KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $240 million in the week ending June 10.
On June 10, the country’s total foreign reserves were at $14.94 billion, according to data released by the central bank. The State Bank of Pakistan holds $8.98 billion in foreign reserves, while commercial banks have $5.96 billion in reserves, according to the central bank.
Meanwhile, the Pakistani rupee has fallen against the US dollar, reaching Rs208 per dollar. At 12:25 p.m., the rupee fell Rs1.79 to a new low of Rs208.25 against the greenback.
It’s worth noting that the Shehbaz Sharif-led coalition government raised petrol prices by Rs24 per liter on Wednesday.
Finance Minister Miftah Ismail announced during a press conference in Islamabad, citing the government’s inability to handle any more subsidies.