KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $90 million to $18.568 billion during the week ended on Dec 10, announced the central bank on Thursday.

However, the overall reserves of the country dipped by $123m to $25.027bn while the holdings of the commercial banks slipped by $33m to $6.459bn over the preceding week. Meanwhile, the rupee closed unchanged at 177.98 against the US dollar in the interbank market on Thursday.

The surging dollar price has been a constant worry for the government amid falling SBP reserves since there isn’t any evidence of exchange rate stability as the rupee remained under severe pressure due to strong demand for greenbacks.

Published in Dawn, December 17th, 2021