The State Bank of Pakistan’s (SBP) foreign exchange reserves decreased by $125 million on a weekly basis, standing at $7.93 billion as of August 18, data released on Thursday showed.
Total liquid foreign reserves held by the country stood at $13.25 billion. Net foreign reserves held by commercial banks stood at $5.32 billion.
The central bank cited debt repayments as the reason for the decrease in the foreign currency reserves.
“During the week ended August 18, 2023, SBP’s reserves decreased by $125 million to $7,930.3 million on account of debt repayments,” it said.
Last week, foreign exchange reserves held by the SBP increased by $12 million.
Meanwhile, the Pakistani rupee registered a new record low as it dropped below the 300 level for the first time against the US dollar in the inter-bank market on Thursday. It settled at 300.22, a decrease of Re0.58 or 0.19%, as per the State Bank of Pakistan.
At close, the rupee settled at 300.22, a decrease of Rs0.58 or 0.19%, as per the State Bank of Pakistan (SBP).
On Wednesday, the rupee had fallen to the then record low against the US dollar, as it settled at 299.64.
