Foreign exchange: SBP reserves fall $74m to $4.3b

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) declined $74 million to $4.38 billion in a week, according to data released by the central bank Thursday.

As per details, the net foreign reserves held by commercial banks stood at $5.6 billion.

On May 5, the country witnessed a slight decline in the State Bank of Pakistan (SBP) foreign exchange reserves by $6 million which is now standing at $4.46 billion.

After disbursing payments till April 28, the SBP-held foreign exchange reserves declined by $6 million, reducing the central bank’s reserves to $4.46 billion. The reserves of commercial banks were increased by $250 million till April, taking the total reserves to $5.58 billion.

The country’s total liquid foreign reserves have reached $10.04 billion after an increase of $10.9 million.

The Pakistani rupee also recorded all-time low against the US dollar with the local unit losing Rs 11.16 in interbank trade the US dollar continues to rise on the fourth day of the business week and remains at the highest level.

Following the arrest of former Prime Minister Imran Khan, clashes erupted between Imran’s supporters and police. The interior ministry has suspended mobile broadband services in the country.

The PKR was being traded at Rs290 per dollar in the interbank market, a decline of Rs 5.16 from yesterday’s close of Rs284.84.