The last time reserves touched this level was in September 22, 2019, when they stood at $42.05 billion. Compared to December 2024, reserves are stronger by $1.15 billion or 2.83 per cent. By September 19, reserves had reached $42.03 billion, the highest in six years and surpassing all earlier readings in 2025. This rebound was driven by improved oil receipts, stronger portfolio inflows, and tighter monetary conditions that curbed speculative activity in the FX market. Analysts attribute the sustained build-up to improved oil receipts, stronger foreign investment inflows, and tighter monetary policy that has curtailed speculative activities in the foreign exchange market.