KARACHI: The Pakistani rupee extended its marginal gain against the US dollar for another week, appreciating 0.03 percent in the inter-bank market.
The local unit closed at 276.75 against the greenback, a gain of Re0.07 from 276.82 it had closed at a week earlier, according to State Bank of Pakistan (SBP) data.
The SBP Monetary Policy Committee (MPC) raised the policy rate by 50 basis points (bps) to 12 percent in line with market expectations. The decision was taken at the MPC’s third meeting of fiscal year 2026-27.
The central bank said its projection of foreign exchange reserves reaching a record USD25 billion by end-June 2027 did not include the requested USD10 billion Exchange Stabilisation Support Facility from the United States.
Earlier this year, Pakistan formally requested a USD10 billion facility from the US to strengthen its foreign exchange reserves, ease pressure on the rupee and reduce reliance on bilateral financing arrangements and multilateral lenders.
Foreign exchange reserves held by the SBP increased by USD33 million to USD21.52 billion during the week ended October 23, 2026. The country’s total liquid foreign reserves stood at USD26.75 billion as of October 23, including net foreign reserves held by commercial banks at USD5.23 billion.
Finance ministry has projected inflation reading in the range of 9.5 percent to 10.5 percent for October 2026 amid elevated energy and food prices in the country in line with global trends.
The inflation rate was recorded at 10.3 percent in September 2026 compared to 5.8 percent in September 2025.
Open-market rates
In the open market, the PKR gained 10 paise for buying and 9 paise for selling against USD, closing at 277.47 and 278.62, respectively.
Against Euro, the PKR gained 45 paise for buying and 52 paise for selling, closing at 310.10 and 313.03, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and gained 3 paise for selling, closing at 75.61 and 76.17, respectively.
Against Saudi Riyal, the PKR lost 4 paise for buying and gained 3 paise for selling, closing at 73.97 and 74.48, respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar
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Bid Close Rs. 276.75
Offer Close Rs. 276.95
Bid Open Rs. 276.82
Offer Open Rs. 277.02
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Weekly Open market rates for dollar
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Bid Close Rs. 277.47
Offer Close Rs. 278.62
Bid Open Rs. 276.82
Offer Open Rs. 277.02
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Copyright Business Recorder, 2026