Forex reserves rise to $16.96 billion
Rupee firms, overnight rates rise.
KARACHI:
Foreign exchange reserves rose to $16.96 billion in the week ended October 29, up from $16.88 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $13.18 billion from $13.09 billion, while those held by commercial banks fell to $3.78 billion from $3.79 billion, said Syed Wasimuddin, chief spokesman for the SBP.
Reserves hit a record high of $17.10 billion in the week ended October 15 because of an increase in remittances and a narrowing trade deficit. They were further boosted in September after the IMF sent $450 million for flood relief.
In the currency market, the rupee ended firmer at 85.59/65 to the dollar, compared with Wednesday’s close of 85.65/70 because of fresh inflow of dollars in the market, despite a rise in international oil prices, dealers said.
In the money market, overnight rates rose to between 11.50 and 12 per cent, compared with Wednesday’s close of 11 per cent amid tight liquidity in the interbank market.
Published in The Express Tribune, November 5th, 2010.
Foreign exchange reserves rose to $16.96 billion in the week ended October 29, up from $16.88 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $13.18 billion from $13.09 billion, while those held by commercial banks fell to $3.78 billion from $3.79 billion, said Syed Wasimuddin, chief spokesman for the SBP.
Reserves hit a record high of $17.10 billion in the week ended October 15 because of an increase in remittances and a narrowing trade deficit. They were further boosted in September after the IMF sent $450 million for flood relief.
In the currency market, the rupee ended firmer at 85.59/65 to the dollar, compared with Wednesday’s close of 85.65/70 because of fresh inflow of dollars in the market, despite a rise in international oil prices, dealers said.
In the money market, overnight rates rose to between 11.50 and 12 per cent, compared with Wednesday’s close of 11 per cent amid tight liquidity in the interbank market.
Published in The Express Tribune, November 5th, 2010.