PKR stands its ground against dollar

February 20, 2026 (MLN): The Pakistani rupee ended Friday’s interbank session on a steady note, posting a marginal gain against the US dollar amid improving external indicators and sustained inflows.

The local unit appreciated by 1.04 paisa to close at PKR 279.56 per USD, compared with the previous close of 279.57.

During the session, the rupee traded within a narrow band, touching an intraday high (bid) of 279.70 and a low (ask) of 279.55. 

In the open market, exchange companies quoted the dollar at PKR 280.15 for buying and PKR 280.60 for selling.

The rupee remained largely stable due to steady foreign exchange reserves and improved external inflows.

Foreign exchange reserves held by the State Bank of Pakistan rose by $19.1 million (0.12% WoW) to $16.197 billion during the week ended February 13, 2026, according to SBP data.

Workers’ remittances remained a key pillar of external stability. Pakistan received $3.46 billion in January 2026, slightly lower than December’s $3.592 billion (down 3.6% MoM) but significantly higher on a yearly basis.

On a year-on-year basis, remittances surged 15.4% compared with about $3 billion in January last year, indicating continued support from overseas Pakistanis.

The rupee strengthened against most major global currencies. It gained Rs2.11 or 0.64% against the Euro to close at 328.72, while against the British Pound it advanced by Rs2.89 or 0.76% to 376.25 compared to the previous day’s levels.

The local unit also appreciated by Rs1.72 or 0.47% against the Swiss Franc, settling at 360.52.

Against the Japanese Yen, the rupee strengthened by 1.55 paisa or 0.85% to close at 1.8036, while it recorded a marginal gain of 0.15 paisa against the Chinese Yuan to settle at 40.47.

Similarly, the local currency appreciated by 1.17 paisa or 0.02% against the Saudi Riyal to 74.54.

However, it posted a slight decline of 0.54 paisa or 0.01% against the UAE Dirham, closing at 76.12.

So far in FY26, the rupee has strengthened by Rs4.20 (1.50%) against the US dollar.

On a calendar-year basis, it has gained 56.03 paisa (0.20%), reflecting relative stability compared with previous volatile periods.

In the money market, benchmark 6-month Karachi Interbank Bid and Offer (KIBOR) rates edged up by 1 basis point to 10.32% and 10.57%, respectively.

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