KEY POINTS
- Pakistani rupee closed almost unchanged at Rs 280.90 per US dollar in the interbank market
- In the open market, the Exchange Companies Association of Pakistan reported buying and selling rates of Rs 281.40 and Rs 281.95 per dollar, respectively
- Dealers said balanced import payments and remittance inflows kept the rupee stable
- Analysts foresee limited volatility ahead of the next monetary policy review
ISLAMABAD: The Pakistani rupee held steady against the US dollar on Tuesday, supported by a balance between import payments and inflows from remittances and exporters.
According to the State Bank of Pakistan, the PKR settled at Rs 280.90 per dollar in the interbank market, showing marginal improvement from the previous close of Rs 281.00.
In the open market, the Exchange Companies Association of Pakistan (ECAP) quoted the dollar at Rs 281.40 for buying and Rs 281.95 for selling.
A steady trend was visible in both interbank and open markets as dollar demand from importers was largely met by exporter proceeds and routine remittance inflows.
“The market is stable for now as inflows are matching outflows, though much depends on next week’s inflation data,” said a Karachi-based foreign exchange dealer.
“If inflation surprises on the higher side, speculation over policy tightening could influence short-term currency movements.”
Regional and global context
Across Asia, most regional currencies traded within narrow ranges against the US dollar.
The Indian rupee hovered around 88.55 per dollar, the Bangladeshi taka traded near 121.50, and the Chinese yuan weakened slightly to around 7.09 per dollar amid mixed economic data from Beijing.
Outlook
Currency analysts expect the PKR to remain stable in the near term as the central bank maintains tight liquidity and closely monitors market sentiment.
Any major changes in oil prices, external financing, or US interest rate expectations could, however, affect parity levels.
