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Foreign exchange reserves at a 26-month high

KARACHI: Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $33 million to a 26-month high of $9.43 billion for the week ended August 30, 2024, according to the central bank’s latest update. bank. The continued rise in reserves over the past six weeks boosted the domestic currency, which appreciated by Rs 0.10 to Rs 278.67 against the US dollar in the interbank market, reversing a recent downtrend. The rupee had earlier closed at a five-month low of Rs 278.77 on Wednesday. Cumulatively, the SBP’s reserves increased by $409.6 million over the past six weeks,