Staff Report
KARACHI: Pakistani rupee recorded a decline against the US dollar for the 18th successive session in the inter-bank market on Friday amid falling foreign exchange reserves.
Pakistani rupee depreciated 10.25 pc against dollar during FY 2022-23
According to the forex dealers, the greenback value rose by 11 paisas against the Pakistani rupee and was being traded at Rs228.25. As per the SBP, the rupee slid by 21 paisas on Thursday to close at 228.14. The rupee has depreciated 10.25 percent against the greenback during the ongoing fiscal year.
The reserves held by the SBP fell by 22.1 percent on a week-on-week basis, according to the data released by the State Bank of Pakistan. On January 6, 2023, State Bank of Pakistan foreign currency reserves were recorded at $4,343.2 million. According to the SBP, the decrease in the forex reserves came due to external debt payments.
Overall, the liquid foreign currency reserves held by the country, including the net reserves held by the banks other than the State Bank of Pakistan, stood at $10,187.8 million. Net reserves held by banks have been recorded at $5,844.6 million.
Pressure of external payments is the main reason behind the foreign reserves falling to this low. The foreign exchange reserves witnessed a decrease of $1.223 billion last week after payment of the loans obtained from some Arab banks, according to the media reports.
