The Pakistani Rupee on Friday showcased further strength against the US Dollar, with a 0.04% appreciation observed during the initial trading hour in the interbank market.
The value of the Rupee against the American currency was recorded at Rs279 after an increase of 11 paisas.
On Thursday, the local unit maintained relative stability, settling at Rs279.11 against the US Dollar, as reported by the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/45rb4mIWCo#SBPExchangeRate pic.twitter.com/qds7Jcvxuo
— SBP (@StateBank_Pak) February 28, 2024
In a significant development, the country's total liquid foreign reserves experienced a decline of $59 million over the past week due to debt repayments, as disclosed by the central bank on Thursday.
Also Read: US Dollar sheds value against Pakistani Rupee
According to SBP data, as of February 23, Pakistan's total liquid foreign reserves stood at $13.039 billion, compared to $13.098 billion recorded as of February 16.
Internationally, the US dollar demonstrated stability on Friday following reports indicating that US inflation persists but is gradually easing, maintaining the possibility of the Federal Reserve considering rate cuts in June. Concurrently, the yen retreated to the crucial 150 per dollar level.
