By Moaaz Manzoor

The Pakistani rupee remained largely stable during the first 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, reports Wealth Pakistan.

According to the State Bank of Pakistan (SBP), the US dollar was quoted at 279.1814 (buying) and 279.6065 (selling) on March 2. The exchange rate changed marginally to 279.1750 and 279.6001 on March 3. It further edged to 279.1427 and 279.5678 on March 4, followed by 279.1404 and 279.5655 on March 5. By March 6, the greenback stood at 279.1343 (buying) and 279.5594 (selling), indicating minimal fluctuations in the rupee-dollar parity during the week.

In the euro market, the rupee was quoted at 328.4284 (buying) and 328.9181 (selling) on March 2. The single currency declined to 325.8995 and 326.3906 on March 3 and further eased to 323.9991 and 324.4910 on March 4. It was recorded at 323.9438 and 324.4333 on March 5 before slightly increasing to 324.1733 and 324.6653 on March 6.

The British pound traded at 374.7343 (buying) and 375.3057 (selling) on March 2. It declined to 373.3184 and 373.8880 on March 3 and further fell to 371.9828 and 372.5566 on March 4. The pound was recorded at 372.1282 and 372.6932 on March 5 before moving to 373.0315 and 373.6197 on March 6.

Meanwhile, the Chinese yuan was quoted at 40.6559 (buying) and 40.7078 (selling) on March 2. It stood at 40.5526 and 40.6047 on March 3 and declined to 40.3864 and 40.4386 on March 4. The yuan recovered slightly to 40.5285 and 40.5807 on March 5 before settling at 40.4680 and 40.5198 on March 6.

Similarly, the Saudi riyal was recorded at 74.3978 (buying) and 74.5153 (selling) on March 2. It stood at 74.3900 and 74.5043 on March 3 and declined slightly to 74.3826 and 74.4918 on March 4. The riyal was quoted at 74.3664 and 74.4758 on March 5 before increasing marginally to 74.3742 and 74.4833 on March 6.

The Japanese yen opened at 1.7838 (buying) and 1.7864 (selling) on March 2. It was recorded at 1.7743 and 1.7770 on March 3 and at 1.7724 and 1.7750 on March 4. The yen moved to 1.7772 and 1.7798 on March 5 before standing at 1.7703 and 1.7729 on March 6.

According to Arif Habib Limited (AHL), the Pakistani rupee remained stable against the US dollar, appreciating by 0.02% week-on-week to close at PKR279.411 per US dollar.

AHL also noted that liquid foreign exchange reserves stood at USD21.4 billion, reflecting an increase of USD26.2 million. This total comprised USD16.3 billion held by the SBP and USD5.1 billion maintained by commercial banks.

Meanwhile, Pakistan recorded a trade deficit of USD3 billion in February 2026. Exports amounted to USD2.3 billion, declining by 8% year-on-year, while imports decreased to USD5.3 billion, reflecting a 1.6% year-on-year decline.

Credit: INP-WealthPk