The Pakistani rupee gained slightly in value this week as the US dollar lost ground in both the interbank and open markets, according to the Weekly Currency Market Report released on Saturday.
Dollar Loses Value in Interbank and Open Markets
In the interbank market, the US dollar fell by 8 paisa, ending the week at Rs281.02.
In the open market, it dropped by 10 paisa, closing at Rs282.15.
The difference between interbank and open market rates remained at around Rs1.3, showing stability in the foreign exchange market.
Other Major Currencies
The euro gained 93 paisa, reaching Rs331.14.
The British pound rose by Rs2.76, ending at Rs381.34.
The UAE dirham increased slightly by 1 paisa to Rs77.54.
The Saudi riyal also went up by 3 paisa to Rs75.66.
Foreign Exchange Reserves Rise
The State Bank of Pakistan (SBP) reported that its foreign exchange reserves grew by Rs1.40 crore, now totaling $14.45 billion.
Commercial banks’ reserves also increased by $28.6 million, reaching $5.39 billion.
Overall, Pakistan’s total foreign exchange reserves rose by $43 million, bringing the country’s total reserves to $18.85 billion, according to SBP data.
Market Outlook
The improvement in reserves and the stable currency rate show growing investor confidence and steady inflows into the country.
Economists say that keeping this positive trend will be important for strengthening Pakistan’s economy and stabilizing its position in global markets.