Pakistani Rupee kept its upward momentum, making further gains against the US Dollar in a consistent manner which shows that economic indicators are shaping up well. The first business day of the week saw the dollar lose its value by 26 paisa in the interbank market and settled at Rs 283.
Key Takeaways
- In today’s interbank session (18 Dec) the exchange rate for the dollar decreased 26 paise – trading at Rs 283 against the Pakistani Rupee.
- During the last week, the local currency gained 61 paisa against the greenback and concluded at Rs2 83.26.
- It is the fifth week in a row where the rupee appreciated against the dollar up to 1.3%.
Exchange Rate Table
Let’s take a closer look at the current exchange rates:
| CURRENCY | BUY | SELL |
|---|---|---|
| US Dollar | Rs283.4 | Rs286.2 |
Decline of the Dollar: A Trend in Sight
The continuous decrease of US Dollars has been observed against Pakistani Rupees. The appreciation of 61 paisas in local currency in the last week after the deduction of 36 paisas on the previous business week’s last trading day, reached Rs 283.15.
Reasons behind the appreciation
The recent agreement at the staff level between Pakistan and the International Monetary Fund (IMF) is being termed as one of the major reasons for the continuous appreciation of the Rupee against the Dollar.
Stock Market Reflects Positivity
The upward trend witnessed around the currency market is also reflected within the stock exchange where benchmark KSE-100 Index saw a bullish run. The index surged considerably by 362 points throughout the whole day, which led it to accomplish a level of 65,812 points right after market opening.
Foreign Exchange Reserves Surge
Moreover, the State Bank of Pakistan reported a handsome increase of $90.93 million in domestic foreign exchange reserves on December 8, reaching the total reserves to $12.20 billion. In addition, the State Bank’s own reserves also increased by $20.06 million and reached $7.4 billion from its previous value of $7.38 billion at the end of November 2021.
Economic Landscape in Numbers
Let’s have a look at the numbers that reflect the positive economic environment in Pakistan:
| Date | Dollar Rate (Rs) | Weekly Change (paisas) | KSE-100 Index Points |
|---|---|---|---|
| First Day | Rs283 | -26 | – |
| Last Day | Rs283.26 | +61 | +362 |
| Reserves | $12.20B | +$90.93M | – |
| SBP Reserves | $7.4B | +$20.06M | – |
