State Bank of Pakistan's foreign exchange reserves plunge to nearly 9-year low

Web Desk 09:32 PM | 26 Jan, 2023
State Bank of Pakistan's foreign exchange reserves plunge to nearly 9-year low
Source: Representational Photo

KARACHI – Pakistan’s foreign exchange reserves have further fallen to $3.7 billion, its lowest levels since February 2014, as the country’s economic crisis worsen in recent weeks.

The reserves held by the central bank have been persistently shrinking since the beginning of the current fiscal year as data issued by the State Bank of Pakistan revealed that it dropped a massive $923 million to $3.7 billion.

With the new data update, the liquid foreign reserves held by the dollar starved country stood at $9.5 billion and foreign reserves held by commercial banks stood at $5.8 billion, painting a gloomy picture of the economy as the country’s top leader approaching foreign leaders and lenders amid the panic.

The foreign exchange reserves fell to lowest in last decade as the country grapples with a severe economic crunch, striving to revive the IMF bailout programme.

Pakistan’s forex reserves stood at nearly $18 billion last year but continued to shrink as talks on the IMF ninth review remained stalled in recent months.

Lately, the US-based lender said that its mission will visit Islamabad at the end of January to continue discussions under the ninth Extended Fund Facility (EFF) review.

The country of over 220 million is battling the worst economic crisis in recent times and is in dire need of foreign aid to cut its current account deficit besides having enough reserves to pay the debt.

Amid the dilapidating reserves, and unprecedented inflation, global rating agencies cut the long-term sovereign credit rating of the South Asian nation by one notch to ‘CCC+’ from ‘B’ showing a weakening of the country’s external, fiscal and economic metrics.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on April 01, 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 April 01 , 2023 (Saturday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 283.6 286.65
Euro EUR 308 311
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 77.2 77.9
Saudi Riyal SAR 75.5 76.5
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 754.25 762.25
Canadian Dollar CAD 206.5 208.7
China Yuan CNY 41.16 41.56
Danish Krone DKK 41.49 41.89
Hong Kong Dollar HKD 36.11 36.46
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.25 2.3
Kuwaiti Dinar KWD 924.86 933.86
Malaysian Ringgit MYR 64.14 64.73
New Zealand Dollar NZD 176.37 178.38
Norwegians Krone NOK 27.16 27.46
Omani Riyal OMR 736.57 144.51
Qatari Riyal ‎QAR


Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 27.35 27.65
Swiss Franc CHF 310.26


Thai Bhat THB 8.29 8.44

Today's gold rates in Pakistan – 01 April 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 209,000 on Saturday.The price of 10 grams of 24k gold was recorded at Rs179,190.   

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 190,880.

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 209,000 PKR 2,525
Karachi PKR 209,000 PKR 2,525
Islamabad PKR 209,000 PKR 2,525
Peshawar PKR 209,000 PKR 2,525
Quetta PKR 209,000 PKR 2,525
Sialkot PKR 209,000 PKR 2,525
Attock PKR 209,000 PKR 2,525
Gujranwala PKR 209,000 PKR 2,525
Jehlum PKR 209,000 PKR 2,525
Multan PKR 209,000 PKR 2,525
Bahawalpur PKR 209,000 PKR 2,525
Gujrat PKR 209,000 PKR 2,525
Nawabshah PKR 209,000 PKR 2,525
Chakwal PKR 209,000 PKR 2,525
Hyderabad PKR 209,000 PKR 2,525
Nowshehra PKR 209,000 PKR 2,525
Sargodha PKR 209,000 PKR 2,525
Faisalabad PKR 209,000 PKR 2,525
Mirpur PKR 209,000 PKR 2,525


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