Key Points
- The official inter‑bank US Dollar/PKR rate, as reported by the State Bank of Pakistan (SBP), stood at Rs 281.02 per US Dollar.
- Open‑market rates, according to the Exchange Companies Association of Pakistan (ECAP), were approximately Rs 282.60 per US Dollar.
- The spread between the inter‑bank and open‑market rates remains modest at around Rs 1.58, indicating improved alignment between formal and informal currency channels.
- Analysts attribute the narrower gap to stronger remittance inflows and increased regulatory oversight of informal FX markets.
ISLAMABAD: The Pakistani rupee maintained a stable position today, with the official inter‑bank rate quoted at Rs 281.02 per US Dollar by the State Bank of Pakistan (SBP).
In the open market, the Exchange Companies Association of Pakistan (ECAP) reported the US Dollar trading at approximately Rs 282.60. The Rs 1.58 spread between the two rates suggests a narrowing gap, reflecting improved alignment between formal banking channels and retail currency‑exchange activities.
Market analysts attribute this tighter spread to several factors, including stronger remittance inflows, which have bolstered foreign‑exchange liquidity, and increased regulatory oversight of informal foreign‑exchange markets. These measures have contributed to reducing the premium on the rupee in the open market.
Despite the relative stability, the rupee remains susceptible to external-sector pressures, including large import bills, limited foreign‑exchange reserves, and potential fluctuations in global commodity prices. These factors could influence the exchange rate dynamics in the coming weeks.
Outlook
Key developments to monitor include weekly remittance and export‑earnings data, which influence foreign‑exchange liquidity, and any interventions or commentary from the SBP that could impact both inter‑bank and open‑market rates. Additionally, global economic factors such as US Dollar strength, oil-price fluctuations, and enforcement actions against informal foreign‑exchange trading will be closely observed for their potential effects on the rupee’s value.
