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Pak Rupee gains 43 paisas against USD on improved forex reserves

Pak Rupee gains 43 paisas against USD on improved forex reserves

KARACHI: The Pak Rupee gained 43 paisas against dollar on Friday owing to rising foreign exchange reserves of the country and positive sentiments prevailed due to launching of Roshan Digital Accounts for non-resident Pakistanis (NRPs).

The rupee ended Rs165.97 to the dollar from previous day’s closing of Rs166.40 in interbank foreign exchange market.

Currency experts said that the latest numbers of foreign exchange reserves and launching of Roshan Digital Accounts for overseas Pakistanis had helped the rupee to gain value.

The country’s foreign exchange reserves increased by $118 million to $19.961 billion by week ended September 4, 2020. The foreign exchange reserves of the country were at $19.843 billion by week ended August 28, 2020.

The official reserves of the SBP increased by $95 million to $12.808 billion by week ended September 04, 2020 as against $12.713 billion a week ago.

The SBP attributed the increase in reserves to proceeds of $121 million from Asian Development Bank (ADB).

The foreign exchange reserves held by commercial banks also increased by $23 million to $7.153 billion as against $7.130 billion a week ago.

The currency experts said that the forex market was anticipating substantial inflows of foreign currency after the launching of Roshan Digital Account for non-resident Pakistanis.