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Pakistan’s foreign exchange reserves saw a $99.8 million decline.

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According to reports citing the State Bank of Pakistan (SBP), Pakistan’s total liquid foreign exchange reserves fell by US$99.8 million for the week that concluded on May 31.

The central bank said in a statement that as of May 31, the nation’s foreign exchange reserves were $14.21 billion.

While the reserves held by the commercial banks fell by $115 million to US$5.1 billion, the SBP’s holdings in Pakistan rose by US$15.8 billion to US$9.1 billion.

According to the release, Pakistan’s foreign exchange reserves increased by US$46.5 billion in May 2024.

It was previously reported that the SBP’s foreign exchange reserves were at US$ 9.093 billion, having lost US$ 63 million over the course of the week that concluded on May 24 owing to repayments of external loans.

The nation’s total liquid foreign reserves, according to a statement from the central bank, are $14.31 billion USD.

Commercial banks own US$ 5.22 billion in net foreign reserves, or a portion of the overall foreign reserves, according to the SBP.

The announcement said, “Due to external debt repayments, SBP reserves decreased by US$ 63 million to US$ 9,093.7 million during the week ended on May 24, 2024.”

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With a loss of 32 paisas, the US dollar is now trading at 277 rupees on the interbank market.

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In the Interbank market, the United States dollar is currently trading at 277 rupees and 63 paise, indicating a depreciation of 32 paise. Yesterday, it reached a closing price of 277 rupees and 95 paise on the Interbank market.

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The price of gold has skyrocketed in Pakistan.

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Pakistan’s gold price recovered on Friday following a sharp drop the day before, mirroring worldwide market patterns.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola rose by Rs2,000 in the local market, ending at Rs278,800.

Likewise, the cost of 10 grams of 24-karat gold increased by Rs1,715 to Rs239,026.

With an extra $20 premium, the price of gold increased by $21 on Friday to $2,683 per ounce on the global market as well.

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The PSX-100 index reaches a record high and surpasses 93,000 points.

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Historically, the Pakistan Stock Exchange (PSX) exceeded the 93,000-point threshold for the first time, with the KSE-100 index increasing by 480 points to attain a record high of 93,001 points.

A significant milestone was reached on the final business day of the week, establishing a new record for the nation’s stock market.

Economists ascribe the market’s expansion to expectations of an enhanced economic rating for Pakistan and a favorable perspective on economic reforms. The session commenced positively, with the 100 index initially increasing by 250 points, reaching 92,770 points prior to the day’s zenith. The market concluded the prior day at 92,520 points.

Simultaneously, the Pakistani rupee appreciated as the dollar decreased by 20 paisa in the interbank market, now valued at 277.75 rupees. Economists attribute this enhancement to heightened remittances and a current account surplus, which have strengthened the rupee’s status.

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