Dollar rate in Pakistan today: Rupee inches up in interbank market

The Pakistani rupee strengthened against the dollar at Rs279.12 in the interbank market on Wednesday compared with Tuesday's close of Rs279.27, according to the State Bank of Pakistan (SBP).

The data released by the central bank showed that the local currency appreciated 0.06% against the US dollar as economic stability in the wake of clarity on the political front.

The appreciation also came on the back of positive news regarding credit ratings. A day earlier, 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”.

Read more: Gold rate in Pakistan today — Bullion loses shine as international prices drop

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.

“Pakistan’s credit profile reflects the government’s very high liquidity and external vulnerability risks as the very low levels of foreign exchange reserves remain well below what is required to meet its very high external financing needs over the near to medium term,” Moody’s said.

Let’s take a look at the Euro rate in Pakistan, the Saudi Riyal rate in Pakistan, the Pound rate in Pakistan, etc.