KARACHI
Pakistani rupee appreciated against the US dollar for the second straight session on Friday and edged higher by 23 paisas (+0.08 percent) in the interbank market.
The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 287.20 against the dollar in the interbank market and closed at 286.97. During the previous two sessions, the rupee strengthened by Rs2.41 against the US dollar. However, the rupee weakened by 50 paisas against the greenback during this week.
On the other hand, the local unit depreciated against the greenback in the open market by Rs3 (-1.03 percent). The rupee was quoted in the range of 291-294 against the dollar in the open market as compared to 288-291 a session earlier. In the black market/Hundi, the dollar surged to Rs312 from Rs310.
During the current fiscal year 2023-24, Pakistani rupee has shed Rs0.98 against the US dollar in the interbank market, while it plummeted by Rs59.54 against the greenback in the current year.
Currency analysts attribute the rupee’s strengthening to positive sentiments spurred by the latest economic developments in the country. Moreover, the historic gains in the Pakistani equity markets have also contributed to boosting investor confidence.
Meanwhile, the National Assembly, in a bid to deal with the offence pertaining to money-laundering and to further strengthen the existing laws to effectively check illegal/corrupt practices, passed the National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill, 2023 on Thursday. On Friday, the country’s Senate passed the said bill for setting up a financial crimes authority.
Separately, the central bank’s foreign exchange reserves fell $32 million on a weekly basis, clocking in at nearly $8.15 billion as of July 27. Total liquid foreign reserves held by the country stood at $13.46 billion.
