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SBP’s foreign exchange reserves surge by $596 million

07:34 PM | 2 Mar, 2023
SBP’s foreign exchange reserves surge by $596 million
Source: File Photo

KARACHI – The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $596 million to $3.814 billion in the week ending on February 24, the central bank said on Thursday.

According to SBP, net foreign reserves held by commercial banks witnessed a decline of $14 million to dip to $5.453 billion, bringing the country’s total liquid foreign reserves to $9.267 billion.

Arif Habib Ltd calculated that the current reserves would cover around less than one month’s worth of imports.

The upward trend in foreign exchange reserves came after the cash-strapped Pakistan received a deposit of $700 million from the China Development Bank.

Last week, the SBP’s foreign exchange reserves witness an increase of $66 million to stay above $3.25 billion.

The Pakistani government is racing to implement new tax measures and reach an agreement with the International Monetary Fund (IMF).

The agreement with IMF on completion of the ninth review of a $7 billion loan programme would not only lead to a disbursement of $1.2 billion but also unlock inflows from friendly countries.

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 4 March 2024

Pakistani rupee remains stable against US dollar in the open market on March 4, 2024 (Monday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.3 for buying and 282.45 for selling.

Euro currently stands at 302.5 for buying and 305.5 for selling while British Pound rate stands at 354 for buying, and 359 for selling.

UAE Dirham AED hovers at 76.3 whereas the Saudi Riyal saw slight increase, with new rates at 74.5.

Today’s currency exchange rates in Pakistan - 4 March 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.3 282.45
Euro EUR 302.5 305.5
UK Pound Sterling GBP 354 359
U.A.E Dirham AED 76.3 77
Saudi Riyal SAR 74.5 75.3
Australian Dollar AUD 181 183
Bahrain Dinar BHD 737.97 745.97
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.23 40.63
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 901.62 910.62
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 168.97 170.97
Norwegians Krone NOK 26.54 26.84
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 314.07 316.57
Thai Bhat THB 7.74 7.89

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