Pakistan’s liquid foreign reserves were depleted by $385 million in the week ending March 11, 2022, a 1.7 percent drop from the previous week.
According to the State Bank of Pakistan’s (SBP) weekly report issued on Thursday, the country’s total liquid foreign currency reserves fell by $385.3 million to $22.28 billion on March 11, 2022, from $22.66 billion the previous week. SBP’s reserves fell by $380.6 million (-2.34%) to $15.83 billion last week, down from $16.21 billion the week before.
With an impending oil shortage, the rupee falls below Rs. 180 against the US dollar.
Meanwhile, the net foreign reserves held by commercial banks was $6.4 billion, down $4.7 million from the previous week.
Payments against debt payments to numerous lenders and the worldwide assault of inflationary pressures are to blame for the fall in foreign exchange.
On the other hand, on Thursday’s interbank close, the Pakistani Rupee (PKR) lost ground versus the US Dollar and other currencies. It lost 63 paisas to the dollar, 16 paisas to the Saudi Riyal (SAR), 17 paisas to the UAE Dirham (AED), and Rs. 3.27 to the Pound Sterling (GBP).