By Moaaz Manzoor

The Pakistani rupee remained largely stable in mid-April, trading within a narrow range against major global currencies, as marginal day-to-day fluctuations reflected steady conditions in the foreign exchange market, reports Wealth Pakistan.

According to the State Bank of Pakistan, the US dollar was quoted at 278.7386 (buying) and 279.1637 (selling) on April 13. By April 14, the exchange rate stood at 278.7017 and 279.1268, and edged slightly to 278.6940 and 279.1191 on April 15. It moved marginally to 278.6994 and 279.1245 on April 16 before easing to 278.6596 and 279.0847 on April 17, indicating minimal fluctuations in the rupee-dollar parity during the period.

In the euro market, the rupee was recorded at 325.7674 (buying) and 326.2528 (selling) on April 13. By April 14, it rose to 327.8976 and 328.3965, and further increased to 328.5617 and 329.0559 on April 15. The euro continued to firm up at 328.9789 and 329.4746 on April 16 before easing slightly to 328.0890 and 328.5872 on April 17.

The British pound traded at 373.7311 (buying) and 374.2997 (selling) on April 13. It increased to 376.6784 and 377.2646 on April 14 and further to 378.0768 and 378.6602 on April 15. The pound remained elevated at 378.3201 and 378.8905 on April 16 before easing to 376.4986 and 377.0837 on April 17.

The Chinese yuan was quoted at 40.8302 (buying) and 40.8826 (selling) on April 13. It rose to 40.8825 and 40.9352 on April 14 and further to 40.9139 and 40.9662 on April 15. The yuan remained largely stable at 40.9150 and 40.9673 on April 16, then slightly eased to 40.8583 and 40.9107 on April 17.

The Saudi riyal also remained within a narrow range during the period, trading between 74.2650 and 74.2880 on the buying side and 74.3754 and 74.3972 on the selling side. Similarly, the Japanese yen showed limited movement, ranging from 1.7454 to 1.7552 for buying and 1.7480 to 1.7578 for selling.

According to brokerage firm Arif Habib Limited, the Pakistani rupee remained largely stable against the US dollar, appreciating by 0.03% week-on-week to 278.92 per dollar from 279.01 per dollar, supported by improving external indicators.

On the external front, Pakistan posted a current account surplus of $1.07 billion in March 2026, compared to $231 million in February, bringing the cumulative balance for 9MFY26 to a marginal surplus of $8 million, reflecting easing pressure on the external account.

At the same time, domestic economic indicators showed mixed momentum. Large-scale manufacturing output grew by 6.5% year-on-year in February 2026, although it declined by 9.0% on a month-on-month basis, with cumulative growth standing at 5.9% during 8MFY26.

The financial sector also remained supportive, with banking deposits rising 18.6% year-on-year to Rs37.5 trillion in March 2026, while advances increased 8.1% and investments surged 20.8%, indicating continued liquidity in the system.

In addition, Fitch Ratings affirmed Pakistan’s sovereign rating at ‘B-’ with a stable outlook, reinforcing investor confidence amid ongoing macroeconomic adjustments.

However, despite these positives, foreign exchange reserves held by the State Bank of Pakistan recorded their first decline after 35 consecutive weeks of increase, falling by $1.32 billion, or 8.05% week-on-week, to $15.08 billion during the week ended April 10, 2026.

Overall, the rupee remained range-bound during the week, supported by stable inflows and improving fundamentals. However, the recent dip in reserves suggests that near-term currency stability will remain sensitive to external developments.

Credit: INP-WealthPk