The US dollar (USD) has increased significantly against the Pakistani rupee (PKR) during the opening hours of trading in the inter-bank market on Monday.
According to currency dealers, the interbank rupee declined by 42 paise on the first day of the business week, taking the interbank dollar to Rs 279.80.
On the last day of the business week, the value of the dollar decreased by 8 paise in the interbank, which made the dollar 279.30 in the interbank, however, on Thursday, the value of the dollar increased by 8 paise in the interbank.
Over the past week, the rupee slightly decreased in value compared to the US dollar, dropping by 0.02% in the inter-bank market to reach 279.36.
READ MORE: US dollar is still declining versus the Pakistani rupee
For the week ending on February 9, 2024, SBP’s reserves rose by $13 million, reaching $8.057 billion, up from $8.044 billion. Yet, the amount of foreign reserves that commercial banks hold increased by $39 million to $5.093 billion by the end of last week, up from $5.054 billion the previous week.
Internationally, the value of the e US dollar remained stable on Monday following recent statistics indicating that US inflation was persistent, raising uncertainty about when the Federal Reserve would begin reducing interest rates. Meanwhile, the yen stayed close to the important threshold of 150 yen per dollar.