Pakistan’s total liquid foreign reserves stood at US$ 20.16 billion as of March 12, 2021, according to data released by the State Bank of Pakistan.
— SBP (@StateBank_Pak) March 18, 2021
The rupee continues to appreciate due to remittances from overseas Pakistanis and dollar exchange by exporters, the US dollar fell 29 paise.
According to data released by the State Bank of Pakistan’s social networking site Twitter, the US dollar depreciated by 29 paise against the rupee at the Interbank Foreign Exchange during the fourth trading day of the week and the price fell from 155 rupees to 74 paise.
Economists say the government’s use of World Bank services for the issuance of Pakistan Eurobonds and the prospect of an encouraging increase in the country’s foreign exchange reserves with the issuance of Eurobonds this month is further strengthening the rupee in both foreign exchange markets.
Experts say factors such as the Asian Development Bank’s subsidy to Pakistan to provide $1.1 billion in financing for oil and gas imports and a 24 per cent increase in remittance inflows have also contributed to the dollar’s decline.