The Pakistani rupee gained one paisa against the US dollar on Thursday, closing at Rs276.61 in the interbank market. It had settled at Rs276.62 on Wednesday. The local currency extended its marginal gains as the dollar climbed to a 19-month high against major currencies overseas.
The interbank bid stood at Rs276.61 per dollar, while the offer stood at Rs276.81. Separately, the State Bank of Pakistan (SBP) listed a ready rate of Rs276.6137 for authorised dealers’ mark-to-market revaluation.
Open-market dollar selling rate falls to Rs278.23
In the open market, the rupee gained three paise on the dollar buying rate and 10 paise on the selling rate. Exchange companies closed at Rs277.09 for buying and Rs278.23 for selling. The open-market selling rate ended Rs1.42 above the interbank offer.
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The rupee posted a larger gain against the euro. It strengthened by Rs1.72 on the buying side and Rs1.69 on the selling side. The euro closed at Rs306.65 for buying and Rs309.92 for selling.
The rupee gained one paisa on both sides against the UAE dirham, which closed at Rs75.47 for buying and Rs76.09 for selling. The Saudi riyal buying rate held at Rs73.79. The rupee gained two paise on the selling side, bringing that rate to Rs74.36.
US dollar hits 19-month high as Fed hike bets grow
The dollar index rose 0.15% to 103.02, its highest level since April 2025. The index tracks the dollar against a basket of major currencies. Traders increased their bets on further Federal Reserve tightening after October inflation came in stronger than expected. Fed officials flagged persistent inflation and left open the possibility of a 50-basis-point increase. Some major brokerages, including Goldman Sachs, expect a December hike and another in early 2027.
The dollar reversed an earlier decline against the Japanese yen and traded 0.04% higher at 159.83 yen. It had reached a more than two-month high earlier on Thursday. A dovish speech by a Japanese central banker and a wide interest-rate gap helped push the yen close to 160 per dollar.
Oil recovers as SBP reserves rise
Crude prices recovered as geopolitical tensions in the Middle East and Russia offset pressure from rising output. At 1425 GMT, Brent futures were up 65 cents at $93.40 a barrel. US West Texas Intermediate gained one cent to $86.54. Both contracts had lost more than $1 a barrel in early Asian trading and remained on track for weekly declines.
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Separately, the SBP reported a rise in its foreign exchange reserves. “During the week ended on 06-Nov-2026, SBP’s FX reserves increased by US$ 11 million to US$ 21,572.5 million,” the central bank said. Commercial banks held $5.27 billion in net foreign reserves, putting Pakistan’s total liquid foreign reserves at $26.84 billion.
