KARACHI
Pakistani rupee inched up against the US dollar in the inter-bank market on Thursday by one paisa.
The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 278.04 against the dollar in the interbank market and closed at 278.03. The local unit gained 60 paisas against the greenback last week.
Overall, the rupee has improved by Rs10.26 during the current fiscal year 2023-24. The local unit improved by Rs0.39 in February, Rs2.36 in January and Rs3.31 in December, while it shed Rs3.69 against the US dollar in November after gaining Rs6.26 (+2.23 percent) against the greenback in the month of October.
Similarly, the local unit gained traction against the greenback in the open market.
The rupee was quoted at 278.40 for buying and 279.90 for selling, according to data provided by different exchange companies. The rupee surged against the greenback by Re1 in February, Rs2 in January and Rs3.50 in December.
Internationally, the US dollar received a boost against major currency peers on Thursday, as a Federal Reserve official said he wasn’t in a hurry to cut rates amid sticky inflation, and as traders braced for key economic data. Speaking during late US trading hours on Wednesday, Federal Reserve Governor Christopher Waller said recent disappointing inflation data affirms the case for the US central bank holding off on cutting its short-term interest rate target.
The dollar index, a measure of the greenback against major peer currencies, ticked up in the wake of Waller’s comments and last held mostly unchanged at 104.41.
Meanwhile, the country’s total liquid foreign reserves reached $13,427.6 million as of March 22, 2024. As per the data released by the State Bank of Pakistan (SBP) on Thursday, net foreign reserves held by the central bank stood at $8,021.9 million.
Net foreign reserves held by the commercial banks stood at $ 5,405.7 million as of March 22, 2024. During the week ended on March 22, 2024, SBP’s reserves increased by $4 million to $8,021.9 million.
