Karachi January 27 2023: Pakistan Rupee continue to fall in the Interbank and trading at 262.94 at PST 12:00 as country reserves dip below USD 4 billion for the first time in 9 years.
Rupee is trading at 262.94 down by 7.51 or 2.8 percent against the dollar in interbank at PST 12:00. In open market dollar is trading at 263.9 against yesterday closing of 253.4.
SBP foreign exchange reserves for the week ending Jan 20th, 2023, were decreased by USD 923 million to USD 3,678 million as per data released by the Central Bank. This is the lowest level of reserves since February 14th 2014 when Central Bank reserves were recorded at USD 3,196 million.
"The lack of fresh financial inflows and ongoing debt repayments have led to a continuous drawdown in official reserves" says Central Bank in its statement.
Conclusion of IMF 9th review will provided certainty to forex market, which will focus on policies to restore domestic and external sustainability.
"At the request of the authorities, an in-person Fund mission is scheduled to visit Islamabad January 31st – February 9th" says IMF representative to Pakistan.