Weekly wrap up: PKR remains stable against USD

The Pakistani rupee (PKR) closed at 278.5 against the US dollar in the interbank market on Friday, 17 paisas lower than last week’s closing of Rs278.33.

The PKR was down 40 paisas against the greenback in the first three days of the week but regained some ground on news that Pakistan might raise financing from the Chinese capital market.

It also faced some pressure due to import payments.

Meanwhile, Pakistan’s central bank has been purchasing the surplus supply of US dollars from the local currency markets to replenish its reserves.

Separately, the PKR traded at 280.5 per dollar in the open market on Friday, compared to 279.5 on July 26.