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Alarming as Pakistan foreign exchange reserves held by State Bank drop further to $4.3bn

Web Desk 10:43 PM | 12 Jan, 2023
Alarming as Pakistan foreign exchange reserves held by State Bank drop further to $4.3bn

ISLAMABAD – Amid economic and political instability, Pakistan's foreign exchange reserves held by the State Bank fell $1.23 billion to $4.33 billion, the central bank said in a statement on Thursday.

With pledged funds at Geneva moot yet to arrive and no breakthrough with the International Monatery Fund (IMF), the foreign exchange reserves of the cash-strapped country fell dangerously low.

The recent announcement by the State Bank comes as Islamabad made $1.233 billion in external debt payments earlier this month, after which the forex reserves plunged to an alarming $4.3343 billion – the lowest in nearly a decade.

As of now, reserves with the commercial banks were maintained at $5.8 billion, while taken as a whole the foreign exchange reserves fell to $10.189 billion – enough to pay for hardly three weeks of imports.

The current FX reserves by SBP were said to be the lowest since 2013 when reserves nosedived to $4.22 billion.

Pakistan is in dire need of quick aid to restrict its current account deficit to ensure enough reserves to pay the debt for the next financial year. The recent situation also sounds alarm for importers who will likely be unable to pay in foreign currency.

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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 February 7, 2022 (Tuesday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 279 282
Euro EUR 296.67 297.26
UK Pound Sterling GBP 331.71 332.41
U.A.E Dirham AED 74.8 75.1
Saudi Riyal SAR 73.21 73.51
Australian Dollar AUD 190.31 192.72
Bahrain Dinar BHD 732.23 740.23
Canadian Dollar CAD 205.22 207.42
China Yuan CNY 40.72 41.12
Danish Krone DKK 39.92 40.32
Hong Kong Dollar HKD 35.08 35.43
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 900.32 909.32
Malaysian Ringgit MYR 64.65 65.25
New Zealand Dollar NZD 174.19 176.19
Norwegians Krone NOK 27.12 27.42
Omani Riyal OMR 715.11 723.11
Qatari Riyal ‎QAR 75.64 76.34
Singapore Dollar SGD 208.03 210.03
Swedish Korona SEK 26.1 26.4
Swiss Franc CHF 297.31 299.81
Thai Bhat THB 8.25 8.4

KARACHI – The gold price in Pakistan dropped by Rs4,300 per tola to reach Rs200,000 on Tuesday as it lost ground on second consecutive day after witnessing mostly bullish trend last week.

As per the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 10 grams of 24 carats gold decreased by Rs3,686 to settle at Rs171,468.

On Monday, the gold price witnessed a drop of Rs200 per tola to close at Rs204,300.

In the international market, the commodity dropped by $1 to reach $1,869 per ounce.

Meanwhile, silver prices in the domestic market slumped by Rs20 per tola and Rs17.14 per 10 grams to reach at Rs2,230 and Rs1,911, respectively.

https://en.dailypakistan.com.pk/07-Feb-2023/rupee-depreciates-against-us-dollar-again

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