The US Dollar experienced another decline on the first day of business week, as it depreciated by 26 paisas in the interbank market against the Pakistani Rupee, settling at Rs283.
This marks a consistent trend of the US Dollar's decreasing value against the Pakistani Rupee. Over the last week, the local currency appreciated by 61 paisas and settled at Rs283.26 against the US dollar in the interbank market.
On the last day of the business week on Friday, the mighty Dollar had experienced a drop of 36 paisas in the interbank market, settling at Rs283.15.
Interbank closing #ExchangeRate for today https://t.co/3Pw3Af5ceW #SBPExchangeRate pic.twitter.com/vlKwWdyOfH
— SBP (@StateBank_Pak) December 15, 2023
This was the fifth consecutive week that the Rupee appreciated against the Dollar, which could be attributed to the recent staff-level agreement between Pakistan and the International Monetary Fund (IMF).
The stock market also reflected this positive momentum as well, with the KSE-100 Index witnessing a bullish trend. The index rose by an impressive 362 points, reaching 65,812 points since the opening of business.
Also Read: US Dollar dips as Pakistani Rupee gains ground
Furthermore, the State Bank of Pakistan reported a significant boost in domestic foreign exchange reserves.
On December 8, the reserves surged by $90.93 million, bringing the total to $12.20 billion. Notably, the State Bank's reserves also increased by $20.06 million, reaching a total of $7.4 billion.
This positive shift in the exchange rate and the surge in foreign exchange reserves reflect a favourable economic environment for Pakistan, fostering optimism and stability in the financial markets.
