Rupee bounces back on rise in reserves

Pakistani currency regained Rs0.19 on Friday and closed at Rs278.21 against the US dollar in the inter-bank market following a surge in the central bank’s foreign exchange reserves to a two-year high above $9 billion.

According to the State Bank of Pakistan’s (SBP) data, the rupee had closed at a two-week low of Rs278.40 against the greenback on Thursday.

With the fresh appreciation, the currency has cumulatively gained 10.38%, or Rs28.89, in the past over eight months compared to the all-time low close at Rs307.10/$ in the first week of September 2023.

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