Karachi – The rupee continued to trade flat in Pakistan’s foreign exchange market, with major global currencies trading flat at both the interbank and open market levels. Economists and currency dealers said tight monitoring of import payments and remittances from overseas Pakistanis provided a temporary balance to the market, which acted as a buffer against external economic pressures.
The buying price of the US dollar remained at Rs 278.50 in the interbank market and the selling price at Rs 279.00. There was no major difference in the dollar rates in the open market either, where it was sold at Rs 279.00 and Rs 279.60, respectively. Market analysts believed that although the demand for the dollar was constant due to trade and commercial payments, alternative funds coming from legal sources kept the rupee’s position from weakening.
The second most important currency, the British pound, also remained stable in the local market. According to the data, the buying rate of the pound in the interbank market was recorded at Rs 373.22 and the selling rate at Rs 373.89. In the open market, its price remained at Rs 373.10 and Rs 378.60, respectively. According to exchange companies, this steady demand for the pound was mainly related to the needs of students studying abroad and travel expenses.
Talking about the Canadian dollar, its exchange rate in the interbank market was fixed at Rs 202.50 (buying) and Rs 202.86 (selling), while in the open market it was seen at Rs 201.41 and Rs 207.65. Similarly, the Australian dollar remained at Rs 197.90 (buying) and Rs 198.26 (selling) in the interbank market, while in the open market its rates remained at Rs 196.36 and Rs 203.63.
The balance between buyers and sellers was clearly seen in the currencies of the Gulf region. The UAE dirham was bought at Rs 75.82 in the interbank and sold at Rs 75.96, while its rates in the open market were Rs 75.90 and Rs 76.90. The Saudi riyal also followed the same stable trend, where the interbank rates were recorded at Rs 74.22 and Rs 74.35, and in the open market, it was traded at Rs 74.20 and Rs 75.20, respectively.
Financial experts said that this stability of the rupee was welcome, but it required long-term policy measures. Experts had warned that the recent increase in crude oil prices in the international market and Pakistan’s future external financing requirements were factors that could put pressure on the rupee again, hence the need for caution in monetary policy.
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