The Pakistani Rupee has strengthened against the U.S dollar by 40 paisa in the open market. The rupee reached 154.80 against the greenback in the open market in comparison to last week’s closing of 155.20.
Similarly, the rupee increased by 27 paisa to finish at 154.56 from 154.83 against the dollar in the interbank market. This is the highest it has strengthened in 7 months.
The appreciation was attributed by the Forex dealers to the raising of the rupee to increased dollar supplies and better market sentiments.
On Jan 14th, the State Bank of Pakistan reported a $82.3 million increase in the net reserves during the week that ended on 10th January.
The State Bank of Pakistan released data as per which the total reserves stood at $18.12 billion.
The foreign reserves that were held by the central bank stood at $11.58 billion and the net foreign reserves held by commercial banks stood at $6.53 billion.
In an earlier article, we told our readers that the foreign investment in Pakistan has reached a record of $2.225 billion in treasury bills during the fiscal year 2019-20. The State Bank of Pakistan confirmed that the latest T-bills auction that was held on 15th January yielded $537.9 million that is the highest amount for a single auction.
In another article, we gave a piece of good news to the freelancers that the State Bank of Pakistan has been directed by the Prime Minister to increase the monthly limit of receiving payments to $25,000 from $5,000 for freelancers in order to boost the freelance sector.