Rupee further strengthens against US Dollar

• The dollar lost 0.29 rupees in value in the interbank market and traded at Rs204.56.
• The price of the dollar ranged from Rs205 to Rs206 in the open market.
• The US dollar resumed its downward trend against the rupee on Friday.

After a rise in foreign exchange reserves due to the rollover of Chinese bank loans and the receipt of MEFP from the IMF for the seventh and eighth reviews for the release of nearly $1.5 billion in tranches, the US dollar continued to weaken against the Pakistani rupee on Monday in interbank trading.

Forex traders claim that the dollar lost 0.29 rupees in value in the interbank market and traded at Rs204.56. The price of the dollar ranged from Rs205 to Rs206 in the open market.

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The US dollar resumed its downward trend against the rupee on Friday as the week came to a conclusion, losing 0.45 rupees to trade at Rs204.40 in the interbank market.

The dollar fluctuated between Rs205 and Rs207 on the open market.

Following a rollover of a loan from Chinese banks, the State Bank of Pakistan (SBP) said last Friday that the country’s foreign exchange reserves had increased by US$2.071 billion.

The SBP estimates that as of June 24, the nation’s total liquid foreign reserves were worth US$16.1956 billion.

The State Bank of Pakistan holds reserves valued at $10,309 billion, followed by commercial banks with reserves valued at $5,886 billion, according to information provided by the central bank.

It revealed that the SBP got RMB 15 billion in loan proceeds from the CDB during the week that concluded on June 24. “SBP’s reserves increased by US$2.071 billion after accounting for repayment of external debt.”

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