Foreign exchange reserves reach 26-month high

Pakistan's foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $33 million, reaching a 26-month high of $9.43 billion for the week ending August 30, 2024, according to the central bank's latest update. The continued growth in reserves over the past six weeks has bolstered the domestic currency, which appreciated by Rs0.10 to Rs278.67 against the US dollar in the interbank market, reversing a recent downward trend. The rupee had previously closed at a five-month low of Rs278.77 on Wednesday. Cumulatively, the SBP's reserves have increased by $409.6 million over the past six weeks, returning to levels last seen in July 2022.