Foreign exchange hit three-year low

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Foreign exchange reserves dropped $303 million to a three-year low of $7.597 billion in the week ending Oct 7.

“The reserves fell due to external debt repayments, including repayments of a commercial loan and interest payments and Eurobonds,” the State Bank of Pakistan (SBP) said.

Reserved held by commercial banks dropped by around $39m, to $5.649bn during the week. The country’s total reserves now stand at $13.247bn, down $342m from the previous week.

The SBP held reserves of $7.29bn by the end of the 2018-19 fiscal year, which jumped to $12.13bn and then to $17.29bn in the subsequent years before falling to $9.19bn by the close of the previous fiscal year.

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