Pakistan's FX Reserves Rise by $23.7 Million to $22.5 Billion

Pakistan's total liquid foreign exchange reserves increased by $23.7 million during the week ended August 7, reaching $22,498.3 million, according to data released by the State Bank of Pakistan.

The central bank's holdings rose by $14 million to $17,057 million, while net foreign reserves held by commercial banks increased by $9.7 million to $5,441.3 million, according to Arif Habib Limited (AHL).

Import cover remained unchanged at 2.51 months based on average imports for the last three months.

The Pakistani rupee extended its marginal gains against the US dollar on Thursday, closing at 277.65, up Rs0.01 from Wednesday's settlement at 277.66.