KARACHI: Despite no visible change in the overall economic situation, the rupee recovered another 71 paise against the US dollar in the interbank market on Friday.

The State Bank of Pakis­tan (SBP) reported dollar closing price at Rs281.71. Bankers said there was no reason for appreciation but the hopes for better days ahead were there.

Meanwhile, Finance Min­ister Ishaq Dar on Fri­day said that the SBP had received $500 million from the Industrial and Comm­e­r­cial Bank of China (ICBC).

“State Bank of Pakistan has received today in its account from Chinese bank ICBC US$500 million. It will shore up forex reserves of Pakistan”, the minister said in a tweet.

A day earlier, the central bank reported that its reserves during the week ended on March 10 slightly rose to $4.319 billion.

Published in Dawn, March 18th, 2023