Pakistan’s foreign exchange reserves have witnessed a slight increase of $18 million in one week.
The latest data released by the State Bank of Pakistan (SBP) shows that this increase was witnessed in the week ending on October 18, which has pushed the central bank-held reserves to 11.04 billion.
Total reserves held by the country dropped by more than $94 million to $16.02 billion on a weekly basis.
The reason behind this reduction can be attributed to the commercial bank holdings, which dropped 2.20 per cent, or $112.2 million, to $4.98 billion in the week under review.
This fiscal year, the reserves held by the SBP have increased approximately 34 per cent, or $2.82 billion.
During the same period, the Pakistani rupee has remained largely unchanged against the US dollar, apart from minor gains and losses of a few paisas.
As of today, the PKR stands at Rs277.84 per US dollar, while one British Pound holds a value of Rs360 against the Pakistani currency.
