PKR inches up to 278.12 vs USD

Pakistani rupee inched up against the US dollar in the interbank market by 8 paisas on Friday, registering a weekly gain of nine paisa.
According to details, the rupee opened at 278.20 against the greenback in the interbank market and closed at 278.12, rising by 0.03 percent. The rupee appreciated by around 18 paisas against the US dollar last week. The local unit closed at 278.21 against 278.39 it had closed the week earlier, as per the SBP.
In a related development, workers’ remittances increased by 27.9 percent year-on-year in April to $2.81 billion, compared to $2.2 billion in the same month of last year, the SBP data showed. However, on a monthly basis, workers’ remittances fell 4.8 percent as compared to $2.95 billion in March 2024. On a cumulative basis, the total remittances in 10MFY24 stood at $23.85 billion as compared to $23.04 billion worth of inflows received in 10MFY23, depicting a rise of 3.5 percent on an annual basis.
In the same way, foreign exchange reserves held by the SBP significantly increased by $1.114 billion on a weekly basis, clocking in at $9.12 billion as of May 3. Total liquid foreign reserves held by the country stood at $14.46 billion. Net foreign reserves held by commercial banks stood at $5.34 billion. This brings the SBP-held reserves to a nearly two-year high, as the dollar stockpile was last recorded above $9 billion back on July 15, 2022.
The central bank said the significant increase in the reserves was in line with $1.1 billion inflow from the International Monetary Fund (IMF), which was the final tranche of the $3 billion Stand-By Arrangement (SBA).
“During the week ended on 03-May-2024, SBP reserves increased by US$ 1,114 million to US$ 9,120.3 million mainly due to receipt of US$1.1 billion from IMF as final tranche under SBA program,” the central bank’s statement read.