The foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $125 million weekly and were at $7.93 billion as of August 18.
SBP’s forex reserves fall: The nation’s total liquid foreign reserves were worth $13.25 billion. There were $5.32 billion in net foreign reserves held by commercial banks.
The central bank attributed the decline in foreign currency reserves to debt repayments.
“On account of debt repayments during the week ended August 18, 2023, SBP’s reserves decreased by $125 million to $7,930.3 million,” the statement read.
The SBP’s foreign exchange reserves rose by $12 million last week.
On Thursday in the inter-bank market, the Pakistani rupee fell for the first time below the 300 mark versus the US dollar, setting a new record low. The State Bank of Pakistan said that it ended at 300.22, a fall of Re0.58 or 0.19%.
According to the State Bank of Pakistan (SBP), the rupee decreased by Rs0.58 (or 0.19%) to conclude at 300.22 at the closing.
The rupee’s settlement value against the US dollar on Wednesday was 299.64, a record low at the time.