KARACHI: The rupee was little changed against the dollar in the interbank market on Tuesday.The rupee closed at 279.15 per dollar, barely changed from its close at 279.16 in the previous session.
The rupee remained flat at 280.22 against the dollar in the open market.Dealers said the local unit held steady due to a balance between dollar demand and supply in the market. They expect the rupee to trade in narrow ranges ahead of oil and Eurobond payments in the coming weeks. However, market players are focused on ongoing geopolitical tensions and their impacts on Pakistan’s external account.
Chase Securities said in a client note that diplomatic momentum has started to build on both sides, with active engagement aimed at de-escalating the ongoing conflict.“Pakistan has stepped into a key mediatory role, as the deputy prime minister’s visit to China signals efforts to broaden negotiations and bring major stakeholders on board,” the note said. “This progress has already been reflected in global commodities, with oil prices retracing on optimism surrounding potential resolution, providing some near-term relief to external account concerns and investor sentiment,” it added.
