KARACHI: *Pakistani Rupee rises further against the US dollar in openmarket on first day of the trading week.*
The incumbent government’s efforts to stabilise exchange rate seem to bebearing fruit as the rupee rose to its six-month high against the greenbackon Monday.
At the start of trade in the interbank market today, the dollar depreciatedby 15 paisa to trade as low as Rs154.90 against the local currency.
The rupee has gained Rs8.60 against the dollar since June, this year whenthe greenback had touched a record high of Rs164 but soon started fallingagainst the local currency.
The stability in exchange rate has been caused by a decline in imports anddollar inflows from lending agencies, according to forex dealers, who arehopeful that the rupee would further strengthen in coming months.
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The foreign exchange reserve held by the State Bank of Pakistan hadincreased by US$ 431 million to US$ 9.11 billion during the week ending onNovember 29.
According to the central bank, the total liquid foreign reserves held bythe country stood at US$15,993.2 million.
The foreign reserves held by the State Bank of Pakistan stood at US$9,112.9 million whereas the net foreign reserves held by commercial banksstood at US$ 6,880.3 million. During the current fiscal year, SBP reserveshave increased by US$ 1.8 billion.
