KEY POINTS
- Rupee remains largely stable near Rs 281.25 against the dollar in interbank trading.
- Open market premium persists, with rates around Rs 282.7 amid thin forex activity.
- Stability driven by steady remittances and SBP’s managed stance, despite global caution.
ISLAMABAD: The Pakistani rupee maintained relative stability today, hovering near Rs 281.25 against the US dollar in the interbank market, as local and global forces combined to restrain sharp moves, according to Trading Economics.
Forex data show that the dollar/rupee pair closed the session with minimal change, reflecting a market in balance after recent volatility, as reported by Bloomberg.
Sources in the open market, quoting FOREX.pk, mentioned the USD/PKR rate around Rs 282.7 for both buying and selling, indicating a slight premium over the interbank level, according to Forex.pk.
Drivers & Market Sentiment
Dealers observed that the rupee’s stability stems from modest demand for dollars, steady remittance inflows, and intervention by the State Bank of Pakistan to manage speculative pressure. Analysts say that, while external pressures remain, the rupee is resuming a narrow range after recent swings.
Global cues added a tone of caution, as Reuters noted muted risk flows into emerging markets in the lead-up to key U.S. inflation data and rate policy decisions — factors that typically influence rupee dynamics.
Outlook & Risks
Currency watchers expect the rupee to trade in a tight band in the near term unless a sharp shock or fresh inflow emerges.
Support is seen near Rs 280.50-281.00, while resistance looms in the range of Rs 282.80 -283.50. Sudden changes in oil prices, forex inflows, or central bank messaging could trigger volatility.
