.92 in the inter-bank market on Friday.
Moreover, inflows under Roshan Digital Accounts (RDAs) clocked in at $146 million in October, a decline of 13.1 per cent compared to last month’s $168m and the lowest since December 2020, according to data shared by the State Bank of Pakistan (SBP). In December 2020, inflows had amounted to $140m.
