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Intra-day update: rupee remains firm against US dollar – Markets

Mount Equity Group Tokyo Japan > News > Markets > Intra-day update: rupee remains firm against US dollar – Markets

Pakistan’s rupee remained largely stable against the US dollar in the inter-bank market, and depreciated 0.02% in the opening hours of trading on Friday.

At around 10:20am, the rupee was being quoted at 221.46, a depreciation of Re0.04 against the greenback, during intra-day trading.

On Thursday, rupee had registered a gain for the third consecutive session against the US dollar, and closed at 221.42 after an appreciation of Re0.23 or 0.1%.

In a key development, foreign exchange reserves held by the State Bank of Pakistan (SBP) plunged $956 million on a weekly basis, clocking in $7.96 billion as of November 4, 2022, as per data released on Thursday.

Meanwhile, total liquid foreign reserves held by the country stood at $13.72 billion.

The reserves’ position is critical for Pakistan, as the cash-strapped South Asian economy is desperately seeking dollar inflows to meet its balance-of-payments needs.

A low level of forex…

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