Rupee Marks 13th Consecutive Gain vs US Dollar in 2023

Web DeskDecember 29, 2023
Rupee Marks 13th Consecutive Gain vs. US Dollar in 2023

On Friday, the Pakistani Rupee (PKR) closed 2023 with its 13th consecutive gain against the US Dollar (USD), settling at 281.86, marking a 0.02 percent increase, as reported by the State Bank of Pakistan (SBP).

Throughout December 2023, the PKR showed a 1.17 percent appreciation against the USD. So far in the current fiscal year (FY24), it has risen by 1.47 percent. However, over the calendar year 2023, the PKR witnessed a nearly 20 percent depreciation against the USD, compared to its closing value of Rs. 226.43 at the end of the previous year.

Read more:Rupee is Expected to Stay within a Certain Range Until the IMF Review takes Place

Pakistan’s foreign exchange reserves, which have been dwindling, experienced a significant boost as the reserves held by the State Bank of Pakistan (SBP) surged by more than $850 million in a week.

As of December 22, the SBP’s foreign currency reserves were recorded at $7.757 billion, a substantial increase from $6.904 billion reported on December 15. The central bank attributed this rise to the receipt of official Government of Pakistan (GoP) inflows.

Anticipating the IMF’s Executive Board meeting on January 11 to review the staff-level agreement on Pakistan’s SBA, the country foresees unlocking additional inflows in the upcoming month.

The PKR also demonstrated gains against various other currencies, including the Euro (EUR), British Pound (GBP), Canadian Dollar (CAD), Australian Dollar (AUD), UAE Dirham (AED), and Saudi Riyal (SAR). It gained Rs. 1.98 against the EUR, Rs. 2.81 against the GBP, Rs. 0.90 against the CAD, Rs. 1.2 against the AUD, and marginally against the AED and SAR.

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