Pakistan forex reserves were depleted by $215 million in the week ending May 13, 2022, a 1.3 percent drop from the previous week.
According to the SBP weekly report issued on Thursday, the country’s total liquid foreign currency reserves fell by $214.7 million (-1.3 percent) to $16.16 billion on May 13, 2022, down from $16.37 billion the previous week. SBP reserves fell by $145 million to $10.16 billion (-1.4 percent) from $10.30 billion the week before.
Meanwhile, commercial banks‘ net foreign reserves were at $5.99 billion, down $70 million (-1.1 percent) on a weekly basis.
In the interbank market on Thursday, the Pakistani Rupee (PKR) dropped Rs. 1.60 versus the US Dollar (USD). It also lost 55 paisas to the Australian Dollar (AUD), Rs. 1.22 to the Euro (EUR), and Rs. 1.53 to the Pound Sterling (GBP) (GBP).