KARACHI, March 9, 2026: The Pakistani rupee continued its upward trajectory against the US dollar on Monday, demonstrating resilience despite surging global oil prices that have rattled markets worldwide.
According to the State Bank of Pakistan (SBP), the rupee appreciated slightly by 3 paisa to Rs279.39 per US dollar in the interbank foreign exchange market, compared to the previous close of Rs279.40. This marks another day of relative stability for the local currency, reflecting steady inflows and cautious market behavior.
Currency dealers attributed the rupee’s stability to consistent remittances from overseas Pakistanis and export receipts, which have provided a steady supply of foreign currency. At the same time, importers remained cautious due to uncertainties caused by the ongoing Middle East conflict, limiting large foreign currency outflows.
Analysts, however, cautioned that the rising international oil prices, which have surged to $110 per barrel, could exert upward pressure on import costs and challenge the rupee in the coming weeks. They emphasized that while the currency has maintained appreciation over recent months, global oil volatility and geopolitical tensions remain key risks.
The rupee’s gradual appreciation over the past several months reflects Pakistan’s improving foreign exchange reserves and relatively stable balance of payments, helping the local economy withstand external shocks. Market participants will closely monitor developments in global oil markets and remittance flows to gauge the currency’s near-term performance.
The SBP continues to support the interbank market, ensuring liquidity and stability as Pakistan navigates ongoing global economic challenges.