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04:05 PM | 25 Mar
GOLD (MCX) (Rs/10g.)
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Finance Ministry Spokesperson Khaqan Hassan Najeeb said the funds deposited in the State Bank of Pakistan would strengthen the stability of the country.
Gold reserves rose by $38.9 million to $23.408 billion in the reporting week.
Some investors and economists were caught off guard by the extent of dovishness in the statement.
Markets are optimistic as shown by a rally in stocks and cross-asset volatility near historic lows.
The domestic unit was down 33 paise at 68.86 against the dollar around 2:40 pm.
RBI officials also reiterated that the swap auction was "purely to infuse liquidity" and not aimed at the forex market.
This preemptive move would prevent the currency's appreciation, according to one theory.
The rupee strengthened 0.4 per cent to 69.10 against the dollar and is set to gain for the fifth straight week.
Long bets on the rupee returned after early April last year, the poll of 11 respondents showed.
The dollar was a shade higher at 111.25 yen after losing 0.2 per cent the previous day.