PKR inches up to 277.94 against USD


Pakistani rupee inched up by one paisa against the US dollar in the inter-bank market on Tuesday.
The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 277.95 against the dollar in the interbank market and closed at 277.94. The local unit gained two paisas against the greenback last week.
Overall, the rupee has improved by Rs10.35 against the greenback during the current fiscal year 2023-24. The local unit improved by Rs1.16 in March, 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) in the month of October.
Meanwhile, the local unit in the open market was quoted at 278.10 for buying and 280.10 for selling, according to data provided by different exchange companies. The rupee surged against the greenback by Re1 in March and February, Rs2 in January and Rs3.50 in December.
In a related development, inflows of workers remittance recorded a healthy growth of 31% in March 2024 compared to February 2024, the central bank reported on Monday. According to SBP, the country received workers’ remittances amounting to $3 billion during March 2024 compared to $2.25 billion in February 2024, an increase of $750 million. Remittances in March are the highest monthly inflows in 22 months.
Meanwhile, Pakistan’s foreign exchange reserves increased by $19 million on a weekly basis, clocking in at $8.04 billion as of March 29, data released on Thursday showed. Total liquid foreign reserves held by the country stood at $13.38 billion, while net foreign reserves held by commercial banks stood at $5.34 billion.
In another development, The International Monetary Fund (IMF) said last week its Executive Board meeting is expected to be held in “late April” where approval would pave way for Pakistan to receive funds of around $1.1 billion (SDR 828 million) as its final tranche of the $3-billion Stand-By Arrangement (SBA) inked last year in June. This was stated by IMF Communication Director Julie Kozack while addressing a media briefing.