Pakistani rupee ends week at Rs279.19 versus US dollar

WEB DESK: In the latest economic update, the Pakistani rupee experienced a slight dip of 0.03 per cent against the US dollar in the inter-bank market on Friday.

The State Bank of Pakistan (SBP) reported that the local currency concluded the day at Rs279.19, marking a loss of Re0.08 in value.

This marginal decline follows a period of relative stability, with the rupee settling at Rs279.11 against the US dollar on Thursday, as indicated by the SBP.

A noteworthy development emerged as the country’s total liquid foreign reserves saw a decrease of $59 million in the past week, primarily attributed to debt repayments.

The central bank, in its report on Thursday, revealed that the total liquid foreign reserves held by Pakistan amounted to $13.039 billion as of February 23, 2024, in contrast to $13.098 billion recorded on February 16, 2024.

In the open market, exchange companies quoted the dollar at 281 for buying and 282.3 for selling.

Comparatively, the PKR exhibited noteworthy performance against major currencies. It gained 35.83 paisa against the Euro, closing at 302.06 compared to the previous value of 302.42.

The British Pound also saw a decline by 37.15 paisa, closing at 352.87 in contrast to 353.24 from a day ago.

The Swiss franc experienced losses of 2.65 rupees, concluding at 315.01 compared to 317.66 from the previous session.

Against the Japanese Yen, PKR gained 1.09 paisa, closing at 1.8543 versus 1.8652 a day ago.

However, the Chinese Yuan saw a marginal decrease of 1.3 paisa, closing at 38.78 against 38.8 from the previous session.

Other notable movements include the Saudi Riyal closing at 74.45, showing a gain of 2.38 paisa from its value of 74.42 a day ago.

Similarly, the U.A.E Dirham increased in value by 2.12 paisa, moving from 76.01 a day ago to 75.99.

Noteworthy data indicates that during the current financial year, the PKR has appreciated against the dollar by 6.8 rupees, or 2.43 per cent.

Furthermore, the calendar year has witnessed the PKR appreciating by 2.67 rupees or 0.96 per cent.