Pakistan's foreign exchange reserves decline by $240 million

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $240 million during the week ended on June 10, ARY News reported on Thursday.

According to details shared by the central bank, the overall foreign reserves held by the country stood at $14.94 billion on June 10.

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 $8.98 billion while commercial banks also have reserves of $5.96 billion.

Meanwhile, the Pakistani currency plummeted against the US dollar and surpassed Rs208 against the greenback. The domestic currency plunged Rs1.79 to a record low of Rs208.25 against the greenback at 12:25pm.

It is pertinent to mention here that Shehbaz Sharif-led coalition government on Wednesday jacked up petrol price by Rs24 per litre.

The announcement was made by Finance Minister Miftah Ismail while addressing a press conference in Islamabad, citing government was not in a position to bear more subsidies anymore.