KARACHI: Pakistan’s rupee remained largely stable against the US dollar in the inter-bank market, and depreciated 0.02 percent in the opening hours of trading on Friday.
During intra-day trading, the rupee was being quoted at 221.46, a depreciation of Re0.04 against the greenback, according to the market sources. Friday’s minor depreciation comes after the local currency recorded gains for the third straight session against the US dollar, and closed at 221.42 on Thursday after an appreciation of Re0.23 or 0.1%.
The rupee has sustained its stability creek for over a week now, hovering between 221 and 222. Meanwhile, as per recently released data, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $956 million on a weekly basis, clocking in $7.96 billion as of November 4, 2022. The total liquid foreign reserves held by the country stood at $13.72 billion.
In another development, oil prices, a key indicator of currency parity, rose on Friday as fears of a US recession eased, but were on track for weekly declines of more than 4% after a jump in COVID-19 cases in top oil importer China caused the fuel demand to plunge.
