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Rupee closes week at Rs186.75 against US dollar

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KARACHI: In line with the prevailing trend during the week, the Pakistani currency lost 0.05% against the US dollar on the last trading day of the week.

The local currency closed at Rs. 186.75 against the greenback compared to its last close of Rs. 186.70 a day earlier.

The rupee has maintained a downward trend for the last 12 months. It has lost 22.64% (or Rs. 34.48) to date, compared to the record high of Rs. 152.27 recorded in May 2021.

SBP liquid reserves is down by $ 2,915m

With a fresh rise of 0.14%, the Pakistani rupee has depreciated by 18.54% (or Rs. 29.21) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

Traders also keeping a close eye on the outcome of the IMF-Pakistan negotiations, which will continue till April 24 for which Finance Minister Miftah Ismail and SBP Governor Reza Baqir have reached Washington.

Meanwhile, the foreign exchange reserves held by the central bank increased by 0.33% on a weekly basis, according to data released by the State Bank of Pakistan (SBP).

On April 16, the foreign currency reserves held by the SBP were recorded at $10,885.7 million, up to $36 million compared with $10,849.6 million on April 8.

SBP takes steps to put an end to US Dollar Smuggling

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $17,045 million. Net reserves held by banks amounted to $6,159.3 million.

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