In positive economic development, Pakistani Rupee hit 7 months high against US dollar in open market

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In positive economic development, Pakistani Rupee hit 7 months high against US dollar in open market

KARACHI: *In positive economic development, Pakistani Rupee hit 7 months high against US dollar in open market.*

The Pakistani rupee appreciated by 40 paisa against the US dollar in the open market in the outgoing week.

According to a weekly report, the rupee settled at 154.80 against the greenback 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 against the dollar in the interbank market – its highest in seven months.

Forex dealers attributed the appreciation link of the rupee to increased dollar supplies and improved market sentiments.

Earlier, on Jan 14, the State Bank of Pakistan had reported a $82.3 million increase link in its net reserves during the week ending January 10.

According to the data released by the central bank, the country’s total foreign reserves stood at $18.12 billion.

Foreign reserves held by the State Bank of Pakistan stood at $11.58 billion while net foreign reserves held by commercial banks at $6.53 billion.