The Pakistani rupee gained against the US dollar in the interbank market on Wednesday, supported by strong remittances and positive economic signals, while the open market dollar rate remained largely unchanged during trading.
State Bank officials highlighted that Pakistan’s economy is performing better than IMF expectations, boosting market confidence. Rising inflows from overseas Pakistanis further strengthened the rupee and improved sentiment among traders and investors.
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Experts project monthly remittances could reach $4 billion in the coming months, with total inflows for 2026 expected around $42 billion. This steady foreign currency supply has provided critical support to the rupee and overall market stability.
Government crackdowns against hawala networks, smuggling, black money, and terror financing also contributed to the dollar’s decline in the interbank market, keeping currency fluctuations under control and preventing sharp spikes during the session.
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During trading, the dollar fell by 27 paisas to Rs279.66 at one point, but as demand increased, it settled at Rs279.66, down slightly by one paisa compared to the previous session. Meanwhile, the open market rate held steady at Rs280.71.
Analysts note that rising foreign exchange reserves, expected to reach $18 billion by June 2026, are strengthening confidence in the rupee. Traders remain cautious, monitoring upcoming economic developments and global market trends for further guidance.