Pakistan's open currency market recorded a broad pullback as the euro, pound, dirham and riyal all declined after the dollar's earlier move. According to media reports, the euro shed 8 rupees to trade at 305 rupees, the pound dropped 13 rupees to 355 rupees, the dirham slipped 6.30 rupees to 72.70 rupees, and the riyal eased 3.70 rupees to 71.70 rupees. The dollar, meanwhile, closed at 275 rupees and 44 paise in interbank trading, a gain of 10 rupees and 55 paise. The mixed picture left dealers debating where the greenback settles next. Malik Bustan of the exchange companies said the interbank dollar could trade between 260 and 270 rupees in the near term. He blamed flawed government policies for the dollar's earlier surge and said importers had been meeting their needs through informal Hawala channels, which distorted the market. He added that speculators have now started selling dollars, a shift he connected to the expected stabilization in the interbank range. The day's trading offered brief relief to buyers of foreign currency after a volatile stretch, though dealers cautioned that the market remains sensitive to policy signals and the flow of remittances and export proceeds.
mwrana
October 9, 2026
