KARACHI: *In positive economic development, Pakistani Rupee hit 7 monthshigh against US dollar in open market.*
The Pakistani rupee appreciated by 40 paisa against the US dollar in theopen market in the outgoing week.
According to a weekly report, the rupee settled at 154.80 against thegreenback in the open market against last week’s closing of 155.20.
Likewise, the rupee rose 27 paisa to finish at 154.56 from 154.83 againstthe dollar in the interbank market – its highest in seven months.
Forex dealers attributed the appreciationlink of the rupee to increaseddollar supplies and improved market sentiments.
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Earlier, on Jan 14, the State Bank of Pakistan had reported a $82.3 millionincrease link in itsnet reserves during the week ending January 10.
According to the data released by the central bank, the country’s totalforeign reserves stood at $18.12 billion.
Foreign reserves held by the State Bank of Pakistan stood at $11.58 billionwhile net foreign reserves held by commercial banks at $6.53 billion.
