Pakistan rupee sees loss of 71 paisa against US dollar in a week

KARACHI:  The reserves of the State Bank of Pakistan (SBP) Wednesday touched an all-time high at $18.2 billion, which is the highest level since January 2017. However, the total reserves of the country reached an all-time high at $25.33 billion.

“SBP has received $1.0 billion proceeds of the government’s tap offering of its recently issued Euro Bond,” confirmed the SBP here on Wednesday. The central bank had received around $2.5 billion, it added.

Muzzammil Aslam, Chairman and CEO of Invest and Finance Securities, said in a tweet, “It’s official Pakistan reserves reached $25.33 billion today. First time in the history of Pakistan, it has crossed $25 billion.” 

However, the Pak Rupee gain only 24 paisas only against the US dollar today, closing at Rs 159.13 for buying and Rs 159.23 for selling.

“Now the central bank is building its reserves which are not above the total import of six months as the import bill had touched $50 billion,” said an analyst. 

In the first week of July, the central bank had already received $1 billion as Government of Pakistan loan disbursement from China and $440 million from the World Bank.

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