KARACHI: The Pak Rupee gained 68 paisas against dollar on Friday after improvement in foreign exchange reserves of the country.
The rupee ended Rs166.21 to the dollar from previous day’s closing of Rs166.89 in interbank foreign exchange market.
Currency experts said that the lower demand for imports and inflows from international financial institutions helped the rupee to gain value.
The foreign exchange reserves of the country increased by $1.24 billion to $17.97 billion by week ended June 26, 2020, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $16.73 billion by week ended June 19, 2020.
The official foreign exchange reserves of the SBP increased by $1.27 billion to $11.231 billion by week ended June 26, 2020. The official reserves of the central bank were at $9.961 billion a week ago.
The SBP said that during the week ended June 26, 2020, the central bank received around $2,046 million official inflows, including $737 million from World Bank, $503 million from Asian Development Bank, $500 million from Asian Infrastructure Investment Bank and $300 million as GOP loan disbursement from China.
After incorporating government external debt payments of $ 809 million, SBP reserves increased by $ 1,270 million to $ 11,231 million.
During the current week, SBP has received additional $1,000 million as GOP loan disbursement from China.
These funds will be part of SBP weekly reserves data as of July 03, 2020 to be released on July 09, 2020.