Key Points
- PKR gains marginally in interbank trade
- Settles at 281.05 per USD, up Re0.01 from previous session
- Open market sees minor fluctuations against USD, Euro, Dirham, and Riyal
KARACHI: The Pakistani rupee registered a marginal gain against the US dollar in Wednesday’s interbank market, reflecting minor adjustments amid global currency movements, according to the State Bank of Pakistan (SBP).
At close, the local unit settled at Rs281.05, marking an increase of Re0.01 compared with Rs281.06 in the previous session. The interbank bid-offer for the dollar was Rs281.05 and Rs281.25, respectively.
In the open market, the rupee experienced slight shifts. Buying rate of the US dollar declined by Rs 0.02 to Rs 281.59. At the same time, the selling rate remained unchanged at Rs 282.10, according to the Pakistan Forex Association.
Against other major currencies, the rupee showed mixed performance. Euro strengthened, with the PKR gaining Rs 0.37 for buying at Rs 326.58 and RS 0.66 for selling at Rs 330.00. The UAE Dirham remained stable, closing at Rs 76.79 for buying and Rs 77.55 for selling. Saudi Riyal saw a minor dip of Rs 0.01 for buying, settling at Rs 75.06, while the selling rate stayed at Rs 75.65.
International market trends influenced local movement, with the US dollar weakening against the Japanese yen in early Asian trade. Analysts attributed the rupee’s stability to cautious trading ahead of upcoming global economic indicators, including inflation data from the US and ongoing developments in commodity markets.
Outlook
Traders expect the rupee to remain relatively stable in the near term, supported by modest inflows and cautious demand for foreign exchange ahead of corporate and import settlements. Market watchers noted that any sharp movements in oil or precious metals prices may impact short-term exchange rates.
