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.

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.

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