PKR ends week in green, settles at Rs281.4 vs USD

The Pakistani rupee demonstrated resilience, marking its third consecutive session of gains against the US dollar with a 0.1 per cent appreciation in the inter-bank market on Friday. 

According to the State Bank of Pakistan (SBP), the rupee concluded at Rs281.4, reflecting an increase of Re0.27.

In a noteworthy development, the SBP’s foreign exchange reserves experienced a significant boost of $1.3 billion over a two-week period, attributed to official inflows from international financial institutions facilitated by the government of Pakistan. 

The upward trajectory in the SBP’s foreign exchange reserves was evident in the final weeks of December. Inflows totaling $852 million were reported for the week ending December 22, 2023, followed by an additional $464 million by December 29, 2023. 

Cumulatively, an impressive $1.316 billion contributed to the SBP’s reserves during this fortnight.