- Web Desk
- 1 Hour ago
SBP’s foreign exchange reserves up by $310 million
- Web Desk
- Oct 12, 2023
KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $310 million, reaching a total of $7.646 billion.
According to a statement issued by the SBP, the total foreign exchange reserves of commercial banks stand at $5.383 billion.
Meanwhile, the Pakistani rupee extended its appreciation run against the US dollar, gaining another 0.36 per cent during the trading hours on Thursday.
The Pakistan rupee appreciated by 93 paisa in the inter-bank market on Thursday to settle at Rs278.58 against the closing of Rs279.51 on Wednesday.
The Pakistani rupee continued its strong performance against the US dollar, gaining another 0.36 per cent or 93 paisa in the inter-bank market on Thursday.
The rupee closed at Rs278.58 per dollar, compared to Rs279.51 on Wednesday.
This was the 23rd consecutive day of appreciation for the rupee, which has gained over Rs25 against the dollar since September 4, 2023. The rupee’s recovery was mainly driven by the crackdown on illegal exchange companies, smuggling and hoarding of dollars by the Pakistani authorities, as well as improved remittances and exports.