The State Bank of Pakistan (SBP) reduced its US dollar purchases from the interbank market to a five-month low of $189 million in July 2025, according to data compiled from the central bank’s reports.
Between August 2024 and July 2025, the SBP cumulatively bought $7.15 billion from the market, helping to stabilise the rupee and strengthen foreign exchange reserves, which rose from $9.15 billion to $14.30 billion over the same period.
The slowdown in July followed reduced foreign currency supply and lower import and debt payment requirements. The rupee traded between Rs284.97 and Rs282.87 against the dollar during the month, later recovering toward the end of July.
As of October 17, 2025, SBP’s reserves stood at $14.45 billion, while workers’ remittances increased 26.6% year-on-year to $38.3 billion in FY25.
