Islamabad 10 August: The Pakistani Rupee continued its upward trend for the third consecutive week, gaining 0.03% against the US Dollar in the inter-bank market, settling at 282.47.
The resilience comes as the State Bank of Pakistan (SBP) injected Rs1.004 trillion into the banking system through dual open market operations (OMOs), employing both conventional and Shariah-compliant tools to stabilize liquidity.
The SBP’s move included accepting Rs898 billion in a conventional reverse repo OMO, with Rs198 billion for a seven-day tenor at 11.04% and Rs700 billion for a 14-day tenor at 11.01%, alongside Rs106 billion in a Shariah-compliant Mudarabah OMO at 11.13%.
This infusion underscores efforts to manage cash flow amid economic pressures. AKD Securities noted the Rupee’s steady appreciation against the greenback, marking a third week of gains and signaling cautious optimism in the currency market.
READ MORE: Gold Price Drops by 2200 Rupees Per Tola
Meanwhile, global markets saw US gold futures hit a record high, climbing 1.1% to $3,491.30 per ounce, driven by tariff jitters following reports of potential US import duties on gold bullion.
This surge, mirroring a 1% weekly advance in spot prices to $3,399.91, has bolstered safe-haven demand, with domestic gold prices in Pakistan rising Rs500 per tola to Rs362,700.
The Rupee’s performance, however, reflects a delicate balance, as analysts watch for sustained momentum amid international economic uncertainties.
