KARACHI: The US dollar lost 70 paisa on Thursday and was traded at three-and-half month low against the rupee.

The dollar was closed at Rs165 in the interbank market which was closely followed by the open market where the demand for greenbacks was also flat.

The dollar exchange rate has been steady around Rs166 for over two months. Its lowest price was Rs164.87 recorded on June 16.

Some currency experts believe that the exchange rate would remain stable with slight fluctuations in the wake of better inflows remittances despite poor performance of exports. Reserves of the State Bank as well as the commercial banks have improved during the current fiscal year.

SBP reserves fall

Foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $342 million to $12.359 billion during the week ended on Sept 25, announced the central bank on Thursday.

This decline was due to the government’s external debt payments amounted to $311m and other official payments.

The holdings of the commercial banks, which have been increasing for the last few months, also fell by $27m to $7.175bn. The country’s overall reserves also decreased by by $369m to $19.534bn during the week.

ABL partners with Bakhabar Kissan

Allied Bank Ltd (ABL) has signed an agreement with Bakhabbar Kissan with an aim to work together in providing financial assistance and advisory to the agricultural sector by utilising state-of-the-art smart solutions.

NBP bags two awards

The National Bank of Pakistan won accolades for ‘Contribution to National Economy (Corporate & Investment Banking)’ and ‘Best Corporate & Investment Banking Services’ at the 8th Federation of Pakistan Chambers of Com­merce and Industry Achievement Awards 2020.

Published in Dawn, October 2nd, 2020