Moaaz Manzoor

The Pakistani rupee remained largely stable through the week ending October 31, 2025, supported by steady foreign exchange reserves, consistent remittance inflows, and a narrower current account deficit that helped sustain market confidence against major global currencies. According to the State Bank of Pakistan (SBP), the US dollar traded at Rs280.7804 (buying) and Rs281.2122 (selling) on October 27, before easing slightly to Rs280.7304 and Rs281.1622 on October 28.

The rupee held firm midweek, closing at Rs280.7210 and Rs281.1529 on October 29, and settled marginally lower at Rs280.6969 and Rs281.1288 on October 31. Among major counterparts, the euro opened at Rs326.4320 (buying) and Rs326.9398 (selling) on October 27, strengthening to Rs327.3644 and Rs327.8733 on October 28, before easing to Rs326.5395 and Rs327.0476 on October 29. It closed the week lower at Rs324.6896 and Rs325.1943 on October 31.

The British pound followed a similar pattern, appreciating to Rs375.0170 and Rs375.6205 on October 28, then retreating to Rs371.5618 and Rs372.1448 on October 29, and ending weaker at Rs369.0394 and Rs369.6222. The Saudi riyal remained stable, trading within a narrow range between Rs74.8703 and Rs74.9820 on October 27, and Rs74.8506 and Rs74.9599 on October 31.

The Japanese yen showed limited movement, rising from Rs1.8348 and Rs1.8375 on October 27 to Rs1.8468 and Rs1.8496 on October 28, before easing to Rs1.8223 and Rs1.8250 on October 31. The Chinese yuan also maintained stability, fluctuating only slightly between Rs39.4703 and Rs39.5218 on October 27, and Rs39.4595 and Rs39.5116 at the week’s close. Arif Habib Limited reported that the rupee appreciated by 0.04 percent against the US dollar during the week, closing at around Rs280.9.

The brokerage noted that the SBP conducted cumulative net foreign exchange interventions worth USD 8.4 billion between June 2024 and July 2025, including USD 189 million in July 2025 alone, helping stabilize the currency market. Muhammad Bilal Ejaz, research analyst at Ismail Iqbal Securities, told Wealth Pakistan that the rupee’s resilience during October reflected improving macroeconomic fundamentals.

“The rupee appreciated through October, supported by stable policy rates and a smaller current account gap,” he said. The current account recorded a USD 110 million surplus in September 2025, compared to a USD 325 million deficit in the same month last year, bringing the cumulative deficit for the first quarter of FY26 to USD 594 million.

Credit: INP-WealthPk