KARACHI: Pakistan’s economic indicators displayed a mixed but steady trend this week, with foreign exchange reserves recording a modest increase and the rupee maintaining its stability against the US dollar, even as domestic gold prices retreated from their record-breaking rally.
The State Bank of Pakistan (SBP) reported on Thursday that the nation’s liquid foreign exchange reserves saw a slight uptick of $22 million during the week ended September 19, 2025. The central bank’s own reserves climbed to $14.38 billion, elevating the country’s total liquid foreign reserves to $19.79 billion. The remaining $5.41 billion are held by commercial banks. This gradual accumulation is seen as a positive sign by analysts, reinforcing the country’s external buffer amidst ongoing economic reforms.
In the currency market, the Pakistani Rupee (PKR) continued to demonstrate resilience, appreciating marginally by 0.01% against the US dollar in the interbank market. It settled at 281.41, a gain of two paisa from the previous session. According to analysis from Ismail Iqbal Securities, this daily stability comes against a backdrop of a slight 1.01% depreciation on a calendar year-to-date basis, though the currency has strengthened by 0.84% since the start of the current fiscal year in July.
Meanwhile, the domestic bullion market witnessed a correction. After hitting an all-time high earlier in the week, gold prices fell by Rs 2,000 per tola to settle at Rs 396,800. The decline was attributed to a similar trend in the international market, where spot gold steadied at $3,735.09 per ounce after a surprise drop in weekly US jobless claims tempered expectations for immediate interest rate cuts by the Federal Reserve.
Jobless claims came in stronger than expected, which is a slightly hawkish print that may temper some easing expectations, but it’s not enough to alter the overall trend, said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals. This global movement directly influenced local pricing, as noted by market experts.
In a contrasting move, silver surged to a record high both internationally, touching around $45, and locally, reaching Rs 4,663. The overall market sentiment remains cautious as investors worldwide await key US inflation data for clearer signals on the future path of American monetary policy, which has significant ripple effects on emerging markets like Pakistan.