Karachi, June 01, 2022 – The Pakistani Rupee (PKR) traded within a narrow range against the US Dollar (USD) in the open market on Wednesday, reflecting cautious optimism among currency dealers and market participants amid ongoing economic developments.
According to updated figures released at 10:12 AM Pakistan Standard Time (PST), the buying rate for one US Dollar was recorded at Rs197.70, while the selling rate stood at Rs199.60. These rates indicate the amount of rupees an exchange company or bank would pay to purchase or sell a dollar from a customer, respectively.
The fluctuation between the buying and selling rates highlights the margin maintained by currency dealers, which is influenced by factors such as market liquidity, foreign exchange reserves, and overall dollar demand. In this case, the spread of Rs1.90 reflects moderate market movement.
The rupee’s position against the dollar is largely determined by supply and demand in the open market. As remittances, import payments, and speculative buying shift, so too does the parity between the rupee and the dollar. With increased international financial activity, especially in the run-up to fiscal deadlines, fluctuations in the dollar rate have become more frequent and closely monitored.
Despite ongoing pressure on the rupee due to rising global commodity prices and current account challenges, today’s stable figures suggest a temporary balance between dollar demand and rupee supply.
Currency experts believe that short-term trends in the rupee-dollar exchange rate will remain sensitive to central bank policies, global oil prices, and IMF-related developments. As always, traders and consumers alike are advised to keep a close watch on rupee-dollar movements, as they significantly impact the cost of imports, travel, and foreign remittances.