MarketRadar read: neutral
The US dollar sold at Rs 280.10 in Pakistan's open market on Thursday, October 29, with buying at Rs 277.50, according to open-market dealer boards. The interbank market traded lower. The State Bank reported the rupee gaining 3 paisa on Wednesday to close at Rs 276.77. The National Bank's treasury board for Thursday showed buying at Rs 276.65 and selling at Rs 277.15. Hamariweb's interbank table for October 29 showed buying at Rs 276.75 and selling at Rs 277.25.
The gap between the two markets is the number that matters for anyone changing money on the street. The open-market selling rate of Rs 280.10 sits about Rs 3.15 above the interbank midpoint of roughly Rs 276.95 — a premium of about 1.1%. The open market's own buy-sell spread was Rs 2.60, from Rs 277.50 buying to Rs 280.10 selling. Dealer quotes vary slightly between exchange companies, banks and cities, so the exact figure at a given counter will differ by a few paisa.
Other currencies, open market, October 29
| Currency | Buying | Selling |
|---|---|---|
| US dollar | Rs 277.50 | Rs 280.10 |
| British pound | Rs 369.78 | Rs 374.67 |
| Euro | Rs 309.39 | Rs 314.57 |
| Saudi riyal | Rs 73.95 | Rs 74.55 |
| UAE dirham | Rs 75.60 | Rs 76.45 |
The pound's open-market spread was Rs 4.89 and the euro's Rs 5.18. Both are wider in rupee terms than the dollar's Rs 2.60. That reflects thinner street liquidity in those currencies, not a bigger move in the currencies themselves.
What it means for Pakistan
Three points frame the day. First, the rupee's 3-paisa interbank gain is small enough to be noise. It follows a week in which the interbank buying rate barely moved, holding between Rs 276.70 and Rs 276.80 across the October 27-29 boards. Second, the open-market premium near 1.1% is the normal cost of street liquidity, not a parallel-market dislocation. A dislocation would show as a premium several times wider. Third, the rate sits in the same week as the State Bank's October 26 decision to raise the policy rate to 12%. That move tightens rupee liquidity and, at the margin, supports the currency against the dollar.
For remittance receivers and importers, the actionable comparison is interbank versus street. A dollar converted through banking channels prices near Rs 276.65-277.25, while a street sale prices near Rs 280.10. The Rs 3.15 difference on a $1,000 receipt is about Rs 3,150. That is worth checking the channel before converting, and worth confirming the rate in writing at the counter, since street boards move during the day.
Key points
- Open market: dollar buying Rs 277.50, selling Rs 280.10.
- Interbank: NBP buying Rs 276.65, selling Rs 277.15.
- SBP Wednesday close: Rs 276.77, rupee up 3 paisa.
- Open-market premium over interbank: about Rs 3.15 (1.1%).
- Open-market spread: Rs 2.60.
- Pound selling Rs 374.67; euro selling Rs 314.57.
