RECORDER REVIEW

KARACHI: The Pakistani rupee continued its marginal gain against the US dollar for another week, appreciating 0.02 percent in the inter-bank market.

The local unit closed at 277.50 against the greenback, a gain of Re0.06 from 277.56 it had closed at a week earlier.

Moody’s Ratings (Moody’s) upgraded the Government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to B3 from Caa1.

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by USD17 million on a weekly basis, clocking in at USD17.10 billion as of August 21.

Total liquid foreign reserves held by the country stood at USD22.59 billion. Net foreign reserves held by commercial banks stood at USD5.49 billion.

Open-market rates

In the open market, the PKR lost 4 paise for buying and gained 5 paise for selling against USD, closing at 278.30 and 279.23, respectively.

Against Euro, the PKR gained 89 paise for buying and 1.17 paise for selling, closing at 322.72 and 325.55, respectively.

Against UAE Dirham, the PKR lost 6 paise for buying and 1 paisa for selling, closing at 75.63 and 76.29, respectively.

Against Saudi Riyal, the PKR lost 10 paise for buying and remained unchanged for selling, closing at 73.93 and 74.47, respectively.