Pakistan's forex reserves hit to new low after debt payment to Emirati banks

Web Desk 07:50 PM | 7 Jan, 2023
Pakistan's forex reserves hit to new low after debt payment to Emirati banks

KARACHI – The foreign exchange reserves of the country shrunk further after Pakistan made repayments of borrowings to the two banks of the United Arab Emirates (UAE).

Reports said the forex reserves dipped $1.2 billion to $4.5 billion after making payments to the Emirates NBD Bank and the Dubai Islamic Bank.

Pakistan paid $600 million to the Emirates bank and $420 million to the other bank. Now, the import cover of the country has dropped below one month.

Prime Minister Shehbaz Sharif is set to leave for Geneva where he will co-host, along with the United Nations, the International Conference on Climate Resilient Pakistan. The South Asian country is expected to secure lending from the moot. 

With depleting reserves, Pakistan is scrambling to revive the loan programme of the International Monetary Fund (IMF) and expecting assistance from friendly states, including China and Saudi Arabia.

A day earlier, Prime Minister Shehbaz Sharif held a telephonic conversation with IMF Managing Director Kristalina Georgieva and assured her of Pakistan’s commitment to successfully completing the ongoing loan programme.

Georgieva reiterated her commitment to help Pakistan in the difficult period. She also expressed her deep sympathy and concern on the human and material losses due to the recent floods.

The premier thanked the IMF managing director for her concern on the fallout of the floods and extended invitation to her to participate in the Climate Resilient Pakistan Conference at Geneva.

Earlier this month, the State Bank of Pakistan’s (SBP) data showed that the central bank’s forex reserves plunged by $245 million to reach $5.58 billion – the lowest since April 2014.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 31, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 31, 2023 (Friday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.8 286.6
Euro EUR 306 309
UK Pound Sterling GBP 347.5 351
U.A.E Dirham AED 77.2 79.9
Saudi Riyal SAR 75.6 76.4
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 753.99 761.99
Canadian Dollar CAD 206.5 208.7
China Yuan CNY 41.25 41.65
Danish Krone DKK 41.26 41.51
Hong Kong Dollar HKD 36.11 36.46
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.15 2.22
Kuwaiti Dinar KWD 925.67 934.67
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 175.57 177.58
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 736.34 744.35
Qatari Riyal ‎QAR 77.92 78.62
Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 308.25 310.75
Thai Bhat THB 8.28 8.43

Today's gold rates in Pakistan – 31 March 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 208,200 on Friday. The price of 10 grams of 24k gold was recorded at Rs178,500.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,849.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 208,200 PKR 2,470
Karachi PKR 208,200 PKR 2,470
Islamabad PKR 208,200 PKR 2,470
Peshawar PKR 208,200 PKR 2,470
Quetta PKR 208,200 PKR 2,470
Sialkot PKR 208,200 PKR 2,470
Attock PKR 208,200 PKR 2,470
Gujranwala PKR 208,200 PKR 2,470
Jehlum PKR 208,200 PKR 2,470
Multan PKR 208,200 PKR 2,470
Bahawalpur PKR 208,200 PKR 2,470
Gujrat PKR 208,200 PKR 2,470
Nawabshah PKR 208,200 PKR 2,470
Chakwal PKR 208,200 PKR 2,470
Hyderabad PKR 208,200 PKR 2,470
Nowshehra PKR 208,200 PKR 2,470
Sargodha PKR 208,200 PKR 2,470
Faisalabad PKR 208,200 PKR 2,470


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