KARACHI: The Pakistani rupee (PKR) has further appreciated by 8 paisas or 0.05 per cent against the US dollar in Interbank Market closing at Rs152.94 on Friday. The Pak-rupee has gained 66 paisas against the dollar this week.

In an interview with CNN on Thursday, Raza Baqir, Governor State Bank of Pakistan (SBP) said that the central bank has received an amount of $2.5billion of the Eurobond issued in the international market.

Eurobonds for five years were offered at 6 per cent, 10 years at 7.375 per cent, and 30 years at 8.875 per cent. The government accepted bids of $1bn for five years, another $1bn for 10 years, and $500m for 30 years.

“The central bank is now trying to maintain the dollar at the same rate despite higher inflows as there was no instruction to appreciate the local currency,” a source in the interbank market said. After receiving $2.5bn, the total reserves of the country stand at $22-23bn,” the source added.

The dollar is being sold at Rs152.80 for buying and Rs152.90 for selling in the open currency market, the dealer said.

There was no demand for the dollar in the market but money exchange companies are looking at rates of the interbank market which are continuously supporting the local currency against the dollar, he added.


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