By Moaaz Manzoor

The Pakistani rupee remained largely stable during the last week of March, trading within a narrow range against major global currencies as steady foreign exchange reserves and contained external pressures supported sentiment in the currency market.

According to the State Bank of Pakistan, the United States dollar was quoted at 278.9301 (buying) and 279.3552 (selling) on March 24. The exchange rate edged slightly to 278.9224 and 279.3475 on March 25. It stood at 278.9289 and 279.3540 on March 26, followed by 278.8952 and 279.3203 on March 27, indicating minimal fluctuations in the rupee-dollar parity during the week.

In the euro market, the rupee was quoted at 323.0877 (buying) and 323.5777 (selling) on March 24. The single currency rose to 323.4525 and 323.9364 on March 25 before easing to 322.3183 and 322.8119 on March 26. It further declined to 321.8383 and 322.3257 on March 27.

The British pound traded at 373.7460 (buying) and 374.3085 (selling) on March 24. It edged down to 373.4642 and 374.0444 on March 25 and further declined to 372.4338 and 373.0219 on March 26. The pound continued its downward trend, standing at 372.0483 and 372.6224 on March 27.

Meanwhile, the Chinese yuan was quoted at 40.5149 (buying) and 40.5668 (selling) on March 24. It declined to 40.4888 and 40.5402 on March 25 and further slipped to 40.4364 and 40.4886 on March 26. The yuan remained under slight pressure, settling at 40.3789 and 40.4308 on March 27.

Similarly, the Saudi riyal remained within the range of 74.3027 to 74.3401 on the buying side and 74.4131 to 74.4499 on the selling side during March 24–27, while the Japanese yen stayed within the range of 1.7470 to 1.7579 for buying and 1.7496 to 1.7605 for selling over the same period.

According to Arif Habib Limited, the rupee remained broadly stable against the US dollar, appreciating marginally by 0.02% week-on-week to 279.17 per dollar from 279.25.

The brokerage house also noted that the government raised Rs503.1 billion against a target of Rs400 billion, with total bids amounting to Rs818.4 billion. Cut-off yields increased by 90 to 225 basis points across all tenors, with the highest allocation of Rs327.9 billion made in 15-year PIBs.

Meanwhile, the State Bank of Pakistan’s foreign exchange reserves increased during the week ended March 19, 2026, with SBP-held reserves rising to $16,375.8 million. Net reserves held by commercial banks stood at $5,360.2 million, taking total liquid foreign exchange reserves to $21,736.0 million.

Analysts say the rupee’s stability reflects steady reserve accumulation and improved liquidity, with the currency likely to remain range-bound in the near term barring any significant external shock.

Credit: INP-WealthPk