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KARACHI: Pakistani rupee on Friday recorded a marginal gain against the US dollar, appreciating 0.01 percent in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 221.92 after an appreciation of Rs0.03.
Interbank closing #ExchangeRate for todayhttps://t.co/ZSQiW4TYS9 pic.twitter.com/DE0RhNlRWw
— SBP (@StateBank_Pak) November 4, 2022
On Wednesday, the rupee had settled at 221.95 after a depreciation of Rs0.52 or 0.23%.
Moreover, foreign exchange reserves held by the central bank rose by $1.5 billion due to the arrival of inflows from the Asian Development Bank (ADB).
Total liquid foreign reserves held by the country stood at $14.68 billion. Net foreign reserves held by commercial banks clocked in at $5.77 billion.
“During the week ended on 28-Oct-2022, SBP’s reserves increased by US$ 1,473 million to US$ 8,912.9 million. This increase is attributed to the receipt of US$ 1,500 million from Asian Development Bank (ADB),” said the SBP.
The SBP received $1.5 billion from ADB on October 26, 2022 as disbursement of loan for the government of Pakistan.
SBP’s reserves increased in September as a result of the central bank receiving the $1.2 billion tranche from the IMF (IMF).
Additionally, the Saudi Development Fund extended a $3 billion deposit with the SBP that was scheduled to expire in December 2022. However, as the money was already a part of SBP’s reserves, this move was not intended to increase foreign exchange.