KEY POINTS
- Rupee posts marginal gain against the US dollar in interbank trade
- SBP reports revaluation rate at Rs 282.02 with balanced liquidity
- Open market remains steady on low demand and strong remittance supply
- Analysts expect narrow trading range ahead of IMF board review
ISLAMABAD: The Pakistani rupee appreciated fractionally against the US dollar on Wednesday, supported by stable foreign inflows and subdued import demand, according to data released by the State Bank of Pakistan (SBP).
The local currency settled at Rs 282.02 per dollar in the interbank market, compared to Rs 282.11 on Tuesday, showing a slight gain of 0.03 per cent. The SBP’s mark-to-market revaluation data placed the weighted average bid at Rs 281.79 and offer at Rs 282.22.
In the open market, the rupee traded largely unchanged. According to the Exchange Companies Association of Pakistan (ECAP), the greenback was quoted at Rs 283.00 for buying and Rs 285.00 for selling, maintaining parity with the previous day.
Exchange dealers attributed the stability to modest importer demand and consistent remittance inflows, which have helped sustain liquidity.
“Market sentiment remains calm, and the rupee is holding within a comfortable range due to limited speculative activity and steady dollar inflows,” a senior banker told Business Recorder.
Analysts said the rupee is likely to stay range-bound in the short term, underpinned by controlled imports, stable reserves, and investor confidence amid Pakistan’s ongoing reform commitments under the IMF programme.
The SBP’s foreign exchange reserves stood at $14.42 billion, while total liquid reserves were $19.81 billion, according to the central bank’s latest data.
Regional and global linkages
Across Asia, currencies moved mixed as investors weighed the latest U.S. economic indicators and policy signals from the Federal Reserve.
Spot gold surged to fresh record highs above US$4,200 per ounce, buoyed by safe-haven demand and growing expectations of rate cuts. Brent crude hovered near US$62 per barrel, pressured by supply concerns and subdued global demand, according to Bloomberg and Reuters.
Outlook
Traders expect the rupee to maintain its current stability in the coming days, supported by tight monetary management, a disciplined FX regime, and optimism surrounding Pakistan’s participation in the World Bank-IMF Annual Meetings in Washington.
