KARACHI: The dollar rose by 79 paise against the Pakistani currency in the fourth interbank week of the business week.

According to the Forex Dealers Association, the dollar closed at Rs 160.62 against the Pakistani currency in the interbank market.

On the other hand, the SBP said that the country’s foreign exchange reserves have increased by 178.7 million dollars.

According to the details released by the State Bank of Pakistan, the country’s total foreign exchange reserves have increased to 20.08 billion dollars, while the SBP’s reserves have increased by 19 million dollars to 12.93 billion dollars.

Reserves of commercial banks fell by 10 million dollars to 7.15 billion. The current account balance improved further in October and the current account balance in October stood at 382 million dollars.

According to the SBP, the increase in remittances played an important role in improving the current account balance. The current account surplus was 59 million dollars in September.

The current account balance has been surplus for 4 consecutive months. The total account surplus from July to October stood at 1.2 billion dollars.