SBP reserves up; rupee hits five-month high

KARACHI: The State Bank of Pakistan's foreign exchange reserves saw an increase of $43 million, reaching $9.509 billion as of the week ending on September 13.

According to the central bank, the country’s total reserves rose to $14.826 billion, including $5.316 billion held by commercial banks.

While the SBP did not specify the source of this inflow, currency market experts indicated that the central bank is consistently purchasing dollars from the interbank market.

The government anticipates that the SBP's reserves will grow to $13 billion by the close of FY25, despite substantial debt repayments amounting to $26.2 billion in the current fiscal year. Expected inflows from the IMF are deemed insufficient to boost SBP reserves to $13 billion.

Meanwhile, on Thursday, the rupee appreciated against the dollar, reaching a five-month high.

The SBP reported that the dollar closed at Rs277.91 in the interbank market, compared to Rs278.04 the previous day, marking a gain of 14 paisa.

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