Foreign exchange: SBP reserves down $190m to $8.38b

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $190 million during the week ended on July 29, ARY News reported on Thursday.

Sharing a break-up of the foreign reserves position, the central bank said that the reserves held by the State Bank of Pakistan stand at $8,385.4 million.

According to central bank, the overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14,208 million. Net reserves held by banks amounted to $5,823.3 million.

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

Rupee continues downward trajectory

The US dollar continued its declining trend in the interbank and open market on Thursday after the greenback saw a historic decline of over Rs9 on Wednesday.

According to forex dealers, the US dollar slipped by Rs4.02 at the start of the day to trade at Rs224.78 as the banks sold it at Rs226.28.

In the open market, the greenback traded between Rs223 and Rs224.