The Pakistani rupee edged higher against the US dollar in early inter-bank trade on Wednesday, extending its recent streak of stability as market confidence improved and the greenback eased on the global front.
At 10:00 am, the rupee was trading at Rs280.87 against the dollar, gaining Re0.19 or 0.07 percent from the previous close of Rs281.06, according to market data.
Dealers said the local currency’s upward movement reflected steady inflows from remittances and exports, coupled with a temporary slowdown in import payments. Improved foreign exchange reserves and clarity on IMF-related inflows have also helped calm market volatility in recent weeks.
Globally, the US dollar softened against major currencies in early Asian trade after a retreat in gold prices triggered rebalancing across safe-haven assets. The dollar index (DXY) slipped 0.1 percent to 98.888, while the greenback fell 0.2 percent against the Japanese yen to 151.67, following positive Japanese export data.
Meanwhile, oil prices, a key external factor for Pakistan’s external balance, extended gains for the second straight day. Brent crude was trading at $61.50 per barrel, up 0.29 percent, and US WTI rose 0.37 percent to $57.45.
Currency experts noted that the rupee is likely to remain range-bound between Rs280 and Rs282 in the coming days, with direction influenced by energy prices, foreign inflows, and policy clarity on import financing.
