Pakistan’s foreign exchange market is continuing to witness stable trading activity as major international currencies are showing limited volatility against the Pakistani rupee in both the interbank and open market.
Currency dealers are saying that improved remittance inflows and controlled import payments are helping the rupee maintain balance despite ongoing pressure from global economic uncertainty and rising oil prices.
The US Dollar (USD) is continuing to trade within a narrow range in the local market. In interbank trading, the dollar is being bought at Rs 278.50 and sold at Rs 279.00. Meanwhile, in the open market, the greenback is being traded at Rs 279.00 for buying and Rs 279.60 for selling.
Market analysts are noting that demand for the dollar is remaining steady due to import-related transactions and commercial payments, while inflows from overseas Pakistanis are also supporting the rupee.
The British Pound (GBP) is also maintaining its strong position against the Pakistani currency. According to market data, the pound is being traded in the interbank market at Rs 373.22 for buying and Rs 373.89 for selling. In the open market, the pound is standing at Rs 373.10 and Rs 378.60, respectively.
Exchange companies are reporting that the pound is continuing to attract demand from students, travellers, and overseas remittance recipients.
The Canadian dollar (CAD) is showing stable movement as well. Interbank rates are standing at Rs 202.50 for buying and Rs 202.86 for selling, while the open market rate is being recorded at Rs 201.41 and Rs 207.65, respectively.
Among Gulf currencies, the UAE Dirham (AED) is remaining stable amid consistent remittance inflows from expatriates working in the Emirates. The interbank rate is standing at Rs 75.82 for buying and Rs 75.96 for selling, while the open market rate is being traded at Rs 75.90 and Rs 76.90.
Similarly, the Saudi Riyal (SAR) is continuing to show steady movement in the market. Interbank rates are being recorded at Rs 74.22 for buying and Rs 74.35 for selling, whereas the open market rate is standing at Rs 74.20 and Rs 75.20, respectively.
Meanwhile, the Australian dollar (AUD) is also remaining stable due to balanced demand linked to education and trade sectors. In the interbank market, the currency is being traded at Rs 197.90 for buying and Rs 198.26 for selling. Open market rates are standing at Rs 196.36 and Rs 203.63.
Financial experts are saying that Pakistan’s currency market is currently benefiting from stable inflows and cautious trading activity. However, they are warning that fluctuations in international oil prices and external financing needs could influence the rupee’s direction in the coming days.
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