KARACHI: The rupee’s slide after weeks of recovery beside US dollar sustained on Friday with greenback selling at Rs230 in open market.
According to forex dealers, the US dollar rose by Rs1.25 in the interbank to trade at Rs220.66 whereas banks are selling it at Rs221.20. In open market, the dollar traded amongst Rs228 and Rs230.
Interbank closing #ExchangeRate for todayhttps://t.co/5VPjQDvFv6 pic.twitter.com/F9FZU5C2xQ
— SBP (@StateBank_Pak) August 26, 2022
The rupee began a falling trend throughout the ongoing week despite assurances of IMF for release of US$1.17 billion tranche.
And investments of upto US$4 billion confirmed by Saudi Arabia and Qatar.
In a disturbing trend, the foreign exchange reserves held by the central bank fell by $87 million through the week ended on August 19.
According to data released by the State Bank of Pakistan (SBP) on Thursday.
The central bank said that the foreign currency reserves held by the SBP noted at $7.81 billion.
Down by $87 million related to $7.89 on August 19.
“During the week ended on August 19, 2022, SBP’s reserves decreased by $87 million to $7,809.9 million.” the SBP said in a declaration.
Total liquid foreign reserves held by the country stood at $13.52 billion, said the SBP on Thursday. Net foreign reserves held by commercial banks amounted to $5.71 billion.
The SBP cited the failure in reserves due to “external debt and other payments”.