SBP’s forex reserves drop by $397 million

WEB DESK: The State Bank of Pakistan (SBP) reported a decline in its foreign exchange reserves, which fell by $397 million to reach $9.02 billion as of July 19, according to data released by the central bank on Thursday.

The country’s total liquid foreign reserves amounted to $14.33 billion. Of this, commercial banks held $5.30 billion in net foreign reserves.

The decrease in the reserves has been primarily attributed to the repayment of external debts, the central bank noted.

In contrast, the previous week saw an increase of $19 million in the SBP’s foreign exchange reserves.

According to the SBP, in Thursday’s interbank trading session, the Pakistani rupee (PKR) exhibited a notable appreciation of 9.39 paisa against the US dollar (USD), closing at PKR 278.41 compared to yesterday’s closing rate of PKR 278.5 per USD.

During the trading day, the PKR reached an intraday high bid of 278.50 and a low ask of 278.25. Meanwhile, in the open market, exchange companies quoted the buying rate of the dollar at PKR 279.05 and the selling rate at PKR 280.5.