Weekly Roundup: Rupee Steady, Oil Prices Fall
By Salman Khan
KARACHI: The Pakistani rupee ended the week with a marginal gain against the US dollar, drawing support from a softer global dollar index, easing oil prices and steady remittance inflows.
In the interbank market, the local currency settled at PKR 282.47 on Friday compared to PKR 282.66 a week earlier. The open market quoted the rupee at PKR 283.86 (buy) and PKR 284.90 (sell).
Currency Converter
The week opened on a positive note with the rupee closing at PKR 282.66 on Monday and strengthening further to PKR 282.57 on Tuesday — its 10th consecutive session of gains. A slight reversal on Wednesday saw the currency weaken to PKR 282.67 before recovering to PKR 282.56 on Thursday.Weekly Roundup: Rupee Steady, Oil Prices Fall
Analysts attributed the stability to favourable external conditions. “With oil prices softening and remittance inflows remaining steady, the rupee has managed to hold its ground despite intermittent dollar demand from importers,” said a Karachi-based forex dealer.
The Dollar Index eased during the week on expectations that the US Federal Reserve could move towards interest rate cuts later this year. Meanwhile, Brent crude posted its sharpest weekly drop since June, easing pressure on Pakistan’s import bill.
According to State Bank data, remittance inflows in July stood at $3.2 billion, helping improve dollar liquidity in the banking system.
Looking ahead, traders expect the rupee to remain range-bound between PKR 282 and PKR 284 in the coming week. However, they caution that any rebound in the Dollar Index or renewed oil price volatility could limit gains.
