Pakistani rupee stands defiant against US dollar

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ISLAMABAD: The dollar fell by 67 paisas against the rupee in the mid afternoon trade in the interbank market on Friday, market dealers said.

At midday, the rupee was hovering at 284.50, an increase of Re0.67 in the inter-bank market.

The greenback closed at Rs285.17 against the local currency on Thursday, according to the central bank.

Although the decrease is marginal it is the fourth consecutive day that the foreign currency fell against the rupee. The government has attributed the rupee appreciation to the crackdown on illegal hoarders and money exchangers.

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Meanwhile, the total liquid foreign exchange reserves held by the State Bank of Pakistan increased by $77 million to $7.257 billion during the week ended November 24, 2023.

The US dollar was on the backfoot in the international market on Friday, while the euro nursed steep losses as traders weighed data that showed inflation was easing, stoking expectations that interest rates had peaked and central banks would soon start cutting rates.

The dollar index, which measures the US currency against six rivals, was 0.145% lower at 103.30, after clocking its weakest monthly performance in a year in November, despite a 0.6% jump overnight.

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