SBP Reserves Up by $36 Million in One Week

The foreign reserves held by the State Bank of Pakistan (SBP) witnessed inflows of $36 million in the week that ended on April 16, 2022, depicting a 0.3 percent increase on a week-on-week basis. The SBP weekly report released on Thursday revealed that the country’s total liquid foreign exchange reserves went up by $16.9 million (+0.1%) on April 16, 2022, to $17.045 billion, compared to $17.028 billion in the previous week. The SBP reserves increased by $36.1 million to $10.88 billion (+0.3%), compared to $10.85 billion a week earlier. Meanwhile, the net foreign reserves held by the commercial banks stood at $6.1 billion, depicting a decrease of $19.3 million (-0.3%) on a weekly basis. Conversely, the Pakistani Rupee (PKR) continued its bad run against the US Dollar (USD) in the interbank market on Thursday. It lost Rs. 1.04 against the dollar, Rs. 1.15 against the Australian Dollar (AUD), Rs. 2.04 against the Canadian Dollar (CAD), Rs. 2.42 against the Pound Sterling (GBP), and Rs. 2.96 against the Euro (EUR).