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  • SBP documents foreign currency transactions above $2,000

    SBP documents foreign currency transactions above $2,000

    KARACHI: State Bank of Pakistan (SBP) on Friday made it mandatory the transactions of foreign currency above $2,000 through banking channels in order to document sales and purchases of the foreign currency.

    In this regard, the central bank amended Exchange Companies Manual to ensure documentation of buying and selling of the foreign currency.

    READ MORE: PKR ends 15-day losing streak; recovers against dollar

    The SBP in a statement said that to further enhance transparency and promote documentation in the foreign exchange transactions, the central bank advised the Exchange Companies that all foreign currency sale transactions of $2,000/- or above (equivalent in other currencies) against Pakistani Rupee (PKR) should only be conducted through payment modes, such as bank transfer/cheques from the personal bank account of the customer.

    “This step is also focused on encouraging the general public to use various banking channels, which are generally more secure, to fulfill their genuine foreign exchange needs,” the SBP added.

    READ MORE: SBP issues new instructions on cross border payments

    The central bank issued a circular in this regard inviting attention of Exchange Companies and Exchange Companies of ‘B’ Category to instructions contained in Para 9 (i)(g) and Para 9 (iii)(g) of Chapter 3; and Para 12(i)(d) of Chapter 8 of the Exchange Companies Manual.

    In order to further strengthen the regulatory regime for Exchange Companies, and encourage customers to use banking channels for purchase of foreign exchange from Exchange Companies, the existing regulations prescribing the scope of business of Exchange Companies have been amended, which will be effective immediately:

    Para 9(i)(g) Chapter 3 of Exchange Companies Manual

    All foreign currency sale transactions of $2,000/- or above (or equivalent in other currencies) against PKR shall be conducted by the Exchange Companies through bank transfer/ cheque from the personal account of the customer. The transaction/instrument reference number and the name of the bank transferring funds/ issuing the instrument shall be mentioned on the transaction receipt along with identification document number of the customer.

    READ MORE: President Alvi bars retrospective effect to profit rates on saving certificates

    Para 9(iii)(g) Chapter 3 of Exchange Companies Manual

    All foreign currency sale transactions for outward remittance of $2,000/- or above (or equivalent in other currencies) against PKR shall be conducted by the Exchange Companies through bank transfer/ cheque from the personal account of the customer. The transaction/instrument reference number and the name of the bank transferring funds/ issuing the instrument shall be mentioned on the transaction receipt along with identification document number of the customer.

    READ MORE: No restriction on imports, SBP clarifies

    Para 12(i)(d) Chapter 8 of Exchange Companies Manual

    All foreign currency sale transactions of $2,000/- or above (or equivalent in other currencies) against PKR shall be conducted by the Exchange Companies of ‘B’ Category through bank transfer/cheque from the personal account of the customer. The transaction/instrument reference number and the name of the bank transferring funds/ issuing the instrument shall be mentioned on the transaction receipt along with identification document number of the customer.

    The SBP warned that failure to comply with these instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.

  • FBR fails to remove return filing glitches; KTBA seeks legal time

    FBR fails to remove return filing glitches; KTBA seeks legal time

    A leading tax bar on Friday pointed out failure of the Federal Board of Revenue (FBR) in removing errors/glitches in the return filing as only a week left for the last date.

    Karachi Tax Bar Association (KTBA) in its letter to FBR chairman and other higher authorities to resolve issues in online return filing for tax year 2022. “A proper legal time for compliance should be allowed as per the statute after resolving these problems,” KTBA President Syed Rehan Hasan Jafri said in the letter.

    READ MORE: FBR advised to fix glitches for smooth filing of income tax returns

    It is pertinent to mention that the last date for return filing for tax year 2022 is September 30, 2022. About two days ago the Pakistan Tax Bar Association (PTBA) also pointed out similar issues but the problems are remained unresolved.

    Rehah Jafri said that none of the issues had been addressed as yet and, therefore, the pace of compliance of filing the Tax Returns is very slow. The KTBA previously sent communication to the FBR on September 6, 2022.

    Through instant letter the KTBA highlighted some issues further, which have been raised and discovered by our Members after our first letter of 06 September, 2022.

    READ MORE: Dental practitioners directed to get sales tax registration

    Column for Adjustment of Brought Forward Capital Losses

    Column for adjustment of brought forward capital losses under the head of capital gains is not available in Income tax return form due to which tax on capital gain cannot be calculated correctly.

    Column of Tax Credit for Specified Industrial Undertakings U/S 65G Inadvertently Available in Salaried Individual Return

    The Column of tax credit for specified industrial undertakings u/s 65G of the Income Tax Ordinance, 2001 is inadvertently available in the Tax Credits Annexure of income tax return for salaried individuals, which has no correlation with such tax credit.

    Non-Availability of Reduced Tax Rate on Contract Receipts

    Although the rate of tax on contract receipts under section 153 was reduced from 7.5% to 7% for Tax Year 2022, however, there is no column for such reduced rate in the return for the TY 2022 available on IRIS.

    Insufficient Time for Taxpayer Filing Manual Return Forms

    The draft of manual return forms for the Individuals and AOPs for the Tax Year 2022 was issued belatedly on August 26, 2022, whereas the final SRO. 1733(1)/2022 was issued on September 13, 2022 meaning thereby only 17 days of time has been allowed to file the manual returns, which is insufficient as provided under the law.

    READ MORE: Tax rates on profit from bank deposits during year 2022/2023

    Erroneous Tax Calculation on Gain of Immovable Property

    The IRIS portal is calculating incorrect tax liability on gain on sale of immovable properties in violation of section 37(1A) of the Income Tax Ordinance, 2001 which needs to be taken care off as soon as possible.

    Incorrect Tax Calculation on Profit on Debt

    The IRIS portal is calculating incorrect tax on profit/yield on Bahbood Certificates/ Pensioner’s Benefit Account/ Shuhada Family Welfare Account in violation of clause (6) of Part-III, 2nd Schedule of the Income Tax Ordinance, 2001, which provides that tax shall not exceed 10 percent of such Profit/ Yield.

    Error in Statement of Foreign Income & Assets u/s. 116A of the Ordinance for Non-Resident Individuals

    There lies no option list in drop downs country and currency under Code “7006” having description “Investment (Non-Business) (Account / Annuity / Bond / Certificate / Debenture / Deposit / Fund / Instrument / Policy / Share / Stock / Unit, etc.)” due to which a taxpayer remains unable to file the Foreign Income & Assets Statement under section 116A(1) of the Ordinance.

    READ MORE: Up to 70% income tax imposed on dividends for year 2022-2023

    Opening Wealth appearing in Wealth Statement

    Opening wealth is being shown in “Reconciliation of Net Assets” Value of opening net assets is being shown under code ‘703002’ despite the fact that the taxpayer’s residency status is selected as “non-resident” for Tax Year 2022 after which, he should not be required to file the wealth statement including reconciliation of net assets.

    Column Code 64330052 (Dividend u/s 150 @25%) is missing in Salary Return Form

    The withholding rates on payment of Dividend @ 7.5%, 15% and 25%, (under section 150 of the Ordinance) are appearing in the Income Tax Return Form of “Income for a person deriving income only from salary and other sources and the Column Code 64330052 (Dividend u/s 150 @25%) is missing.

    Erroneous Calculation of Written Down Value

    Proviso was inserted under section 22(2) of the Tax Ordinance by Finance Act, 2020 whereby depreciation on additions to fixed assets made after 01-Jul-2020 would be reduced by 50% However, when entries related to written down values are entered in in depreciation schedule as opening values, the IRIS is calculating depreciation at 50% on total values.

    READ MORE: FBR updates salary tax card for year 2022-2023

    No column for refund adjustment

    In addition to above, what lately has been done by FBR is that it has deleted the column of “Adjustment of Refunds”, which is certainly an afterthought while the Manual Tax Returns, which were issued vide SRO 1612(I)/2022 dated 26 August, 2022 do retain the “Column of Tax Return Refund”. There is no explanation or justification for this glaring disparity, which is to be taken care off the clarification of Taxpayers.

    Online Refund Adjustment Column is still not available on Return loaded on IRIS irrespective of the fact that it is available in the SRO issued by Board.

    Income attribution with respect to minimum taxation u/s. 153

    Profit on debt/interest income on government securities is subject to FTR

    Initial depreciation allowance on plant & machinery u/s. 23  

    Revised Wealth Statement u/s 116(3) is not imported

    Simplified Return for SMEs

  • PKR ends 15-day losing streak; recovers against dollar

    PKR ends 15-day losing streak; recovers against dollar

    KARACHI: The Pakistani Rupee (PKR) on Friday ended its losing streak of non-stop 15 session and recovered six paisas against the dollar.

    The local currency ended Rs 239.65 to the dollar from previous day’s closing of Rs239.71 in the interbank foreign exchange market. The latest closing is still near to the all-time of the rupee against the dollar, which was at Rs239.94 recorded on July 28, 2022.

    READ MORE: Rupee slumps for 15th straight session against dollar

    It is worth mentioning that the rupee recorded the free-fall for the last 15 sessions. During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023, according to data released by State Bank of Pakistan (SBP) a day earlier.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    The current account deficit during the period under review was at $1.92 billion as compared with $2.37 billion in the corresponding months of the last fiscal year.

    The rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

    READ MORE: PKR falls for 13th session as dollar ends near record high

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

    The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

    The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

  • Pakistan’s forex reserves slip to $14.07 billion

    Pakistan’s forex reserves slip to $14.07 billion

    KARACHI: Pakistan’s foreign exchange reserves slipped by $247 million to $14.07 billion by week ended September 16, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The total liquid foreign exchange reserves of the country were at $14.317 billion a week ago i.e. September 09, 2022.

    READ MORE: Pakistan FX reserves slip to $14.32 billion

    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 $13.158 billion.

    The SBP said that its official reserves also fell by $278 million to $8.346 billion by week ended September 16, 2022 as compared with $8.624 billion a week ago.

    READ MORE: Pakistan’s FX reserves increase by $1.07bn after IMF inflows

    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 $11.71 billion.

    Experts said that falling foreign exchange reserves would further pressurize the local currency, which was already near to the record low lever despite inflows received from the International Monetary Fund (IMF).

    READ MORE: Pakistan FX reserves drop to $13.4 billion

    Earlier this month, SBP received US$ 1,166 million from IMF under EFF program, which increased the official reserves to $8.8 billion

    The foreign exchange reserves held by commercial banks however increased by $31 million to $5.724 billion by week ended September 16, 2022 as compared with $5.693 billion a week ago.

    READ MORE: Pakistan’s forex reserves fall to $13.52 billion

  • Rupee slumps for 15th straight session against dollar

    Rupee slumps for 15th straight session against dollar

    KARACHI: The Pakistani Rupee (PKR) recorded a 15th straight day decline against the dollar on Wednesday to end at PKR 239.71 in the interbank foreign exchange market.

    The exchange rate recorded a decline of six paisas in rupee value to end at PKR 239.71 against the dollar from previous day’s closing of PKR 239.65 in interbank foreign exchange market.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    The local currency has maintained the free-fall for the last 15 sessions. During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

    READ MORE: PKR falls for 13th session as dollar ends near record high

    Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

    The rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

    READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

    The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

    The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

  • ECC approves clearance of banned items landed till August 18, 2022

    ECC approves clearance of banned items landed till August 18, 2022

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the customs clearance of banned items, which landed till August 18, 2022.

    Federal Minister for Finance and Revenue Miftah Ismail virtually presided over the meeting of the ECC. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmmod, Federal Minister for National Health Services, Regulations and Coordination Abdul Qadir Patel, MNA/ex-PM Shahid Khaqan Abbasi, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani, Chairman NDMA, Chairman FBR, Federal Secretaries and senior officers attended the meeting.

    READ MORE: USC to disburse ration bags worth Rs540 million to flood victims

    The ECC considered a summary of Ministry of Commerce on clearance of stuck up consignments in light of office memorandum dated 22 July, 2022, 19 August, 2022 and 23 August, 2022 issued by Ministry of Commerce.

    The ECC approved the proposal and directed that the consignments of previously banned items that landed in Pakistan till August 18, 2022 may be released at the rate of surcharge.

    Ministry of National Health Services, Regulations and Coordination presented a summary for exemption of Active Pharmaceutical Ingredients (APIs) from Custom Duty and Additional Custom Duty.

    READ MORE: Pakistan State Oil gets Rs30 billion to avoid default

    The ECC after discussion directed Ministry of National Health Services, Regulations and Coordination to withdraw the summary and submit a fresh summary to rationalize price of paracetamol to ensure its availability.

    The summary presented by Ministry of National Food Security and Research regarding import of Wheat through Gwadar sea port was deferred by ECC.

    National Disaster Management Authority (NDMA) presented a summary for allocation of funds for procurement and logistics of relief items for flood affectees and apprised about devastation caused by the recent floods in Pakistan. In order to provide immediate relief to the flood affectees, NDMA started procurement on emergency basis costing Rs. 2.4 billion.

    READ MORE: Pakistan decides to lift ban on imported goods

    Due to colossal damages, the already procured items are not sufficient viz-a-viz relief requirement in the flood affected areas.

    Therefore, NDMA placed orders for procurement of more items at cumulative cost of Rs. 7.113 billion, which are being procured in emergency to provide relief to affectees. Previously, NDMA was allocated Rs. 8 billion for procurement and logistics cost of relief items to the flood affectees.

    READ MORE: 15% surcharge imposed for clearance of banned items

    The amount was insufficient as the cost of only procurement has surpassed Rs. 9.5 billion. Besides procurement, NDMA is also undertaking logistics of all relief goods and materials provided by friendly countries.

    Foregoing in view, the ECC approved allocation of Rs. 10 billion to National Disaster Management Authority (NDMA) with direction to the Finance Division to immediately release Rs. 5 billion to NDMA.

  • Angelina Jolie visits Pakistan to support flood affected communities

    Angelina Jolie visits Pakistan to support flood affected communities

    International humanitarian Angelina Jolie is visiting Pakistan to support communities affected by the devastating floods, according to a statement issued on Wednesday.

    Heavy rains and floods across the country have impacted 33 million people and submerged one third of the country under water.

    Ms Jolie is visiting to witness and gain understanding of the situation, and to hear from people affected directly about their needs, and about steps to prevent such suffering in the future.

    Ms Jolie, who previously visited victims of the 2010 floods in Pakistan, and the 2005 earthquake, will visit the IRC’s emergency response operations and local organisations assisting displaced people including Afghan refugees. 

    Pakistan, which has contributed just 1% of global carbon emissions, is also the second largest host of refugees globally, its people having sheltered Afghan refugees for over forty years.

    Ms Jolie will highlight the need for urgent support for the Pakistani people and long-term solutions to address the multiplying crises of climate change, human displacement and protracted insecurity we are witnessing globally.

    Ms Jolie will see first hand how countries like Pakistan are paying the greatest cost for a crisis they did not cause. The IRC hopes her visit will shed light on this issue and prompt the international community – particularly states contributing the most to carbon emissions – to act and provide urgent support to countries bearing the brunt of the climate crisis.

    Shabnam Baloch, Pakistan Country Director at the IRC said: “The climate crisis is destroying lives and futures in Pakistan, with severe consequences especially for women and children.

    “The resulting economic loss from these floods will likely lead to food insecurity and an increase in violence against women and girls. We need immediate support to reach people in urgent need, and long term investments to stop climate change from destroying our collective futures. With more rains expected in the coming months, we hope Angelina Jolie’s visit will help the world wake up and take action.”

    IRC’s latest needs assessment shows people are in urgent need of food, drinking water, shelter, and healthcare. Every person surveyed reported women and girls have no access to menstrual hygiene products. So far, the IRC has reached more than 50,000 women and girls with humanitarian assistance, including dignity and hygiene kits to address the need for sanitation and menstrual items.

    We have been providing lifesaving services to flood-affected communities in Balochistan, Khyber Pakhtunkhwa and Sindh since early July and have reached almost 950,000 people with emergency supplies, food, healthcare and safe spaces.

  • Outbound passengers to declare currency above $5,000

    Outbound passengers to declare currency above $5,000

    Federal Board of Revenue (FBR) Wednesday issued draft rules to make it mandatory for outbound passengers to make declaration of currency amounting above $5,000.

    The FBR issued draft amendment to Baggage Rules, 2006 by issuing SRO 1751(I)/2022 dated September 20, 2022.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    The revenue body said that the draft rules had been published for information of all persons likely to be affected and notice is also given that objections or suggestions may for consideration of the board should be sent within seven days of the draft amendments.

    According to the amendment, in case of accompanied baggage, the outbound passenger who is in possession of foreign currency exceeding $5,000 of equivalent, any other prohibited or restricted item or any other item requiring declaration before Customs, shall file a declaration before or on departure, electronically in the WeBOC or manually.

    READ MORE: PKR falls for 13th session as dollar ends near record high

    Similarly, the incoming passenger who is in possession of foreign currency exceeding $10,000 or equivalent, any other prohibited or restricted item or any other item requiring declaration before customs shall file a declaration.

    Earlier, on September 11, 2022, the FBR issued a clarification stating that a misleading impression has been created in some section of the press that Pakistan has recently imposed currency declaration requirements for passengers coming into Pakistan, which is contrary to facts. Unlike portrayed by some section of the press, the mandatory requirement for passengers coming into Pakistan and bringing currency and/or negotiable instruments was notified by the State Bank of Pakistan more than 10 years ago vide notification no. F.E.1/2012-SB dated 16th June 2012. This requirement came into force on July 01,2012.

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    Subsequently, in order to widen the scope of declaration to include gold jewelry, precious stones and other prohibited/ restricted goods, Pakistan Customs also introduced a comprehensive “Customs Declaration Form for Passengers” which was notified vide SRO 689(I)/2019 dated 29th June, 2019. These rules cover both the incoming and outgoing passengers.

    These requirements for declaration are in line with international standards and the best practices adopted by most of the countries in the world. The passengers can make the declaration either manually at the Customs counter or electronically in the Customs System. In order to increase awareness amongst the international passengers, Pakistan Customs has been collaborating with the Civil Aviation Authority, Airlines, and Immigration Authorities to improve its outreach for both departing and arriving passengers. As a result, the compliance has been steadily increasing.

    READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

    FBR has further reiterated that the currency declaration regime for all international passengers has been in field for more than a decade, rather than being recently introduced on account of any recent FATF review requirements.

  • Rupee ends near historic low; Dollar gains to PKR 239.65

    Rupee ends near historic low; Dollar gains to PKR 239.65

    KARACHI: Pakistani Rupee (PKR) on Wednesday continued its losing streak for 14th consecutive session against the dollar and ended near to the historic low of PKR 239.65 in the interbank foreign exchange market.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    READ MORE: PKR falls for 13th session as dollar ends near record high

    The exchange rate recorded a decline of 74 paisas to end at PKR 239.64 to the dollar from previous day’s close of PKR 238.91 in the interbank foreign exchange market.

    The local currency has maintained the free-fall for the last 14 sessions. During this period the local currency depreciated by PKR 21.04 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

    The rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

    READ MORE: Rupee devaluation continues; Dollar jumps to PKR 235.88

    The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

    The rupee also fell due to continuous depletion in foreign exchange reserves of the country.