Karachi: Pakistan’s open market witnessed a largely stable trend in major foreign currencies as steady remittance inflows from overseas Pakistanis continued to support the rupee. Despite global economic pressures, the local market remained calm, with buying and selling rates showing limited movement during the day.
The US dollar continued to set the overall direction of the market. It traded at around Rs 281.05 on the buying side and Rs 283.30 on the selling side. Regular inflows from Pakistani workers, students, and professionals based in the United States helped keep demand balanced and prevented sharp volatility.
The Saudi Riyal also remained steady, reflecting its strong connection with Pakistan’s labor market. It was observed at approximately Rs 74.8 for buying and Rs 75.4 for selling. Millions of Pakistanis working in Saudi Arabia continued to send money home, making the riyal one of the most consistent currencies in the open market.
The UAE Dirham followed a similar pattern, trading near Rs 76.4 on the buying side and Rs 77.05 on the selling side. Remittances from Dubai, Abu Dhabi, and other Emirates played an important role in maintaining liquidity, particularly for households relying on monthly transfers.
The Omani Riyal, one of the higher-value Gulf currencies, was exchanged at around Rs 728 for buying and Rs 738 for selling. Pakistani workers employed in Oman continued to contribute steady inflows, supporting families and helping stabilize demand in the market.
The Canadian dollar traded at roughly Rs 201.5 for buying and Rs 204 for selling. Financial support from Pakistani immigrants, skilled workers, and students living in Canada remained a key factor behind the currency’s stable performance.
Meanwhile, the British pound held firm at about Rs 375 on the buying side and Rs 378 on the selling side. The UK remained one of Pakistan’s strongest remittance corridors, with regular inflows helping ease pressure on foreign exchange reserves.
Overall, the open market stayed largely stable throughout the day, supported by consistent remittances from overseas Pakistanis. The steady flow of foreign currency helped keep exchange rates within a narrow range and provided confidence to the market despite external economic uncertainties.
