Rupee holds firm as dollar falls in both currency markets

Karachi: Due to the monthly migration of skilled workers and professionals from Pakistan for employment abroad—raising expectations of increased remittances—along with exporters selling dollars in the futures market at attractive premiums, and daily crackdowns by relevant authorities against elements involved in foreign exchange smuggling, the Pakistani Rupee remained strong against the US Dollar for the 19th consecutive day in both currency markets on Wednesday.

The State Bank’s forecast of 3.25% to 4.25% economic growth in the fiscal year 2026, a decline in inflation, and an increase in foreign exchange reserves—along with the successful management of $1.8 billion in payments for the current fiscal year—kept the dollar under pressure throughout the trading session in the interbank market. At one point, the dollar dropped by 25 paisas to reach Rs281.47.

However, as the supply improved further, new import Letters of Credit (LCs) led to increased demand. Consequently, the dollar closed at Rs281.70, reflecting a slight drop of 3 paisas by the end of trading.

In the open currency market as well, the dollar depreciated further by 10 paisas, closing at Rs283.30.