Pakistani Rupee Gains Slightly as SBP Fixes USD at Rs 279.46 – Latest Forex Rates and Market Outlook (March 2, 2026)

 Karachi, March 2, 2026: The Pakistani rupee posted a marginal gain in Monday’s trading session, with the State Bank of Pakistan (SBP) fixing the USD/PKR mark-to-market rate at Rs 279.4609, one paisa lower than the previous close and the narrowest level recorded so far in 2026.

USD/PKR – Stable Within Established Range

The US dollar held steady around the 279.46 mark, remaining comfortably within the 279–282 trading band that has prevailed since October. One-week forward contracts stood at 279.81, reflecting a minimal 0.12% carrying cost.

Market participants report exporters trimming positions above 279.80, while petroleum importers step in to buy on dips below 279.40. According to treasury officials, liquidity remains ample, with currency movements largely driven by technical flows rather than fundamental triggers.

Key Currency Highlights

• British Pound (GBP): Rs 373.57 (spot), easing from last week’s highs.

• Saudi Riyal (SAR): Rs 74.54, with narrow forward spreads supporting remittance flows.

• UAE Dirham (AED): Rs 76.09, steady amid consistent Gulf salary remittances.

• Qatari Riyal (QAR): Rs 76.66, tracking regional stability.

• Kuwaiti Dinar (KWD): Rs 914.17, slightly softer on USD cross movement.

• Australian Dollar (AUD): Rs 197.36, pressured by softer commodity prices.

• Canadian Dollar (CAD): Rs 204.62, firm as global oil prices hover near $76 per barrel.

Among other major currencies, the euro traded at Rs 327.47, while the Japanese yen remained at Rs 1.78 per unit. Most G-10 and regional currencies stayed within recent ranges, suggesting limited volatility ahead of upcoming IMF assessments.

Market Outlook for Q1 2026

Forward premiums across major currency pairs remain compressed in the 4–5% annualised range, indicating market confidence in Pakistan’s external stability. Foreign exchange reserves have reportedly climbed to $21.26 billion, while the real effective exchange rate (REER) stands at 98.2 — a level considered competitive.

Barring a sharp spike in global oil prices or unexpected political developments, dealers expect the USD/PKR rate to remain anchored between 278 and 282 through the first quarter of 2026.