KARACHI – Pakistani currency saw gains against the US dollar, moving up Rs0.22 in the inter-bank market on Wednesday.
Before noon, PKR hovered at 279.06, with gain of Rs0.22 against the USD.
In the previous session, Pakistani rupee registered marginal decline to settle at 279.28 against the greenback.
USD vs PKR
In the open market, rupee lost its value and currently hovers at around Rs282.50 before making gains early.
Moody’s Investors Service hinted improvement in Pakistan’s credit rating if government effectively reduces its liquidity and external vulnerability risks. Moody’s decided to maintain Islamabad’s long-term issuer rating at ‘Caa3’, with a stable outlook.
This rating shows the country’s significant liquidity and external vulnerability challenges, notably its low foreign exchange reserves, which fall far short of meeting its substantial external financing needs in the near to medium term.
