On Friday, 5 Dec 2024, the rupee gained more strength in consecutively third session, due to increased remittances from overseas Pakistanis and the selling of more dollars in the market by exporters as a result of which the foreign exchange reserves of the country increased by more than 464 million dollars to the highest figure since in the past three months.
According to the State of Pakistan released figures at the end of last week, the foreign exchange reserves of the country rose to $8.221 billion as of December 29 which is more than $1.13 billion compared to the last two weeks’ figures.
On Friday the rupee closed in the interbank on 281.41 to the dollar which is 10 paisa higher than the previous day of Thursday when it was closed on 281.67. apart from this, the open market also showed some positive turns where the rupee gained 17 paisa to end at 283.35.
According to market sources, the appreciation in the value of the rupee is due to two main reasons the selling of more dollars to the market by exporters and the second reason is because of increased level of inflows from overseas countries to their family members, due to which the gap between demand and supply was reduced. Apart from this, the positive trend in the foreign exchange reserves also provides improved sentiment in the local currency market, the sources added.
According to the State Bank of Pakistan report the foreign exchange reserves increased by 356 million dollars to reach the psychological point of 13.22 billion dollars. On the other side, the foreign exchange reserves of the private commercial banks decreased by 99 million to 4.99 billion dollars. The country’s reserves increased by $365 million to $13.221 billion. However, the reserves of commercial banks dropped by $99 million to $4.99 billion.