The State Bank of Pakistan (SBP) bought a record USD 722 mln in foreign currency in July, following a USD 573 mln purchase in June, to strengthen reserves. SBP Governor Jameel Ahmad stated that FX intervention data will now be published monthly with a three-month lag. The Pakistani rupee has appreciated about 10% since peaking at 307 in September 2023, remaining below 280 for 10 months.