Pak Rupee has further weakened against the U.S. dollar. U.S dollar has strengthened in the interbank market reaching Rs168.2. It has reached Rs168.2 for the first time in over two weeks.
In the interbank market, the U.S dollar raised by 58 paisas. In three trading sessions since the markets opened after Eid break the U.S dollar has surged by Rs1.2.
Back on 30th July, the State Bank said that the dollar reserves stand at $11.9 billion. And those held by the commercial banks stand at $6.9 billion. In liquid foreign reserves, the country has a total of $18.9 billion.
Back on 27th March, the dollar surged to an all-time high of Rs169. Then because of State Bank’s intervention, the dollar was brought down to Rs167 the same day.
Due to the outflow of hot money in Pakistan’s treasury bills, the dollar suddenly rose. Then as the foreign investors took out their money, it pressurized the dollar reserves and exchange rate.
Soon enough, Pakistan received capital from the International Monetary Fund and other financial institutions. It was part of emergency support to combat the COVID-19 pandemic. Due to the financial assistance, the dollar reserves and the exchange rate stabilized.