Web Desk (LTN NEWS): The State Bank of Pakistan said that the rupee gained 1.38 percent against the dollar on Thursday when the interbank market closed at 218.88.
Arif Habib Ltd. says that the value of the national currency has gone up by 9.3% in the last eight sessions. Even with the recent trend, the rupee has lost 19.36% of its value against the US dollar since the beginning of 2022. Since July 1, when the current fiscal year started, the rupee has lost 6.41 percent of its value against the dollar.
The Exchange Companies Association of Pakistan said that the rate for a dollar on the open market was Rs216.
SBP reserves went down by $555 million
The State Bank of Pakistan (SBP) said on Thursday that external debt payments caused its reserves to drop by $555 million to $7.83 billion in the week ending August 5. “We expect debt payments to slow down over the next three weeks of this month. In fact, about three-quarters of the debt payment for the whole month of August was made in the first week,” the report said.
The amount of net foreign reserves that commercial banks had was $5.73bn. The SBP said that this meant that the country had a total of $13.56 billion in liquid foreign reserves.
