KARACHI – Pakistani currency ended final session of 2023 with marginal gains against US dollar, appreciating for the 13th consecutive time in inter-bank market on Friday.
Data shared by State Bank of Pakistan suggests that PKR closed at 281.86 after gaining Re0.07 against the greenback.
In the year 2023, the rupee closed 2023 with negative trajectory of 19.7 percent. The year started at 226.43 against greenback as rupee continued to move down, and it touched Rs330. Later, it started gaining traction after reforms.
Meanwhile, Pakistan’s foreign exchange reserves held by the country’s central bank saw the rise of $852 million, hovering at $7.75 billion. The total liquid foreign reserves now were recorded at $12.85 billion.
US Dollar Rate in Pakistan
(Open Market Rates)
|
Currency
|
Buying
|
Selling
|
| US Dollar |
281.5
|
284
|
Rupee’s 2024 Projection
Meanwhile, the local currency is expected to moved down by 5-12pc in first half of 2024 to somewhere between Rs297 and Rs321 against USD.
Experts suggest the downfall in light of uptick in dollar demand for import payments and repayment of the growing debt.
