KEY POINTS
- Interbank rate closes near Rs 283.3 per dollar
- Open market quotes higher at Rs 285.5–Rs 286.2 range
- Spread reflects persistent retail demand and limited dollar supply
- Traders cite remittance inflows and IMF program stability as key supports
ISLAMABAD: Pakistani currency traded largely stable in the interbank market on Tuesday, closing at Rs 283.31 against the US dollar, according to data from the State Bank of Pakistan (SBP).
In the open market, however, the rupee remained slightly weaker — with exchange companies quoting the greenback in the Rs 285.5 to Rs 286.2 range, as reported by the Exchange Companies Association of Pakistan (ECAP).
The higher open-market rate reflects stronger demand for physical dollars from importers, travellers, and retailers, compared with the institutional trading levels used in interbank settlements.
Currency dealers said the rupee’s relative steadiness in formal channels was supported by consistent inflows from remittances and export proceeds, along with improved sentiment after the government reaffirmed its commitment to the ongoing International Monetary Fund (IMF) programme.
However, traders also pointed to persistent retail demand and a tight foreign exchange supply as reasons for the rupee’s weaker tone in the open market.
“There’s still some seasonal dollar buying pressure from travellers and businesses settling imports,” a senior dealer at a Karachi-based exchange company told Business Recorder.
Analysts noted that the spread between the interbank and open market — now around Rs 2 to Rs 3 — remains within the range tolerated by the IMF, but could widen if external inflows slow or oil import payments rise later this month.
Market watchers said the rupee’s near-term direction would depend on the timing of multilateral inflows and global oil prices, while the SBP’s cautious intervention policy continues to anchor exchange rate expectations.
