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Pak Rupee appreciates by 27 paisas against USD on improved inflows

Pak Rupee appreciates by 27 paisas against USD on improved inflows

KARACHI: The Pak Rupee appreciated by 27 paisas against dollar on Friday owing to increase in foreign exchange reserves of the country, dealers said.

The rupee ended at Rs165.77 to the dollar from previous day’s closing of Rs166.04 interbank foreign exchange market.

Currency experts said inflows of export receipts and workers remittances helped the local unit to recover the value.

They further said that the increase in foreign exchange reserves of the country also helped the rupee to improve value.

The liquid foreign exchange of the country has increased by $121 million to $19.843 billion by week ended August 28, 2020, according to the State Bank of Pakistan (SBP).

The foreign exchange reserves were at $19.722 billion by week ended August 21.2020.

The official foreign exchange reserves of the SBP increased by $72 million to $12.713 billion by week ended August 28, 2020 as compared with $12.641 billion a week ago.

Similarly, the foreign exchange reserves held by commercial banks also increased by $49 million to $7.13 billion by week ended August 28, 2020 as compared with $7.081 billion a week ago.