The spike in foreign currency deposits suggested that the supply of US dollars remained higher, which helped the local currency to stay below Rs278/$ on Thursday. According to the central bank data, the foreign exchange reserves have continued to surge over the past 17 consecutive weeks. SBP Governor Jameel Ahmad and Aurangzeb both expect the foreign currency reserves to reach $13 billion by the end of current fiscal year on June 30, 2025. Meanwhile, the foreign currency reserves held by commercial banks dropped $27 million to $4.68 billion in the week ended November 15. According to the central bank, the rupee had lost Rs0.37 in the prior three days to a two-month low at Rs278.04/$ on Wednesday.

Source: The Express Tribune November 22, 2024 21:12 UTC