The Pakistani Rupee Exchange Rate remained largely stable in Monday’s interbank trading session, as the local currency recorded a marginal gain of 1.14 paisa against the US dollar, closing at PKR 280.01 per USD, compared to the previous session’s close of 280.02.
Currency market participants observed a relatively narrow trading range throughout the day, indicating calm sentiment and balanced demand-supply dynamics in the foreign exchange market.
Pakistani Rupee Exchange Rate in Interbank and Open Market
During the session, the Pakistani rupee traded within a tight intraday band. The interbank market recorded a high (bid) of PKR 280.30 and a low (ask) of PKR 281.05, reflecting minimal volatility.
In the open market, exchange companies quoted the US dollar at PKR 280.40 for buying and PKR 281.05 for selling, suggesting stable retail demand for foreign currency.
This steadiness in the Pakistani Rupee Exchange Rate aligns with improving external account indicators and cautious optimism around Pakistan’s macroeconomic outlook.
Pakistani Rupee Exchange Rate Against Major Global Currencies
While the rupee held firm against the US dollar, it showed mixed performance against other major international currencies.
Against the Euro, the Pakistani rupee depreciated by Rs1.11 or 0.34%, closing at PKR 327.25, compared to 326.14 in the previous session. This movement reflects the euro’s relative strength in global markets.
Similarly, the rupee weakened against the British Pound, falling by 67 paisa or 0.18% to settle at PKR 376.74, compared to 376.07 a day earlier.
The local currency also declined against the Swiss Franc, losing Rs1.52 or 0.44%, closing at PKR 351.62, indicating pressure from safe-haven currency demand.
Asian and Regional Currency Performance
In contrast, the Pakistani Rupee Exchange Rate improved against the Japanese Yen, appreciating by 0.26 paisa or 0.15% to close at PKR 1.7749, compared to 1.7775 previously.
Against the Chinese Yuan, however, the rupee weakened by 4.21 paisa or 0.10%, closing at PKR 40.15, reflecting ongoing trade settlement dynamics between the two countries.
The rupee remained largely unchanged against Gulf currencies, strengthening slightly by 0.30 paisa against the Saudi Riyal to PKR 74.67, and by 0.31 paisa against the UAE Dirham to PKR 76.24, underscoring the peg-driven stability of these currencies.
Pakistani Rupee Exchange Rate: Fiscal Year and Calendar Year Trends
From a broader perspective, the Pakistani Rupee Exchange Rate has shown notable improvement over time. During the current fiscal year, the rupee has appreciated by Rs3.75 or 1.34% against the US dollar.
On a calendar-year basis, the local currency has gained 11.10 paisa or 0.04%, signaling gradual stabilization following previous periods of heightened volatility.
Money Market Update and Interest Rate Indicators
In the money market, short-term liquidity conditions eased slightly. The 6-month Karachi Interbank Offered Rate (KIBOR) edged down by 3 basis points, with bid rates at 10.11% and offer rates at 10.36%. This decline suggests improving liquidity and reduced short-term funding pressure in the banking sector.
Outlook for the Pakistani Rupee Exchange Rate
Market analysts believe the Pakistani Rupee Exchange Rate will continue to trade within a controlled range in the near term, supported by stable remittance inflows, disciplined import demand, and cautious monetary policy expectations. However, external factors such as global interest rate movements and commodity prices will remain key risk indicators.