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KARACHI: The rupee posted marginal gain during the previous week as it increased Re0.17 or 0.06% against the US dollar in the inter-bank market.

The local unit closed the week at 279.19 level against the greenback, as per the State Bank of Pakistan (SBP).

In a key development, Moody’s Investors Service, a global credit rating agency, said Pakistan’s credit rating “would likely be upgraded” if its government’s “liquidity and external vulnerability risks decreased materially and durably”.

The rating agency, in its announcement of the periodic review, also maintained Pakistan’s credit rating unchanged at ‘Caa3’ for long-term issuer rating, with a stable outlook.

Meanwhile, foreign exchange reserves held by the SBP decreased by $63 million on a weekly basis, clocking in at $7.95 billion as of February 23.

Total liquid foreign reserves held by the country stood at $13.04 billion. Net foreign reserves held by commercial banks stood at $5.09 billion.

On the political front, Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif was elected the 24th prime minister of Pakistan on Sunday, as he received 201 votes in the National Assembly against Pakistan Tehreek-e-Insaf (PTI)-backed Omer Ayub Khan who received 92 votes.

For the presidential election, Speaker National Assembly Ayaz Sadiq has summoned a joint session of the Parliament on March 9.

In the open market, the PKR gained 29 paisa for buying and 20 paisa for selling against USD, closing at 279.33 and 282.03, respectively.

Against Euro, the PKR gained 32 paisa for buying and 28 paisa for selling, closing at 300.72 and 303.59, respectively.

Against UAE Dirham, the PKR gained 3 paisa for buying and 2 paisa for selling, closing at 75.96 and 76.69, respectively.

Against Saudi Riyal, the PKR gained 3 paisa for buying and 5 paisa for selling, closing at 74.20 and 74.90, 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. 279.19

Offer Close Rs. 279.39

Bid Open Rs. 279.36

Offer Open Rs. 279.56

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Weekly open-market rates for dollar

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Bid Close Rs. 279.33

Offer Close Rs. 282.03

Bid Open Rs. 279.65

Offer Open Rs. 282.24

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Copyright Business Recorder, 2024

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