RECORDER REVIEW

KARACHI: Pakistan rupee continued its winning streak for another week as it gained Re0.13 or 0.05 percent against the US dollar in the inter-bank market.

The local unit closed at 281.77, against 281.90 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).

Finance Minister Muhammad Aurangzeb during the previous week said Pakistan was gearing up to re-enter international capital markets, beginning with the issuance of a Panda bond, expressing optimism that the inaugural issue could take place before the end of the year. The minister also highlighted potential exploration of other global markets, including GMTN, as credit ratings and spreads improved.

Meanwhile, the Pakistan Virtual Assets Regulatory Authority (PVARA), in its first board meeting, deliberated on withdrawing the SBP’s 2018 ban on virtual currencies while setting out a roadmap for AI-driven risk management, licensing, and regulatory frameworks.

Foreign exchange reserves held by the SBP rose by USD18 million to USD14.27 billion during the week ended August 22, 2025, the central bank said. Net foreign reserves held by commercial banks stood at USD5.34 billion, taking the country’s total liquid foreign reserves to USD19.61 billion.

Open-market rates

In the open market, the PKR gained 73 paise for buying and 50 paise for selling against USD, closing at 282.77 and 283.60, respectively. Against Euro, the PKR lost 1.19 rupee for buying and 1.46 rupee for selling, closing at 328.65 and 330.64, respectively.

Against UAE Dirham, the PKR gained 20 paise for buying and 15 paise for selling, closing at 76.96 and 77.20, respectively. Against Saudi Riyal, the PKR gained 19 paise for buying and 15 paise for selling, closing at 75.26 and 75.50, respectively.