Karachi: Pakistan’s foreign exchange reserves eased by USD 88 million to USD16.336 billion by the week ended on March 02, 2012 against USD 16.424 billion a week ago.
According to Alfalah Securities Limited, Reserves held by the central bank fell to USD 11.897 billion during the week under review against USD 12.062 billion by the week ended on February 24, 2012. The reserves held by commercial banks also declined to USD 4.438 billion from USD 4.362 billion last week. The decline in reserves is attributed to funding of import bill and other foreign obligations. The drop in reserves would exert more pressure on the Pak Rupee against US Dollar where Alfalah Securities Limited expects it to devalue by 8.0% in 2012.