USD exchange rate: Pakistani rupee slightly appreciates

Pakistani rupees slightly increased against major currencies, with the US dollar selling at Rs278.25.

The Pakistani rupee saw slightly increase against several major foreign currencies today, US Dollar (USD), currently selling at Rs278.20 and buying at Rs277.70

Following closely was the Euro (EUR), with a selling rate of Rs301.64 and a buying rate of Rs301.09.

The British Pound (GBP) was priced at Rs362.34 for selling and Rs361.69 for buying.

For those dealing in North American currencies, the Canadian Dollar (CAD) was selling for Rs201.72 and buying for Rs201.36.

The Australian Dollar (AUD) stood at Rs186.54 for selling and Rs186.20 for buying.

In the Middle East, UAE Dirham (AED) had a selling price of Rs76.29 and a buying price of Rs76.16.

While, The Saudi Riyal (SAR) had selling rates of Rs74.11 and buying rates of Rs73.97.

Similarly, Qatar Riyal (QAR) also played a crucial role, priced at Rs76.35 for selling and Rs76.21 for buying.

Meanwhile, Swiss Franc (CHF) could be exchanged at Rs321.49 when selling and Rs320.91 when buying.

Lastly, Kuwaiti Dinar (KWD), one of the strongest currencies, was selling at Rs908.44 and buying at Rs906.81.

Photo: NBP

Yesterday, Pakistan's foreign exchange reserves, held by the State Bank of Pakistan (SBP), crossed $11 billion for the first time in over 30 months, rising by $215 million during the week ending October 11, 2024.

This marked the 12th consecutive week of growth, totaling around $2 billion over three months, driven partly by the arrival of a $7 billion IMF loan tranche in September.

The boost has improved Pakistan's import capacity to over two months, compared to less than one month in June 2023. The Pakistani rupee also appreciated by Rs0.05 to Rs277.79 against the US dollar, ending a three-day decline.

While reserves held by commercial banks fell by $150.4 million to $5.08 billion, total reserves increased by $64.3 million, reaching $16.11 billion.

Trade with China and Russia, likely in renminbi, may further support the rupee, while inflows from the Roshan Digital Account (RDA) grew by $168 million in September, stabilizing Pakistan’s forex reserves.

Net inflows since the scheme’s launch stand at $1.53 billion, with investments mainly in Naya Pakistan Certificates and the stock market.