Moaaz Manzoor

The Pakistani rupee ended the week on September 26 with a steady performance, underscoring its resilience after the longest winning streak in recent months, as stability in the interbank market reflected policy discipline and controlled external pressures.

According to State Bank of Pakistan (SBP) data, the US dollar remained largely stable throughout the week. On September 22, the dollar stood at 281.2194 (buying) and 281.6512 (selling). It eased slightly on September 23 to 281.1881 and 281.6199, followed by 281.1833 and 281.6151 on September 24. The trend continued with 281.1881 and 281.6199 on September 25, before closing the week on September 26 at 281.1561 and 281.5880.

The Chinese yuan mirrored this narrow movement, beginning the week at 39.5341 and 39.5857 on September 22, edging to 39.5326 and 39.5851 on September 23. It slipped to 39.5092 and 39.5609 on September 24, recorded 39.4700 and 39.5215 on September 25, and finally settled at 39.4139 and 39.4653 on September 26.

The euro showed greater fluctuation. It opened at 330.1220 and 330.6219 on September 22, firmed to 331.5798 and 332.0781 on September 23, and climbed further to 331.6763 and 332.1772 on September 24. By September 25, it eased to 330.3176 and 330.8210, before slipping further to 328.3408 and 328.8420 at the week’s close.

The British pound followed a similar path. It was recorded at 378.8431 and 379.4187 on September 22, rising to 379.8164 and 380.3925 on September 23. It moved to 379.6063 and 380.2114 on September 24, but later weakened to 378.4381 and 379.0273 on September 25, and 375.4897 and 376.0595 on September 26.

The Saudi riyal remained consistent, standing at 74.9031 and 75.0131 on September 22, 74.9654 and 75.0765 on September 23, 74.9604 and 75.0715 on September 24, 74.9650 and 75.0761 on September 25, and closing the week at 74.9588 and 75.0689. Speaking with WealthPakistan, Muhammad Bilal Ejaz, Research Analyst at Ismail Iqbal Securities, said: “The rupee moved within a narrow range this week, showing limited volatility.

Through September, the currency broadly maintained its level, indicating relative stability. Sustaining this will require consistent foreign inflows, prudent monetary and fiscal management, careful handling of the current account, and a stable global environment.” Syed Zafar Abbas, Manager at Zahid Latif Khan Securities, added that there is currently no pressure from external payments.

He highlighted that the State Bank has eased open-market purchasing, which is a positive sign. Abbas pointed out that while recent floods might have prevented the SBP from a rate cut, the situation was relatively under control. He noted that the rupee had remained stable for a long time, crediting the government, SIFC, and the economic team for their efforts in maintaining this stability. Overall, the rupee’s steady path reflected cautious optimism, supported by policy backing, steady inflows, and improving investor confidence.

Credit: INP-WealthPk