Rupee up by 0.11pc in interbank market

-The local currency has lost 11.87pc of it value since the start of the current fiscal year on July 1

KARACHI: The Pakistani rupee ended the week on Friday rising 0.11 per cent settling at around Rs176.34 in the interbank market as investors foresee higher interest rates.

According to data revealed by SBP, since the start of the current fiscal year on July 1, 2021, the rupee has depreciated by 11.87 per cent or Rs18.7.  

Since the last eight months, the rupee has lost 15.74 per cent or Rs23.97 in value compared to a 22 month high of Rs152.27 recorded in May last year.

Meanwhile, the central bank’s foreign exchange reserves fell by $562 million, within a week, due to external debt financing and other payments.

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After the fall, as of January 14, 2022, State Bank of Pakistan’s (SBP) foreign exchange reserves stood at $17.03 billion. The fall in the foreign reserves is primarily due to an increase in international debt servicing during the last three years. 

According to the data released by SBP, the central bank’s foreign reserves stood at $20.07 billion in August 2021, which was the highest level of foreign reserves held by SBP since 2016.

Similarly, Pakistan’s total foreign exchange reserves also stood at a record high of $27.08 billion in August, 2021, and have since fallen by $3.74 billion.

 

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