Foreign exchange reserves near $29b

Liquid foreign exchange reserves held by Pakistan climbed to $26.8 billion by September 11, 2026, the strongest combined level since September 2021, according to The Express Tribune. Of that sum, the SBP accounted for $21.4 billion, an all-time peak for the central bank, while commercial banks held $5.4 billion. A $3.061 billion jump in SBP holdings during the week to September 11 was the biggest weekly gain since June 27, 2025, and the central bank tied it to Eurobond proceeds.

According to Arif Habib Limited (AHL), import cover improved to 3.03 months, clearing the three-month mark for the first time since August 2020. It is measured against imports averaged over three months. Total reserves are still slightly below the $27.1 billion recorded in September 2021, yet the official component has reached an all-time high, giving a stronger external cushion than in much of the last half decade.

The rupee edged up by Rs0.01 to finish at 277.26 against the dollar. Domestic gold retreated on Thursday after a sharp gain the previous day, with 24-karat gold quoted at Rs453,436 per tola following a Rs3,800 drop, according to the All-Pakistan Gems and Jewellers Sarafa Association. International spot gold advanced 2.3% to $4,360.36 an ounce, helped by lower oil prices and a weaker dollar after Wednesday's Federal Reserve decision lifted the target band to 3.75%-4.00%.