Daily Times

Rupee improved against the US dollar in the inter-bank market for the ninth straight session on Friday and appreciated by 25 paisas (+0.09 percent). The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 284.12 against the dollar in the interbank market and closed at 283.87. Overall, the rupee gained Rs1.09 against the US dollar this week and closed the fourth consecutive week on a positive note. The local unit has improved by Rs3.55 during the previous four weeks. Similarly, the rupee improved by Rs4.42 during the current fiscal year 2023-24. However, the rupee depreciated by Rs53.03 in the current year. The rupee shed Rs3.69 against the US dollar in November after gaining Rs6.26 (+2.23 percent) against the greenback in the month of October. The currency surged more than 6 percent in September to become the top performer in the world. On the other hand, the local unit gained 25 paisas against the greenback in the open market. The rupee was quoted at 283 for buying and 285.75 for selling as compared to 283 for buying and 286 for selling in the previous session. The rupee remained almost stable against the greenback this week. In a related move, Pakistan’s foreign exchange reserves recorded a notable decline of $237 million (-3.3 percent) on a week-on-week basis as of the week ended December 1, 2023.