KARACHI: The Pakistani rupee ended nearly flat against the US dollar in the interbank on Wednesday.
The rupee closed at 278.56 per dollar, compared with the previous closing level of 278.57.
The rupee also ended steady in the open market. It traded at 279.6 against the dollar, unchanged from the previous close.
Dealers said that the local currency maintained its long-run stable trend as inflows from dollar sales from exporters were sufficient to meet the importer demand. They expect the rupee to continue to follow its range-bound trading pattern in the coming sessions.
The International Monetary Fund (IMF), in its latest staff report, said the exchange rate should remain the key shock absorber, while longer-term reforms to deepen and liberalise the FX market should continue.
“While the SBP’s proactive approach to reserve accumulation has helped increase foreign exchange buffers, reserve cover remains too low by standard reserve metrics, and certainly inadequate to support any specific exchange rate,” the report said.
“With the economy now facing the largest external shock since 2022-23, exchange rate flexibility remains the first line of defence should exchange pressures emerge, to allow the interbank market to balance supply and demand efficiently,” it added.
