Moaaz Manzoor

The Pakistani rupee remained broadly stable during the second week of November, showing only mild day-to-day fluctuations against major currencies as foreign exchange reserves improved and market sentiment stayed largely steady. Data from the State Bank of Pakistan (SBP) shows the rupee opened the week on November 10 at 280.5554 (buying) and 280.9873 (selling) against the US dollar. It slipped slightly on November 11 to 280.5272 and 280.9523, before firming midweek to 280.5300 and 280.9551 on November 12.

The trend remained flat overall, with the currency closing the week on November 14 at 280.4632 (buying) and 280.8883 (selling), reflecting a marginal appreciation over the period. In the euro market, the rupee traded at 324.3851 (buying) and 324.8811 (selling) on November 10, weakening marginally the next day to 324.1920 and 324.6781. It strengthened midweek to 324.6820 and 325.1718 on November 12, and closed the week higher at 326.2704 and 326.7619 on November 14, marking one of its stronger performances among major pairs.

The British pound saw comparatively wider movements. It opened at 369.0493 (buying) and 369.6345 (selling), eased to 369.1233 and 369.6816 the next day, and then slipped to 368.5149 and 369.0849 on November 12. The rupee partially recovered later in the week, closing at 368.6476 and 369.2014 on November 14. The Chinese yuan remained range-bound between 39.4491 and 39.5822, while the Saudi riyal traded narrowly between 74.8052 and 74.8936.

The Japanese yen showed minimal variation—moving from 1.8224 and 1.8251 on November 10 to 1.8144 and 1.8170 by November 14. The UAE dirham also held steady, ranging from 76.4328 (buying) and 76.5417 (selling) to 76.3638 and 76.4710 by week’s end. Arif Habib Limited noted that the rupee “appreciated against the USD and remained stable, closing at PKR 280.723.”

The brokerage added that the SBP’s foreign exchange reserves increased USD 21.8 million week-on-week to USD 14.5 billion, while strong participation in the latest Treasury bill auction—PKR 492.9 billion raised against a PKR 550 billion target—helped support confidence. AKD Securities reported a similar trend, stating that “the SBP’s foreign exchange reserves increased by US$22mn week-on-week, ending the week at US$14.5bn,” and that the rupee “appreciated by 0.04% week-on-week against the greenback, closing the week at 280.7 PKR/US$.”

Analysts said the rupee’s steady performance reflected improved external conditions and firm inflows, though upcoming global developments may influence the currency’s direction in the weeks ahead.

Credit: INP-WealthPk