KARACHI: According to the State Bank of Pakistan, the rupee stayed unchanged against the US dollar in the interbank market on Friday, closing at Rs170.01 (SBP).
On Thursday, the rupee ended a six-day gaining run against the dollar, shedding 0.02 percent in the interbank market to settle at Rs170.01.
Since last week, when Pakistan got $3 billion in funding from Saudi Arabia, the rupee has been on the rise, gaining roughly Rs5.30 versus the dollar between October 27 and November 3.
The foreign currency reserves held by SBP increased 0.3 percent on a weekly basis, according to figures provided by the central bank on Thursday.
The SBP’s foreign currency reserves were $17,199.6 million on October 29, up $53 million from the previous day’s figure of $17,146.7 million.
In the meanwhile, the country’s total liquid foreign currency reserves, which include net reserves held by banks other than the SBP, was $23,925.9 million. The total amount of net reserves held by banks was $6,726.3 million.
According to analysts, the rupee-dollar parity has improved due to clarity around the International Monetary Fund (IMF) and a reducing trade imbalance.
The currency, according to Abbas, would stay in a consolidation phase when the IMF program is revived, and Pakistan will also get funds/loans from the World Bank and the Asian Development Bank.
He had predicted that, given the government’s and central bank’s actions, the local currency would reach Rs167-168 versus the US dollar.