Pakistan’s foreign reserves decline by $590 million: SBP

KARACHI: The State Bank of Pakistan (SBP) on Thursday shared that the liquid foreign reserves in Pakistan have declined by over $590 million during the week ended on June 3, ARY News reported.

According to details shared by the SBP, the total liquid foreign reserves held by the country stood at $ 15.17 billion on June 3.

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 US$9.22 billion while commercial banks also have reserves of US$5.95 billion.

Read more: Moody’s changes Pakistani banks’ outlook to negative from stable

The rupee extended gains against the United States (US) dollar in the interbank currency market. According to foreign currency dealers, the Pakistani rupee gained Rs0.13 to Rs201.40 in early morning trade.

The US dollar in open market is being sold between Rs202 to Rs206, said forex dealers.

After hitting an all-time high of Rs202.83 on Tuesday, the greenback lost Rs1.31 against the rupee to close at Rs201.52 on Wednesday.