KARACHI: The Pakistani rupee remained largely stable against the US dollar in the inter-bank market over the past week.
According to the State Bank of Pakistan (SBP), the local currency closed at 283.72, showing a slight depreciation of Rs0.02 or 0.01% compared to the previous week’s closing rate of 283.70.
In a significant development, SBP’s foreign exchange reserves fell sharply by $2.66 billion on a weekly basis, reaching $9.06 billion as of June 20. This marks the steepest weekly decline in over three years, with the last major drop of $2.9 billion recorded in March 2022.
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