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HomeBusinessRupee continues to appreciate despite falling foreign exchange reserves

Rupee continues to appreciate despite falling foreign exchange reserves

Rupee continued to appreciate and reached 213.90 against the dollar despite falling foreign reserves, according to State Bank of Pakistan (SBP).

The rupee continued to appreciate against the US Dollar on Tuesday as the local currency reached Rs213.90 per dollar after Rs0.09 or 0.04 percent appreciation from yesterday’s closing of Rs213.98.

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The rupee has continued to recover despite shrinking foreign exchange reserves and increasing debts and liabilities.

According to State Bank of Pakistan (SBP), the total debt and liabilities of Pakistan have increased by Rs11.85 trillion in the fiscal year 2022, showing year-on-year debt growth at 24.8 percent compared with 7.3 percent in the fiscal year 2021. The total debt and liabilities of Pakistan reached Rs59.696 trillion by June 30, which had remained at Rs47.844 trillion in fiscal year 2021.

Moreover, $2.5 billion strong remittances were recorded in July, State Bank of Pakistan has stated. In a tweet, SBP has stated that despite falling by 8.6 percent in June and fewer working days in July due to Eid-ul-Adha holidays, the remittances remained strong. It also stated that the daily average rate of remittances was 18 percent higher in July than in June.

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According to economic experts, exporters have been selling dollars in the market. International Monetary Fund’s (IMF) release of loan tranche of combined seventh and eighth program of $1.17 billion, increased remittances and friendly countries, especially Saudi Arabia, coming forward to help Pakistan in the situation have been working as catalysts.

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