Key Points
- Rupee ends nearly unchanged in interbank market at 280.91 per dollar
- Slight appreciation seen in open market, dollar closes at Rs281.95
- Stable oil prices and IMF inflow expectations keep sentiment steady
- Traders eye November monetary policy for direction
ISLAMABAD: The Pakistani rupee maintained a stable trend against the US dollar on Thursday, closing nearly flat in both interbank and open markets, as balanced demand and supply kept the currency steady ahead of next week’s key monetary policy announcement.
According to the State Bank of Pakistan, the rupee settled at Rs 280.91 per US dollar in the interbank market, compared with Rs 280.92 a day earlier. The Mark-to-Market revaluation rate issued by SBP showed the weighted-average closing at Rs 280.9119, with one-week and one-month forward premiums hovering around Rs 281.15 and Rs 281.74, respectively.
In the open market, the rupee posted a mild gain, with the Exchange Companies Association of Pakistan (ECAP) quoting the dollar at Rs 281.45 for buying and Rs 281.95 for selling, down slightly from the previous day’s level.
Currency traders said investor confidence remained supported by expectations of further inflows from multilateral lenders following Pakistan’s latest engagement with the IMF, as well as subdued import demand and steady remittances.
“The rupee is finding a new equilibrium after recent volatility, with the interbank market reflecting improved liquidity,” one dealer noted, adding that the central bank’s monitoring of forward positions has also helped curb speculative activity.
Other major currencies also showed mixed trends. The euro closed at Rs 324.76 in interbank trading and Rs 328.75 in the open market, while the pound sterling ended around Rs 369.17 and Rs 374.23, respectively. The Saudi riyal and UAE dirham remained stable around Rs 74.90–75.60 and Rs 76.48–77.55, respectively.
Analysts said global dollar movement and oil prices around $81 per barrel provided regional stability, with most Asian currencies trading in narrow ranges.
They added that Pakistan’s rupee could remain range-bound near current levels in the coming sessions, with any sharp moves likely tied to external funding developments and domestic monetary signals.
