Pakistan's economy starts to move in the right direction
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The weekly report on the dollar and currency market has been released, and the effects of the stock market crash are becoming evident. There has been a consistent improvement in the value of the rupee for 13 consecutive business days.
In the past week, the US dollar has become cheaper by 5 rupees and 9 paisas in the interbank market. It closed at 291.76 rupees, down from 296.85 rupees in the interbank market within a week.
The rupee has fallen to its lowest level against the dollar in a month. In one week, there has been a 1.74% improvement in the value of the rupee recorded in the interbank market.
Due to the stock market crash, the supply of dollars in the open market has increased in the interbank market. In two weeks, the dollar has become 15.30 rupees cheaper from its peak of 307.10 rupees in the interbank market.
A significant increase of 10.80 billion dollars in the country's overall reserves has been recorded in one week, with a 5.60 billion dollar increase in the State Bank's reserves and a 5.10 billion dollar increase in commercial banks' reserves.
