Pakistani rupee continues rally against US dollar

Business Report

KARACHI: The Pakistani rupee appreciated by 23 paisa against the US dollar in the interbank market on Friday, according to the State Bank of Pakistan (SBP).

The greenback finished at 166.35 against the local currency as compared to yesterday’s closing of 166.58.

On July 9, the State Bank of Pakistan (SBP) said that its foreign exchange reserves rose by $810 million to $12.04 billion during the week ending on July 3.

According to the central bank’s weekly report, the increase has been attributed to the proceeds of $1,000 million as loan disbursement from China to Pakistan.

During the week, the SBP also made the government’s external debt payments of $231.2 million.