Rupee gains eight paisas on increase in forex reserves

KARACHI: The Pak Rupee gained another eight paisas against dollar on Friday owing to increase in foreign exchange reserves.

The rupee ended at Rs155.47 to the dollar from previous day’s closing of Rs155.55 in interbank foreign exchange market.

Currency experts said that increase in foreign exchange reserves had helped the rupee to appreciate.

The liquid foreign exchange reserves of Pakistan have increased by $428 million to $15.518 billion by week ended November 01, 2019.

The foreign exchange reserves were at $15.089 billion by week ended October 25, 2019.
The reserves held by SBP increased by $443 million to $8.357 billion by week ended November 01, 2019 as compared with $7.914 billion in the preceding week.

The reserves held by commercial banks decreased by $15 million to $7.16 billion by week ended November 01, 2019 as compared with $7.715 billion a week ago.

The foreign currency market was initiated in the range of Rs155.53 and Rs155.56. The market recorded day high of Rs155.55 and low of Rs155.47 and ended at Rs155.47.

The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs155.20/Rs155.50 from previous day’s closing of Rs155.30 and Rs155.60 in cash ready market.

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