Pakistani rupee resisters gains against US dollar

Pakistani rupee resisters gains against US dollar 

KARACHI – The Pakistani rupee on Friday registered gains against the US dollar in the inter-bank market.

The rupee was being quoted at 262.05 during intra-day trading before the Friday prayers.

The Pakistani rupee continued its upward momentum against the US dollar on Thursday, settling at 264.38 an appreciation of Re1 or 0.38%.

In a key development, foreign exchange reserves held by the State Bank of Pakistan (SBP) increased $276 million to $3.19 billion, data released on Thursday showed. This is the first increase in reserves after three weeks.

Total liquid foreign reserves held by the country stood at $8.7 billion. Net foreign reserves held by commercial banks stood at $5.51 billion.