The USD to PKR Open Market Rate remained unchanged on Wednesday, November 29. The US dollar stayed stable against the Pakistani Rupee. Currency dealers in Karachi confirmed the consistent rates. This stability offers some predictability to the local forex market.
Open Market Stability: Buying and Selling
The currency exchange finished the day with unchanged rates. Dealers reported the final figures to the public. For selling purposes, the dollar was traded at Rs 287. Buying purposes saw the rupee traded at Rs 284. The Exchange Companies Association of Pakistan (ECAP) provided this data. These stable figures are important for the local economy.
Interbank Market Performance
The inter-bank market saw a different trend. Here, the rupee gained slightly against the dollar. The currency settled at Rs 285.39. This marked a small increase of Re0.13 for the rupee.
Adhering to the IMF Benchmark
The government must maintain a narrow difference in rates. Specifically, the gap between inter-bank and open market rates is crucial. This difference must be less than 1.25%. This rule is a structural benchmark set by the International Monetary Fund (IMF). Keeping this gap small is essential for the IMF program. It ensures transparency in the exchange system. The current USD to PKR Open Market Rate helps meet this requirement.
Global Dollar Trends Influence Local Markets
Globally, the US dollar faced broad pressure on Wednesday. The dollar fell to its lowest against the Japanese yen in over two months. It also hovered near a three-month low against other major currencies.
Expectations for the Federal Reserve are driving this trend. There is growing anticipation that the Fed may cut rates early next year. Lowering interest rates makes the dollar less appealing to investors. This news pushed the Euro back above $\$1.10$. A known hawk on the Fed, Governor Christopher Waller, recently spoke. His influential voice contributes to global market movements. These international factors indirectly affect the USD to PKR Open Market Rate.
The stability in the USD to PKR Open Market Rate provides a positive signal. It reflects consistent supply and demand in the local exchange.
READ MORE: Dollar Rate in Pakistan