Moaaz Manzoor

The Pakistani rupee maintained a steady and tightly managed trajectory throughout November 2025, with narrow weekly fluctuations against major global currencies as disciplined exchange management, stable inflows, and improving macro indicators supported sentiment.

According to data from the State Bank of Pakistan (SBP), the month opened on November 3 with the rupee at 280.6730 (buying) and 281.1049 (selling) against the US dollar. The currency held within a very narrow band in subsequent weekly closings:

– November 7: 280.5684 and 281.0003

– November 14: 280.4632 and 280.8883

– November 21: 280.3567 and 280.7818

– November 28: 280.2567 and 280.6818

The figures reflect a stable, carefully managed trading range, with minor day-to-day appreciation.

The euro showed mild variations during the month. It opened at 323.8120 (buying) and 324.3063 (selling), eased slightly in the first week, strengthened mid-month to 326.2704 and 326.7619, moderated on November 21, and closed at 324.7091 and 325.2124 by month-end.

The British pound moved in a similar pattern. Starting at 368.9410 and 369.5028, it dipped early in the month, rose marginally by mid-November, slipped again on November 21, and eventually firmed to 370.8056 and 371.3608 on November 28.

The Chinese yuan also traded in a tight band, beginning the month at 39.4856 and 39.5372 and closing at 39.6082 and 39.6586. The Saudi riyal remained largely steady, edging down from 74.8377 and 74.9475 to 74.7070 and 74.8155. The Japanese yen weakened slightly, from 1.8209 and 1.8236 on November 3 to 1.7928 and 1.7954 on November 28.

Speaking to Wealth Pakistan, Muhammad Bilal Ejaz, Research Analyst at Ismail Iqbal Securities, said the currency’s gains were modest, noting that “stability is still fragile and dependent on continued macro discipline.”

Syed Zafar Abbas, Manager at Zahid Latif Khan Securities, said the rupee’s appreciation has remained “within a controlled range for the past 1.5–2 years,” crediting administrative oversight. “The whole month has been a good battle for the rupee… every day, there is a little appreciation,” he added.

Macro indicators helped reinforce confidence. Arif Habib Limited reported that Pakistan’s Real Effective Exchange Rate (REER) rose to 103.95 in October 2025, up 2.18% month-on-month, while SBP reserves increased by USD 58 million to USD 14.56 billion. AKD Securities noted that reserves rose USD 9 million week-on-week by November 21, while the rupee appreciated 0.04% WoW to close that week at 280.52 per USD.

Analysts said November’s currency stability reflects controlled speculation, disciplined exchange management, and benign external pressures—conditions that are expected to support a steady rupee heading into December.

Credit: INP-WealthPk