PKR makes modest recovery against dollar, closes at Rs280.77
KARACHI: The Pakistani rupee on Friday recovered some ground against dollar after back-to-back losses as the local currency gained 0.54% in the interbank.
As per the State Bank of Pakistan (SBP), the rupee settled at 280.77, an increase of Rs1.53.
Interbank closing #ExchangeRate for todayhttps://t.co/QsyP4ZJWSX pic.twitter.com/N6wmg0BcdN
— SBP (@StateBank_Pak) March 10, 2023
The improvement comes after the rupee remained at the receiving end against the US dollar, closing at 282.3, a decline of Rs3.18 or 1.13% in the inter-bank market on Thursday.
In a positive development, the State Bank of Pakistan’s (SBP) foreign exchange reserves climbed by $487 million as a result of another loan from China, reaching $4.3 billion as of March 3, according to data released on Thursday on Thursday.
Total liquid foreign reserves held by the country stood at $9.75 billion. Net foreign reserves held by commercial banks clocked in at $5.45 billion.
“During the week ended on Mar 3, 2023, SBP’s reserves increased by $487 million to $4.3 billion, due to receipt of $500 million as GoP commercial loan from China,” said the SBP.