USD to PKR 26th Jan 2024 - Intra-day update: Rupee gains against US dollar

The Pakistani rupee experienced a slight uptick against the US dollar, showing a 0.09% appreciation in the initial trading hours on Friday in the inter-bank market.

At 10:20 am, the rupee stood at 279.43 in the inter-bank market, marking a rise of Re0.24. In contrast, on Thursday, the State Bank of Pakistan (SBP) reported that the rupee held steady at 279.67 against the US dollar.

In a significant development, the State Bank of Pakistan (SBP) witnessed a weekly increase of $243 million in foreign exchange reserves, reaching $8.27 billion as of January 19, according to data released on Thursday.

The country's total liquid foreign reserves amounted to $13.34 billion, with commercial banks holding net foreign reserves of $5.07 billion.

The SBP attributed the rise in reserves to an influx from the International Monetary Fund (IMF). However, it noted that the net reserves grew by an amount less than that received from the IMF due to "government's external debt repayments" carried out during the week.