The Pakistani Rupee (PKR) rose against the US Dollar (USD) on Friday to close 2023 with its 13th successive gain.
According to the State Bank of Pakistan (SBP), the rupee settled at 281.86 after posting an increase of Rs. 0.071 or 0.02 percent.
Interbank closing #ExchangeRate for today https://t.co/f5vFxgudE9#SBPExchangeRate pic.twitter.com/IDRce4q39w
— SBP (@StateBank_Pak) December 29, 2023
The PKR has appreciated by 1.17 percent against the USD in December 2023. The PKR has also risen by 1.47 percent against the USD during the current fiscal year (FY24) so far. However, during the calendar year 2023, the PKR lost almost 20 percent against the USD. The PKR stood at Rs. 226.43 at the close of the last calendar year.
Pakistan’s dwindling foreign exchange reserves got a massive boost yesterday as the foreign exchange reserves held by the State Bank of Pakistan (SBP) soared by over $850 million on a weekly basis.
On December 22, the foreign currency reserves held by the SBP were recorded at $7.757 billion, up $852.3 million compared to $6.904 billion on December 15. The central bank attributed the increase to receipt of official GoP inflows.
With the IMF’s Executive Board set to meet on January 11 to consider the staff-level agreement on the first review under Pakistan’s SBA, the country is expected to unlock more inflows during the first month of the New Year.
The PKR gained Rs. 1.98 against the Euro (EUR), Rs. 2.81 against the British Pound (GBP), Rs. 0.90 against the Canadian Dollar (CAD) and Rs. 1.2 against the Australian Dollar (AUD).
The PKR also posted a slight increase against the UAE Dirham (AED) and the Saudi Riyal (SAR).
