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Foreign Exchange reserves

Foreign exchange reserves diminished by $98Mn, placed at $7.68 Billion

KARACHI: Foreign exchange reserves held by the central bank continues to show downward trend for the 11th consecutive week as they knock down 1.26% on a weekly basis, according to data revealed on Thursday. The continuous downward trend elevates apprehension about Pakistan’s capability to meet up its financing necessities as the reserves have fallen very much below the $8-billion amount. However, the government has declared the previous month that it had administer to secure a financial package of $6 billion from Saudi…

Indian rupee thumped record low to Rs70.10 against US dollar

NEW DEHLI: The Indian rupee fell to an all-time low Tuesday against the US dollar amid worries that Turkey’s growing financial crisis could spread to other developing-world economies. Indian Economic Affairs Secretary Subhash Chander Garg told reporters that there was “nothing at this stage to worry” about after the rupee reached 70.1 to the dollar earlier in the day. He said the dip resulted from “external factors". The rupee ended the day at 69.93 per dollar, down 110 paise or 1.6 per cent. It was the currency’s…

Record soaring total loans of $11.4 billion Pakistan acquired in FY18

ISLAMABAD: Pakistan's loan borrowing strikes at sky level during FY18 at $11.4 billion due to increasing liabilities, resulting in diminished foreign exchange reserves and more reliance on the peripheral creditors. According to Ministry of Finance and Economic Affairs, Pakistan has obtained a loan of total $11.4 billion during FY18, also inclusive of $500 million by China’s State Administration of Foreign Exchange (SAFE). The provision of cash provided by SAFE, China in the month of June 2018 was to curtail the turn down…

Foreign exchange Reserves fall by $602 million, distressing imports- SBP report

KARACHI: State Bank of Pakistan (SBP) expressed on Thursday, the decline in Foreign exchange reserves by over $600 million during the week ending on June 22, the decline is of 5.86% on weekly basis. The decline has effected central bank’s reserves to $9.663 billion which is not sufficient enough  to cover two months of imports. The SBP reported that $602m were utilized for debt servicing and other official payments during this week. The country’s overall reserves amounted to $16.244bn. However, the foreign exchange…

Rupee drops against dollar, traces Rs119.35 in kerb market

KARACHI: With a persistent decline in country's foreign currency reserves, Pakistani Rupee plunged to Rs119.35 against US dollar in the kerb market on Saturday. According to the central bank, rupee on Thursday had ended the day at Rs119.10 against the US dollar but stayed at Rs115.61 in the inter-bank market. It is expected that the new government will have to devalue the rupee further to boost exports and bring in a higher amount of remittances. It is all observed due to diminishing forex reserves of State Bank of…