PKR Sees Stability Amid Import Pressures

The US dollar traded at Rs 284.65 in Pakistan’s open market, with the selling rate recorded at Rs 285.25. The interbank exchange rate stood slightly lower at Rs 282.15, according to the State Bank data.

The rupee showed little change compared to the previous day, when the dollar closed at Rs 284 in the open market. Currency traders noted that demand for dollars remained steady, with no significant movement seen in either interbank or open market dealings.

The British pound and euro also saw minor fluctuations, while Gulf currencies like the Saudi riyal and UAE dirham maintained stable positions against the rupee. Traders said remittance inflows from overseas Pakistanis were providing some support to the local currency.

The Kuwaiti dinar and Omani riyal remained the most expensive currencies, while the Japanese yen and Indian rupee continued to trade at lower levels compared to the dollar.

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Currency experts believe the rupee is likely to remain under pressure in the coming weeks, mainly due to rising import bills and external financing requirements.

However, they also pointed out that inflows from international lenders and remittances could help stabilise the exchange rate in the short term.