The Pakistani Rupee (USD to PKR) posted a marginal gain against the US Dollar on Wednesday, ending the interbank session at PKR 279.90 per dollar, up by 0.83 paisa from the previous close. The minor appreciation reflects cautious stability in the currency market amid controlled demand and steady inflows.
During the session, the rupee traded in a narrow band, touching an intraday high near PKR 280.30 and a low around PKR 280.95, indicating limited volatility. In the open market, exchange companies quoted the dollar at PKR 280.30 for buying and PKR 280.95 for selling, keeping the USD to PKR rate largely stable.
Market dealers said the rupee’s performance shows balanced demand for dollars, supported by remittances and tight import payments, while overall sentiment remains cautious.
While the rupee gained slightly against the dollar, it weakened against some major global currencies. The Euro rose to PKR 327.85, while the Swiss Franc closed at PKR 353.48. However, the rupee strengthened against the British Pound, which settled at PKR 376.12. Against the Japanese Yen, the local unit edged lower to PKR 1.7723.
On the positive side, PKR improved against key regional currencies. It strengthened against the Chinese Yuan, Saudi Riyal, and UAE Dirham, reflecting stable regional trade flows and consistent remittance inflows from the Gulf.
So far in the current fiscal year, the rupee has gained PKR 3.86 (1.38%) against the US Dollar, while posting a modest calendar-year increase of 0.08%. In the money market, 6-month KIBOR rates edged up slightly, signaling stable liquidity conditions.
A currency dealer noted, “The USD to PKR rate is expected to remain range-bound in the near term, barring any external shocks or sudden import pressure.”