KARACHI: Pakistani rupee on Friday recorded a marginal loss against the US dollar for the 13th straight session, depreciating 0.01% in the interbank.
As per the State Bank of Pakistan (SBP), the rupee declined by Rs0.02 to close at 227.14.
Interbank closing #ExchangeRate for todayhttps://t.co/r3lH0vp04x pic.twitter.com/n0qn9uXfgL
— SBP (@StateBank_Pak) January 6, 2023
On Thursday, the rupee depreciated against the US dollar for the twelfth successive session to settle at 227.12 after a decline of Rs0.17 or 0.07%.
In a significant development, State Bank of Pakistan’s foreign exchange reserves have dropped to the lowest level since April 2014 as data released on Thursday showed that SBP-held reserves fell another $245 million to a highly critical level of $5.58 billion.
Total liquid foreign reserves held by the country stood at $11.43 billion. Net foreign reserves held by commercial banks stood at $5.85 billion.
“During the week ended on December 30, 2022, SBP’s reserves decreased by $245 million to $5,576.5 million due to external debt repayment,” said the SBP.
Last week, foreign exchange reserves held by the SBP had fallen $294 million to $5.82 billion.
The SBP’s foreign exchange reserves, which were around $18 billion at the beginning of 2022 but have significantly decreased, highlight the pressing necessity for Pakistan to finish the upcoming review of the International Monetary Fund (IMF) plan.
