Pakistani Rupee Gains Ground Against US Dollar in Interbank Trading
On Friday, marking the end of the trading week, the Pakistani Rupee made notable gains in interbank trading, appreciating by 12 paisas against the US dollar. The dollar’s value rose to Rs278.55 in these transactions.
Recent data from the State Bank of Pakistan highlights a significant boost in domestic foreign exchange reserves. The reserves have increased by $1.92 million, reaching a total of $9.29 billion. This uptick in reserves is a positive development for Pakistan’s economy.
Additionally, commercial banks have experienced a rise in deposits, with an increase of $3 million bringing the total to $5.037 billion. This has contributed to a broader increase of $2.2 million in domestic foreign exchange reserves.
Overall, Pakistan’s total dollar reserves now stand at $14.066 billion. This rise in reserves is a promising indicator of economic stability and can play a crucial role in stabilizing the rupee, controlling inflation, and cushioning against external economic shocks. It represents a step forward in Pakistan’s efforts towards economic growth and development.
