The phrase the State Bank of Pakistan (SBP) was mentioned in a report. The word “crested” means to decrease, so this sentence suggests that the foreign exchange reserves went down.
The central bank revealed the current reserves of the state-run country’s bank to be 8.385 billion dollars at the time.
According to the central bank, overall foreign currency reserves of the country, including all foreign currency reserves held by banks, stood at $14.2 billion. As for lending, as per the central bank, total loans/deposits increased by $5.8 billion to $7.9 billion in 2017-2018.
The SBP cited the decline in reserves due to “external debt and other payments”.
Rupee’s future looks uncertain
In the interbank market, the US dollar continued its declining trend in the past week as expected. The greenback traded below Rs9 on Friday.
Traders have suggested that the US dollar traded at Rs224.78 per unit with respect to the rupee, down from its previous price of Rs226.28.
The Indian rupee went out to wherever
