For the thirteenth time in a row, the Pakistani Rupee (PKR) increased against the US Dollar (USD) on Friday, ending 2023.
The rupee saw an increase of Rs. 0.071, or 0.02 percent, before stabilizing at 281.86, according to the State Bank of Pakistan (SBP).
In December 2023, the PKR gained 1.17 percent in value relative to the USD. Thus far in the current fiscal year (FY24), the PKR has appreciated by 1.47 percent concerning the USD. Nonetheless, the PKR fell by over 20 percent vs the USD in the year 2023. At the end of the previous year, the Pakistani Rupee’s value was Rs. 226.43.
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The State Bank of Pakistan’s (SBP) foreign exchange holdings increased by more than $850 million on a weekly basis yesterday, providing a significant boost to Pakistan’s rapidly depleting foreign exchange reserves.
The SBP’s foreign exchange reserves were valued at $7.757 billion on December 22, an increase of $852.3 million from $6.904 billion on December 15. The central bank ascribed the increase to official GoP inflows.
Pakistan is anticipated to release further inflows during the first month of the New Year, as the IMF Executive Board is scheduled to convene on January 11 to discuss the staff-level agreement on the first review under Pakistan’s SBA.
Compared to the Euro (EUR), the British Pound (GBP), the Canadian Dollar (CAD), the Australian Dollar (AUD), and the Euro (EUR), the PKR gained 1.98, 2.81, and 0.90, respectively.
Additionally, the PKR saw a minor gain compared to the Saudi Riyal (SAR) and the UAE Dirham (AED).
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