KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves continued to grow gradually in recent weeks, maintaining stability in the currency market and preventing the US dollar from appreciating against the rupee.

The dollar fell by 4 paise on Thursday to Rs280.92, according to SBP data. The central bank’s reserves rose by $16 million during the week ending Oct 24, reaching $14.471 billion. This level is close to the $14.5bn mark recorded at the end of the previous fiscal year.

Market participants said the SBP has adopted a cautious approach to dollar purchases in the interbank market this fiscal year, unlike FY25, when it reportedly bought........

© Dawn Business