Forex reserves rise $29m to $11.29b

With the latest weekly surge of $29 million, Pakistan's foreign exchange reserves, held by the State Bank of Pakistan (SBP), have cumulatively risen $2.19 billion in the past four months, reaching a more than 31-month high at $11.29 billion by November 15, 2024. The spike in foreign currency deposits suggested that the supply of US dollars remained higher, which helped the local currency to stay below Rs278/$ on Thursday. The rupee ticked up Rs0.08 to Rs277.96 against the greenback in the inter-bank market. It had closed at a two-month low at Rs278.04/$ on Wednesday. According to the central bank data, the foreign exchange reserves have continued to surge over the past 17 consecutive weeks. They have maintained a non-stop winning streak despite the recent repayment of $1 billion in foreign debt.