The rupee extended gains against the dollar in the interbank foreign exchange market on Friday, the last trading session of the week.

The local unit gained 28 paisas against the greenback which was trading at Rs281.39 at the closing of the market, as against the closing of Rs281.67 the previous day.

In the open market, the buying of the dollar was recorded at Rs280.8 while it was quoted at Rs283.3 for selling at the time of filing the story.

Meanwhile, the State Bank of Pakistan’s foreign exchange reserves recorded a notable increase of $1.3 billion during the two-week period, Business Recorder reported.

Inflows worth $852 million were received during the week ended Dec 22, 2023, while inflows amounted to $464 million were arrived by Dec 29, 2023. Cumulatively, an amount of $1.316 billion landed in the SBP’s account during two weeks.

With the arrival of these inflows, the SBP’s foreign exchange reserves crossed the $8 billion mark and reached $8.221 billion level as of Dec 29, 2023 up from $6.905 billion as of Dec 15, 2023.