Pakistani Rupee rises further against the US dollar in open market on first day of the trading week

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Pakistani Rupee rises further against the US dollar in open market on first day of the trading week

KARACHI: *Pakistani Rupee rises further against the US dollar in open market on first day of the trading week.*

The incumbent government’s efforts to stabilise exchange rate seem to be bearing fruit as the rupee rose to its six-month high against the greenback on Monday.

At the start of trade in the interbank market today, the dollar depreciated by 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 when the greenback had touched a record high of Rs164 but soon started falling against the local currency.

The stability in exchange rate has been caused by a decline in imports and dollar inflows from lending agencies, according to forex dealers, who are hopeful that the rupee would further strengthen in coming months.

The foreign exchange reserve held by the State Bank of Pakistan had increased by US$ 431 million to US$ 9.11 billion during the week ending on November 29.

According to the central bank, the total liquid foreign reserves held by the 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 banks stood at US$ 6,880.3 million. During the current fiscal year, SBP reserves have increased by US$ 1.8 billion.