Pakistan Foreign Exchange Reserves register significant increase

Shares
Pakistan Foreign Exchange Reserves register significant increase

Pakistan foreign exchange reserves went up by $307 million week-on-week despite the fact that the Special Convertible Rupee Account showed a $71 million net outflow during the month of April (mostly equity and T-bills).

Currency traders are still in favour of going long on the rupee, mostly due to expectations of higher remittances and Ramazan-related inflows, the report said.

Pakistan’s foreign exchange reserves rose to $23.520 billion in the week ended April 23 from $23.212 billion a week ago.

The forex reserves held by the State Bank of Pakistan increased by $384 million to $16.427 billion.