The Pakistani Rupee weakened in the interbank market against the US Dollar, British Pound and major Gulf currencies as mark-to-market exchange rates showed the local unit under fresh pressure. Forward contracts indicate that this downward trend may carry on through the coming month.
The US Dollar was quoted at a ready rate of 280.9024, with a one-month forward rate rising to 281.7009. These levels suggest continued near-term strength for the dollar against the Pakistani Rupee, reflecting sustained demand in the interbank market.
The British Pound strengthened sharply, trading at a ready rate of 368.8249, while the one-month forward for the pound moved up to 369.9023. Such moves leave added pressure on the Pakistani Rupee versus major developed-market currencies.
Among Gulf currencies, the UAE Dirham stood at a ready rate of 76.4777 with a one-month forward at 76.7023, and the Saudi Riyal was quoted at 74.8973 with a forward of 75.0402. The firming in these rates highlights regional currency flows that are influencing interbank valuations for the Pakistani Rupee.
In contrast, the rupee showed signs of gaining ground against some other currencies. The Turkish Lira had a ready rate of 6.6786 and a one-month forward at 6.5383, while the Russian Ruble moved from a ready rate of 3.4804 to a projected 3.4219 over the next month, indicating relative strength for the Pakistani Rupee in those pairs.
This mixed performance underscores a complex trading environment for the Pakistani Rupee, which faces significant upward pressure from major global currencies. Market participants and institutions conducting mark-to-market revaluation will be watching forward curves closely as they prepare for near-term currency risk management.
