Foreign reserves decline by US$ 244 million: SBP
- By Web Desk -
- Dec 02, 2021
ISLAMABAD: The State Bank of Pakistan (SBP) on Thursday shared that the foreign exchange reserves in the country declined by US$ 244 million by November 26, ARY NEWS reported.
Sharing the details, the SBP said that the total liquid foreign reserves held by the country stood at US$ 22,498.8 million on November 26.
While giving a break-up of the foreign reserves position, the central bank said that it holds reserves of US$16,010.3 million, along with US$6,488.5 million in the possession of the commercial banks in the country.
” During the week ended 26-November-2021, the SBP reserves decreased by US$244 million to US$ 16,010.3 million,” it said.
Earlier in the day, the United States (US) dollar rose by 51 paisas to Rs176.09 against the Pakistani rupee in intra-day trading in the interbank currency market on Thursday.
According to foreign currency dealers, the greenback resumed lower by 3 paisas at Rs175.45, compared to its last close of Rs175.48 against the domestic unit but later, not only pared initial loses but rose by 51 paisas to Rs176.09 intra-day trading.
Interbank closing #ExchangeRate for today:https://t.co/RAYL9snOTm pic.twitter.com/ISMG4RarxV
— SBP (@StateBank_Pak) December 2, 2021
The rupee had finished at Rs175.48 after gaining 24 paisas against the dollar in the interbank market the previous day.
In the open market, however, the US dollar is trading at Rs177.30 against the rupee.
The local currency bounced back after the State Bank of Pakistan (SBP) signed an agreement with the Saudi Fund for Development (SFD) to receive $3 billion to shore up its depleting foreign exchange reserves.