Pakistani rupees rises against US dollar

KARACHI: The Pakistani rupee continued to post gains against the United States (US) dollar in the interbank currency market on Friday.

According to the data shared by the State Bank of Pakistan (SBP), the domestic currency closed at Rs174.71 against the greenback, showing an appreciation of 16 paisas over the previous close of Rs174.71.

Earlier, the SBP said the foreign exchange reserves held by the central bank surged 10.23% during a week ending on February 4.

Sharing a break-up of the foreign reserves position, the central bank said the foreign currency reserves held by the SBP were recorded at $17,336.8 million, up $1,609 million compared with $15,727.6 million on January 28.

According to the central bank, the increase was recorded due to the receipt of $1,053 million from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) programme.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,720.9 million.