How Pakistani rupee fared in January?

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KARACHI:

The Pakistani rupee gained 36 paisa to settle at Rs154.48 against the US dollar in the interbank market during the month of January.

According to foreign currency dealers, the local unit ended at a seven-month high of 154.48 against the greenback last month.

In the open market, the rupee appreciated by 50 paisa to clock in at Rs154.50 against the dollar from Rs155.

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The rupee remained stable against the dollar due to a number of factors, including the rising exchange reserves of the country and sluggish dollar demand.

Foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $184 million to $11.915 billion during the week ended on Jan 24.

According to the SBP’s weekly figures released on Thursday, the country’s foreign exchange reserves increased by $91m to $18.362bn during the same period. However, the commercial bank reserves fell during the week falling by $92m to $6.447bn.


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