On Friday, the Pakistani rupee gained 8 paisas against the US dollar in interbank trading, closing at Rs 277.66, compared to the previous day’s rate of Rs 277.74.
Open Market Rates
According to the Forex Association of Pakistan (FAP), the buying and selling rates of the US dollar in the open market were reported at Rs 277.40 and Rs 278.90, respectively.
Performance of Other Currencies
The exchange rates for other major currencies also showed mixed trends:
- Euro: Appreciated by 42 paisas, closing at Rs 293.49, compared to the previous day’s rate of Rs 293.07 (as reported by the State Bank of Pakistan, SBP).
- British Pound: Decreased by 89 paisas, trading at Rs 351.54 against the prior closing rate of Rs 352.43.
- Japanese Yen: Remained stable, closing at Rs 1.78.
- Emirates Dirham: Recorded a slight dip of 2 paisas, ending at Rs 75.59.
- Saudi Riyal: Marginally rose by 1 paisa, closing at Rs 73.93.
Foreign Exchange Reserves
As of November 8, 2024, Pakistan’s total foreign exchange reserves stood at US$15.96 billion, according to official figures.
- State Bank of Pakistan (SBP): Reserves increased by US$84 million, reaching US$11.25 billion during the week.
- Commercial Banks: Held a total of US$4.7 billion in net foreign reserves during the same period.
The SBP stated, “During the week ended on 08-Nov-2024, SBP reserves increased by US$84 million to US$11,258.6 million.”
This improvement in reserves reflects a cautious optimism for Pakistan’s economic stability, as the increase in foreign reserves is a critical indicator of the country’s ability to manage external financial obligations and stabilize its currency.
The steady appreciation of the rupee, along with marginal fluctuations in other currencies, underscores a measured recovery in Pakistan’s financial markets.
