Key points:
- Rupee gains Rs 0.01 to close at 280.30 per dollar in interbank market
- SBP data shows continued currency stability
- Open market rates remain broadly unchanged, says exchange dealers
- Global dollar softness and lower oil prices support outlook
ISLAMABAD: The Pakistani rupee posted a marginal gain against the US dollar on Tuesday, maintaining a slow and steady trajectory in the interbank market, according to data released by the State Bank of Pakistan.
SBP figures showed the local currency closing at 280.30 per dollar, up by Rs 0.01 from the previous session’s close of 280.31, reflecting subdued demand for the greenback and balanced market conditions.
Currency dealers said the interbank market remained calm throughout the session, with no significant pressure from import payments or speculative activity, helping the rupee stay range-bound.
In the open market, rates also remained largely stable. Data compiled by the Exchange Companies Association of Pakistan revealed no material change in buying and selling rates during the day, indicating steady supply and demand dynamics in the retail currency market.
The rupee’s stability came amid broader weakness in the US dollar globally. The dollar index, which measures the greenback against six major currencies, slipped 0.2 per cent to 98.261, hovering near its lowest level in nearly two months, as investors awaited key US economic data.
Markets are closely watching the release of delayed US employment reports for October and November, along with upcoming manufacturing indicators, for signals on the future path of US monetary policy. Fed funds futures are currently pricing a more than 75 per cent probability that the US Federal Reserve will keep interest rates unchanged at its January meeting.
Oil prices, a key factor for Pakistan’s external account, also moved lower. Brent crude slipped towards $60 per barrel, easing concerns over the import bill and providing indirect support to the local currency.
Market participants said the rupee is expected to remain stable in the near term, with movements driven mainly by global dollar trends, oil prices, and external inflows.
