The dollar-rupee rate in the inter-bank operations dipped below 280 after a long time because of multiple positive developments. The Pakistani rupee recorded a marginal gain against the US dollar during Wednesday’s interbank trading session. The local currency strengthened by 2.83 paisa, settling at 279.97 per dollar compared to the previous close of 280.
During the session, the rupee showed limited volatility. It touched an intraday high of 280.30 and a low of 281.05, reflecting cautious market sentiment. Meanwhile, open market rates remained slightly higher, with exchange companies quoting the dollar at 280.80 for buying and 281.05 for selling.
Rupee Performance Against Major Currencies
The rupee also posted gains against several major global currencies. It appreciated by 55.09 paisa, or 0.17 percent, against the euro, closing at 325.97. A day earlier, the euro stood at 326.52.
Similarly, the local currency strengthened against the British pound. It gained 68.21 paisa, or 0.18 percent, to close at 376.31 compared to 376.99 previously. In addition, the rupee rose sharply against the Swiss franc, appreciating by 1.87 rupees to settle at 349.20.
Against the Japanese yen, the rupee posted a modest improvement. It gained 0.12 paisa, closing at 1.7602 versus 1.7614 in the previous session. However, the trend was not uniform across all currencies.
Mixed Trend Against Regional Currencies
The rupee weakened slightly against the Chinese yuan. It fell by 1.78 paisa, or 0.04 percent, to close at 40.15 from 40.13. In contrast, the local unit showed mild gains against Gulf currencies.
It appreciated by 0.96 paisa against the Saudi riyal, closing at 74.65. Similarly, it gained 0.77 paisa against the UAE dirham, ending the session at 76.22.
Fiscal Year and Calendar Year Performance
On a broader scale, the rupee has shown measured strength this fiscal year. It has appreciated by 3.79 rupees, or 1.35 percent, against the US dollar so far. During the ongoing calendar year, the rupee has gained 14.96 paisa, reflecting a 0.05 percent improvement.
These figures suggest gradual stability rather than sharp recovery. Market participants continue to monitor external inflows and import pressures closely.
Money Market Remains Stable
Meanwhile, money market conditions remained unchanged. The benchmark six-month Karachi Interbank Offered Rate held steady. Bid rates stood at 10.11 percent, while offer rates remained at 10.36 percent.
Overall, the rupee’s modest appreciation signals short-term stability. However, analysts note that sustained gains will depend on economic inflows and disciplined fiscal management.
