The Pakistani rupee remained stable during the second week of November, showing only mild daily movements against major global currencies. Market sentiment stayed steady as foreign exchange reserves improved and inflows remained firm.
PKR Moves in a Narrow Range Against the US Dollar
State Bank of Pakistan data shows that the rupee opened the week on November 10 at 280.5554 (buying) and 280.9873 (selling) against the US dollar.
It moved slightly on November 11, closing at 280.5272 and 280.9523. The trend remained flat midweek, with the currency trading at 280.5300 and 280.9551 on November 12.
By November 14, the rupee appreciated marginally to 280.4632 (buying) and 280.8883 (selling), marking a small but positive weekly change.
Mixed Performance Against the Euro and British Pound
The rupee traded at 324.3851 and 324.8811 against the euro on November 10. It dipped slightly the next day but strengthened midweek and closed the week at 326.2704 and 326.7619, showing one of its better weekly performances.
Against the British pound, the currency experienced wider swings. It started the week at 369.0493 and 369.6345 but slipped over the next two sessions. The rupee later recovered and closed on November 14 at 368.6476 and 369.2014.
PKR Holds Steady Against Regional Currencies
The Chinese yuan fluctuated narrowly between 39.4491 and 39.5822 throughout the week.
The Saudi riyal traded between 74.8052 and 74.8936, while the UAE dirham remained stable, moving from 76.4328 and 76.5417 to 76.3638 and 76.4710 by week’s end.
The Japanese yen also showed minimal movement, closing at 1.8144 (buying) and 1.8170 (selling) on November 14.
Market Analysts Note Stable Conditions
Arif Habib Limited said the Pakistani rupee “appreciated against the USD and remained stable, closing at PKR 280.723.”
The brokerage noted an increase of 21.8 million US dollars in SBP foreign exchange reserves, bringing the total to 14.5 billion US dollars. Strong demand in the latest T-bill auction—492.9 billion rupees raised against a 550 billion rupees target—also supported confidence.
AKD Securities reported that SBP reserves rose by 22 million US dollars week-on-week. It added that the rupee appreciated by 0.04 percent, closing the week at 280.7 per US dollar.
Outlook for the Rupee
Analysts told Wealth Pakistan that the rupee’s stability reflects improved external conditions and steady inflows. However, global market developments and upcoming economic data may influence its direction in the weeks ahead.