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.
Daily Pakistan Global Web Desk
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
Copyright ©2023. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.