In a setback, Pakistan foreign exchange reserves fall further
*KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell by US$145 million in a week, data released by the central bank showed on Friday.*
On May 13, the foreign currency reserves held by the SBP were recorded at $10,163.6 million, down $145 million compared with $10,308.7 million on May 6.
The central bank gave no reason for the decline in the reserves.
— SBP (@StateBank_Pak) May 20, 2022 link
The country’s total foreign reserves, including net reserves of commercial banks, stood at $16, 161 million, the central bank said.
Net reserves held by banks amounted to $5,997.4 million.
On the other hand, the rupee’s downward trajectory against the US dollar in the interbank market continued on Friday as the greenback gained Rs0.40 in intraday trading.
According to the Forex Association of Pakistan (FAP), the US dollar gained Rs0.40 in the interbank market from the previous day’s close of Rs200 and climbed to Rs200.40 around 11:20 am.
The greenback was trading at Rs201.50 in the open market.