The US dollar remained at Rs 278 in Pakistan’s interbank currency market, while the Pakistani rupee performed relatively stable against other major global currencies. According to the latest interbank data, the purchase of the US dollar was recorded at Rs 278.30, while the sale was recorded at Rs 278.80.
According to economists, the limited volatility in the interbank market indicates that a balance is maintained between the demand and supply of foreign exchange in the banking sector. Over the past few months, the policies of the State Bank, foreign remittances and export earnings have played an important role in keeping the rupee relatively stable.
The British pound was traded at Rs 371.51 for purchase and Rs 372.17 for sale, while the price of the euro was recorded at Rs 321.10 for purchase and Rs 321.68 for sale. According to financial circles, the ongoing economic changes in the European and British economies are affecting the global value of these currencies; however, their movement in the Pakistani market is currently being seen in a limited scope.
Among Gulf currencies, the UAE dirham was trading at Rs 75.78 for purchase and Rs 75.92 for sale, while the Saudi riyal was trading at Rs 74.12 for purchase and Rs 74.26 for sale. Since a large part of Pakistan’s remittances come from the Gulf countries, the prices of these currencies are considered an important indicator for the domestic foreign exchange market.
Analysts say that the current interbank rates reflect a relatively stable environment for importers, exporters and companies making international payments. However, the strengthening of the dollar globally, changes in oil prices and changes in international monetary policies may affect the currency market in the future.
Other major currencies, including the Canadian dollar, Australian dollar and Singapore dollar, also continued to trade with minor changes. According to experts, the stability of the interbank market is an indication that financial institutions are adopting a cautious but confident approach in the current economic situation.
Economists further say that if the momentum of remittances and exports continues, the current position of the rupee could be further strengthened. On the other hand, import pressure or unexpected changes in global financial markets could affect the market trend.
Overall, the latest interbank currency rates show that the Pakistani rupee is currently protected from severe pressure, and the trend of stability in the market continues, which is being viewed as a positive development by the business community and investors.
| Flag | Code | Bank Buying | Bank Selling |
|---|---|---|---|
 |
USD | 278.3 | 278.8 |
|
GBP | 371.51 | 372.17 |
|
EUR | 321.1 | 321.68 |
|
AED | 75.78 | 75.92 |
|
SAR | 74.12 | 74.26 |
|
CAD | 199.53 | 199.89 |
|
AUD | 196.03 | 196.39 |
|
CNY | 41.05 | 41.12 |
|
HKD | 35.52 | 35.58 |
|
JPY | 1.74 | 1.74 |
|
SGD | 216.17 | 216.56 |
|
SEK | 29.54 | 29.6 |
|
CHF | 348.96 | 349.59 |
|
THB | 8.46 | 8.48 |
