Alarming level: SBP reserves fall $87m to $7.8b

KARACHI: The foreign exchange reserves held by the central bank fell by $87 million during the week ended on August 19, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Sharing a break-up of the foreign reserves position, the central bank said that the foreign currency reserves held by the SBP were recorded at $7.81 billion, down by $87 million compared to $7.89 on August 19.

“During the week ended on August 19, 2022, SBP’s reserves decreased by $87 million to $7,809.9 million,” the SBP said in a statement.

Total liquid foreign reserves held by the country stood at $13.52 billion, said the SBP on Thursday. Net foreign reserves held by commercial banks amounted to $5.71 billion.

The SBP cited the decline in reserves due to “external debt and other payments”.

Rupee continues downward trajectory

The rupee’s slide against US dollar continued in the interbank on Wednesday with the greenback closing at Rs219.

According to forex dealers, the greenback increased by Rs1.03 in interbank and closed at Rs219.41. In open market, the US dollar traded between Rs226 and Rs228.