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Author: Faisal Shahnawaz

  • Ripple to PKR, USD on November 27, 2022

    Ripple to PKR, USD on November 27, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 27, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.75 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs80.75 at closing on November 26, 2022.

    The rate of Ripple in US Dollar (USD) is $0.36 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on November 26, 2022.

    READ MORE: Ripple to PKR, USD on November 26, 2022

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    Dogecoin to PKR, USD on November 27, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 27, 2022.

    One Dogecoin to PKR is Rs18.26 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.26 at closing on November 26, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on November 26, 2022.

    READ MORE: Dogecoin to PKR, USD on November 26, 2022

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    Bitcoin to PKR, USD on November 27, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 27, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,692,118.30 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,711,667.87 at closing on November 26, 2022.

    The rate of Bitcoin in US Dollar (USD) is $16,519.54 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,607.02 at closing on November 26, 2022.

    READ MORE: Bitcoin to PKR, USD on November 26, 2022

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    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Dogecoin to PKR, USD on November 27, 2022

    Dogecoin to PKR, USD on November 27, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 27, 2022.

    One Dogecoin to PKR is Rs18.26 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.26 at closing on November 26, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on November 26, 2022.

    READ MORE: Dogecoin to PKR, USD on November 26, 2022

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    Ripple to PKR, USD on November 27, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 27, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.75 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs80.75 at closing on November 26, 2022.

    The rate of Ripple in US Dollar (USD) is $0.36 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on November 26, 2022.

    READ MORE: Ripple to PKR, USD on November 26, 2022

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    Bitcoin to PKR, USD on November 27, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 27, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,692,118.30 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,711,667.87 at closing on November 26, 2022.

    The rate of Bitcoin in US Dollar (USD) is $16,519.54 on November 27, 2022 at 09:47 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,607.02 at closing on November 26, 2022.

    READ MORE: Bitcoin to PKR, USD on November 26, 2022

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    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Pakistan rebuts reports of stopping payments to Google

    Pakistan rebuts reports of stopping payments to Google

    KARACHI: State Bank of Pakistan (SBP) on Saturday strongly rebutted the reports that it has stopped the payments to Google.

    Certain media has reported that Google PlayStore would not be available from December 01, 2022 due to the central bank had stopped payment to Google apps.

    READ MORE: Price, specs of Samsung Galaxy Z Flip 4 in Pakistan

    The SBP in a statement said recent news circulating in some sections of the media that certain payments to Google are stuck at SBP, are baseless and misleading. “SBP strongly refutes all such assertions.”

    The fact is that in order to facilitate the domestic entities, SBP specified certain Information Technology (IT) related services, which such entities can acquire from abroad for their own use and make foreign exchange payments there against up to $ 100,000 per invoice. Such services include, Satellite Transponder, International Bandwidth/ Internet/ Private Line Services, Software License/Maintenance/Support, and service to use electronic media and databases.

    READ MORE: Climate Change: A pandemic we must collectively address now

    Entities desirous of utilizing this option designate a bank, which is approved by SBP one time. Subsequently, after designation, such payments can be processed through the designated bank, without any further regulatory approval.

    However, during recent off-site reviews, it was observed that in addition to utilizing the aforesaid mechanism to remit funds for IT related services for their own use, Telcos were remitting bulk of the funds for video gaming, entertainment content, etc. purchased by their customers using airtime, under Direct Carrier Billing (DCB).

    READ MORE: Twitter shuts offices temporarily on backlash fear

    DCB is, in general, an online mobile payment method, which allows users to make purchases by charging payments to their mobile phone carrier bill. The Telcos were allowing their customers to purchase above mentioned products through airtime and then remitting funds abroad reflecting such transactions as payments for acquisition of IT related services. Thus, in effect the Telcos were acting as intermediaries/ payment aggregators by facilitating acquisition of services by their subscribers.

    Therefore, in view of the violation of foreign exchange regulations, SBP revoked the designation of banks of Telcos for such payments. However, to facilitate their legitimate IT related payments, Telcos have been advised through their banks to resubmit their requests.

    READ MORE: Dun & Bradstreet data cloud crosses 500 million records

    If any entity, including a telco, intends to operate as an intermediary/payment aggregator and such arrangement involves outflow of foreign exchange, it has to approach SBP, separately through its bank, for seeking special permission for providing such services under the Foreign Exchange Regulation Act, 1947.

  • Weekly Review: investors may react to surprise policy rate hike

    Weekly Review: investors may react to surprise policy rate hike

    KARACHI: Investors of Pakistan stocks may react to the surprise hike in policy rate during next week as the central bank made announcement of sharp increase after the closing of last trading day of the outgoing week.

    The State Bank of Pakistan (SBP) in its policy announcement on November 25, 2022 shocked all the stakeholders while raising a massive increase in benchmark policy rate by 100 basis points to 16 per cent.

    READ MORE: Stocks trade in narrow range on last day of week

    Analysts at Arif Habib Limited said market is expected to remain range bound in the upcoming week on the back of surprise hike in the policy rate to 16 per cent (+100bps) by the SBP.

    Moreover, dollar inflow from AIIB and the repayment of the SUKUK (fully funded as per SBP) next week are expected to support market momentum and increase investor confidence.

    In addition, the PM’s visit to Turkey to enhance bilateral cooperation might bring some positive momentum in the market.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.2x (2023) compared to Asia Pac regional average of 12.9x while offering a dividend yield of ~10.2 per cent versus 2.8 per cent offered by the region.

    READ MORE: Pakistan stocks end flat amid political uncertainty

    The market commenced on a positive note this week, However, uncertainty prevailed throughout the week due to political concerns. In addition, during the week Pak Rupee depreciated against the greenback, dropping by PKR 0.28 | 0.13 per cent WoW settling at PKR 223.94.

    In addition, the current Account Deficit declined by 68 per cent YoY, primarily due to a decline in imports which went down by 23 per cent YoY. The market closed at 42,937, gaining 206 points (up by 0.48 per cent) WoW.

    READ MORE: Political uncertainty keeps Pakistan stocks range-bound

    Sector-wise positive contributions came from i) Technology & Communications (202 points), ii) Fertilizer (114 points), iii) E&P (26 points), iv) Banks (26 points) and v) Miscellaneous (17 points). Whereas sectors that contributed negatively were i) Power (31 points), ii) Cement (20 points), and iii) Glass (14 points).

    Scrip-wise positive contributors were SYS (147 points), ENGRO (92 points), TRG (53 points), DAWH (36 points), and INDU (27 points). Meanwhile, scrip-wise the negative contribution came from HUBC (120 points), MTL (28 points), FATIMA (14 points), LUCK (11 points), and GHGL (11 points).

    READ MORE: Stocks end up on addition of Pakistani companies in global indices

    Foreigners buying was witnessed during this week, clocking in at $1.11 million compared to a net buying of $2.06 million last week. Major buying was witnessed in Technology & Communications ($0.78 million), All other sectors ($0.74 million), and E&P ($0.24 million).

    On the local front, selling was reported by Mutual Funds ($2.82 million) followed by Insurance ($1.42 million). Average volumes clocked in at 160 million shares (down by 14 per cent WoW) while the average value traded settled at $25 million (down by 10 per cent WoW).

  • Bitcoin to PKR, USD on November 26, 2022

    Bitcoin to PKR, USD on November 26, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 26, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,711,667.87 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,684,872.25 at closing on November 25, 2022.

    The rate of Bitcoin in US Dollar (USD) is $16,607.02 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,425.32 at closing on November 25, 2022.

    READ MORE: Bitcoin to PKR, USD on November 25, 2022

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    Ripple to PKR, USD on November 26, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 26, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.75 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs81.05 at closing on November 25, 2022.

    The rate of Ripple in US Dollar (USD) is $0.36 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on November 25, 2022.

    READ MORE: Ripple to PKR, USD on November 25, 2022

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    Dogecoin to PKR, USD on November 26, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 26, 2022.

    One Dogecoin to PKR is Rs18.26 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.32 at closing on November 25, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on November 25, 2022.

    READ MORE: Dogecoin to PKR, USD on November 25, 2022

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    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Ripple to PKR, USD on November 26, 2022

    Ripple to PKR, USD on November 26, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 26, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.75 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs81.05 at closing on November 25, 2022.

    The rate of Ripple in US Dollar (USD) is $0.36 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on November 25, 2022.

    READ MORE: Ripple to PKR, USD on November 25, 2022

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    Dogecoin to PKR, USD on November 26, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 26, 2022.

    One Dogecoin to PKR is Rs18.26 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.32 at closing on November 25, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on November 25, 2022.

    READ MORE: Dogecoin to PKR, USD on November 25, 2022

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    Bitcoin to PKR, USD on November 26, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 26, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,711,667.87 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,684,872.25 at closing on November 25, 2022.

    The rate of Bitcoin in US Dollar (USD) is $16,607.02 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,425.32 at closing on November 25, 2022.

    READ MORE: Bitcoin to PKR, USD on November 25, 2022

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    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Dogecoin to PKR, USD on November 26, 2022

    Dogecoin to PKR, USD on November 26, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on November 26, 2022.

    One Dogecoin to PKR is Rs18.26 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs18.32 at closing on November 25, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on November 25, 2022.

    READ MORE: Dogecoin to PKR, USD on November 25, 2022

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    Ripple to PKR, USD on November 26, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on November 26, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.75 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs81.05 at closing on November 25, 2022.

    The rate of Ripple in US Dollar (USD) is $0.36 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on November 25, 2022.

    READ MORE: Ripple to PKR, USD on November 25, 2022

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    Bitcoin to PKR, USD on November 26, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on November 26, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,711,667.87 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,684,872.25 at closing on November 25, 2022.

    The rate of Bitcoin in US Dollar (USD) is $16,607.02 on November 26, 2022 at 10:34 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $16,425.32 at closing on November 25, 2022.

    READ MORE: Bitcoin to PKR, USD on November 25, 2022

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    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Pakistan repays $1.8 billion in November 2022: SBP

    Pakistan repays $1.8 billion in November 2022: SBP

    KARACHI: Pakistan has repaid an amount of $1.8 billion against foreign loans during November 2022, the central bank said in an analyst briefing on Friday.

    According to Insight Securities (Pvt) Limited, commenting on foreign loan payment, SBP governor highlighted that during the month of November 2022, the central bank had repaid loan of $1.8 billion. While another amount of $1.08 billion will be paid on December 02, 2022.

    READ MORE: State Bank stuns market with massive policy rate hike

    The upcoming payment will be financed by inflows from World Bank, Asian Development Bank and Asian Infrastructure Investment Bank. Furthermore, governor commented that $500 million from AIIB is expected to hit central bank reserves on Tuesday.

    Furthermore, Governor State Bank assured the market participants that the country will timely repay its debt payments and necessary inflows would be arranged from multilateral institutions along with certain rollovers.

    READ MORE: SBP raises benchmark interest rate by 100 basis points to 16pc

    In an unexpected move, the SBP on November 25, 2022 increased policy rate by 100 basis points to clock in at 16 per cent.

    SBP highlighted that the inflationary pressures have become more persistent, as evident from rising core inflation. Therefore, to control the impact of persistent and sticky rise in price levels, SBP’s Monetary Policy Committee (MPC) decided to hike benchmark rate by 100bps.

    After the assessment of floods, SBP expects GDP growth of 2 per cent in the fiscal year 2022-2023, while current account deficit is projected to clock in at 3 per cent of GDP.

    READ MORE: SBP keeps policy rate unchanged at 15% amid economic deceleration

    Due to strong rise in core inflation coupled with higher food prices, SBP has also revised its inflation projections of average inflation from 18-20 per cent to 21-23 per cent.

    In real sector, major demand indicators have started to show moderation in first four months (July – October) 2022-2023, where sales of cement, petroleum products and automobiles have witnessed a slowdown. Similarly, electricity generation has witnessed a decline for the fifth consecutive month.

    Furthermore, damages to crops amid recent floods will result in lower agri output, which is evident from decline in rice and cotton output. In addition, private sector credit has also shown moderation in the first quarter of the current fiscal year.

    READ MORE: SBP keeps benchmark rate unchanged at 15% amid rising inflation

    On external front, current account deficit has witnessed significant moderation in first four months of the fiscal year to clock in at $2.7 billion as compared to $5.3 billion in same period last year. The improvement is mainly attributable to reduction in imports, however, slowdown in export and remittances has nullified some of the benefits arising from lower imports.

    The recent turmoil in domestic economy coupled with uncertain political environment has resulted in lower inflows from multilateral institutions and friendly countries, which was further dented by tight monetary stance adopted by major central banks of the world.

    Inflation for the month of October 2022 clocked in at 26.56 per cent, primarily driven by adjustment in electricity tariff and higher food prices. Core inflation which tends to be stickier, has shown reasonable increase in few months due to 2nd round impact of higher energy prices. Therefore, SBP has revised its inflation forecast for the current fiscal year to 21-23 per cent, while its medium term inflation target still stands at 5-7 per cent for next fiscal year.

    The MPC will continue to monitor inflation trajectory and will take necessary decisions.

  • Karachi Interbank Offered Rates KIBOR – November 25, 2022

    Karachi Interbank Offered Rates KIBOR – November 25, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on November 25, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.9015.40
    2 – Week14.9715.47
    1 – Month15.1015.60
    3 – Month15.6215.87
    6 – Month15.6515.90
    9 – Month15.6716.17
    1 – Year15.6916.19

    READ MORE: Karachi Interbank Offered Rates KIBOR – November 24, 2022

  • Rupee falls slightly to dollar amid foreign payment pressure

    Rupee falls slightly to dollar amid foreign payment pressure

    KARACHI: The Pakistani Rupee (PKR) fell slightly against the dollar on Friday amid demand of the foreign currency for import and corporate payments.

    The exchange rate witnessed a decline of two paisas to end at PKR 223.94 to the dollar from previous day’s closing of PKR 223.92 in the interbank foreign exchange market.

    READ MORE: PKR slumps to dollar amid SBP tight monitoring

    Currency experts said that the dollar demand was remained high for import and corporate payments during the day.

    Some good news on the political front supported the rupee against the dollar. A day earlier, a new army chief was appointed by the Shehbaz government, which was not disputed by PTI chairman Imran Khan.

    The currency experts said that the measures taken by the SBP were not enough as Pakistan’s external sector was facing huge challenges.

    READ MORE: Rupee fails to maintain recovery; dollar gains to PKR 223.81

    Latest investment data released by the State Bank of Pakistan (SBP) revealed the foreign direct investment plunged by 52 per cent in first four months of the current fiscal year.

    The current account deficit recorded contraction in the first four months of the current fiscal year it swelled when compared with the previous month.

    Pakistan needs foreign inflows on urgent basis to avoid balance of payment crisis. The foreign exchange reserves of Pakistan fell sharply during past few months making it difficult for the government to fulfill its foreign repayment commitments.

    READ MORE: Rupee beats dollar after seven sessions to end at PKR 223.42

    Foreign exchange (forex) reserves of Pakistan were at $13.796 billion by week ended November 11, 2022 as compared with $13.721 billion a week ago i.e. November 04, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.432 billion.

    READ MORE: Dollar rises for 7th straight session, reaches to PKR 223.66

    The official foreign exchange reserves of the State Bank nominally increased by $3 million to 7.96 billion by week ended November 11, 2022 as compared with $7.957 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $12.185 billion.