KARACHI: Pakistan rupee continued its merry run against the US dollar in the inter-bank market as it gained Re0.41 or 0.14 percent during the previous week.
The local unit closed at 282.06, against 282.47 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
The rupee has maintained a positive trajectory against the greenback in recent days on account of improved sentiment in the currency market amid an ongoing crackdown by law enforcement agencies against illegal currency dealers and smugglers.
During the previous week, Moody’s Ratings (Moody’s) upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. The global rating agency also upgraded the rating for the senior unsecured MTN programme to (P)Caa1 from (P)Caa2.
Finance Minister Muhammad Aurangzeb signalled potential easing of Pakistan’s policy rate later this year, noting slowing inflation and stable economic indicators.
Meanwhile, foreign exchange reserves held by the SBP increased by $11 million on a weekly basis, clocking in at $14.24 billion as of August 8.
Total liquid foreign reserves held by the country stood at $19.49 billion. Net foreign reserves held by commercial banks stood at $5.25 billion.
Open-market rates
In the open market, the PKR gained 36 paise for buying and 35 paise for selling against USD, closing at 283.50 and 284.55, respectively.
Against Euro, the PKR lost 2 paise for buying and 11 paise for selling, closing at 330.12 and 332.31, respectively.
Against UAE Dirham, the PKR gained 11 paise for buying and 10 paise for selling, closing at 77.18 and 77.45, respectively.
Against Saudi Riyal, the PKR gained 12 paise for buying and 15 paise for selling, closing at 75.41 and 75.70, respectively.
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THE RUPEE
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Weekly inter-bank market rates for dollar
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Bid Close Rs. 282.06
Offer Close Rs. 282.26
Bid Open Rs. 282.47
Offer Open Rs. 282.66
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Weekly open-market rates for dollar
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Bid Close Rs. 283.50
Offer Close Rs. 284.55
Bid Open Rs. 283.86
Offer Open Rs. 284.90
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Copyright Business Recorder, 2025
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