Interbank Market Sees Minor Dollar Decline
In the interbank foreign exchange market, the U.S. dollar fell by three paisas, closing at PKR 280.87. This followed Monday’s closing rate of PKR 280.90, according to the State Bank of Pakistan (SBP).
Forex dealers noted that the rupee has shown resilience at the start of this week. Improved remittances and a slight decline in import payments have provided support to the local currency. Analysts suggest that if foreign exchange reserves continue to strengthen, the rupee could maintain further stability. However, they cautioned that rising global oil prices and import-related pressures could offset these gains.
Open Market Also Reflects Stability
In the open market, the dollar also recorded a minor drop, selling at PKR 281.50. Market insiders attribute this stability to several factors, including recent policy measures by the State Bank, improvements in external financing, and positive developments in Pakistan’s ongoing International Monetary Fund (IMF) program.
These measures have reportedly restored investor confidence, easing pressure on the currency. The SBP has been actively monitoring the foreign exchange market to curb excessive volatility while maintaining adequate liquidity.
Broader Context
The Pakistani rupee has faced pressure over the past year due to widening trade deficits, inflationary pressures, and fluctuating global oil prices. Since early 2025, the central bank has taken multiple steps, including tightening monetary policy and securing external funding, to stabilize the currency.
Economists note that while a three-paisa drop in the dollar may seem minor, it reflects early signs of stabilization that could support Pakistan’s broader economic recovery. Sustained improvements in remittances, export performance, and foreign reserves will be critical for long-term currency stability.
