According to the Forex Association of Pakistan, The Pakistani rupee continued to lose ground against the US dollar in the interbank market on Friday, as the USD reached an all-time high of Rs192.86.
As per details, The US dollar breached the 192-mark at the day’s start and soared to Rs192.86 around 11:50am, The value of the greenback surged by Rs1.09 in early trading
The Pak rupee also lost ground in the open market and traded above Rs193, The value of the local currency surged by Rs1.75 on Thursday and closed at Rs191.77 in the interbank market.
The economic experts said that the surging dollar has shattered the confidence of Pakistani rupee-based economy and its stakeholders.
On the other hand, According to the data released by the central bank stated that Foreign exchange reserves of the State Bank of Pakistan (SBP) decreased by $190 million to $10.308 billion during the week ended on May 6.
The SBP said that total foreign reserves of the country, including net reserves of commercial banks, dipped to $16.375 billion.
The central bank stated that net foreign reserves held by commercial banks were US$ 6.067 billion.
The SBP further said that after attaining a peak of $20bn in August 2021, the reserves hit a 23-month low while the country’s total forex stocks also slumped to a 28-month low during the week ending on May 6.
Total liquid foreign #reserves held by the country stood at US$ 16.38 billion as of May 06, 2022. For details: https://t.co/WpSgomnd3v pic.twitter.com/EXe6IvGeoB — SBP (@StateBank_Pak) May 13, 2022
Total liquid foreign #reserves held by the country stood at US$ 16.38 billion as of May 06, 2022. For details: https://t.co/WpSgomnd3v pic.twitter.com/EXe6IvGeoB
— SBP (@StateBank_Pak) May 13, 2022
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