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Moody's upgrades Pakistan bond rating

01:12 AM | 26 Mar, 2015
Moody's upgrades Pakistan bond rating
KARACHI (APP) - Moody s upgraded Pakistan s dollar bonds rating one notch from stable to positive on Wednesday on the back of the country s improving macroeconomic indicators.

The financial ratings firm said its decision came in view of Pakistan s strengthening foreign exchange reserves.

Militant-plagued Pakistan has been trying to boost its flagging economy since Prime Minister Nawaz Sharif was elected nearly two years ago.

"Moody s Investors Service has revised the outlook on Pakistan s foreign currency government bond rating to positive from stable," the company said in a statement.

Pakistan issued $1 billion in five-year Sukuk Bonds, the Islamic version of eurobonds, in November last year to boost foreign exchange reserves.

In April 2014, the country issued $2 billion worth of eurobonds, in five and 10 year terms,

Pakistan s net foreign currency reserves with the central State Bank reached to $11.2 billion up to March 13, from just $3.2 billion in January 2014.

The International Monetary Fund (IMF) has voiced satisfaction with Pakistan s progress on reforms required under a $6.6-billion bailout agreed in 2013.

The loan came on condition that Pakistan -- which was suffering an energy crisis -- would carry out extensive economic reforms, particularly in the energy and taxation sectors.

Moody s said continued success under the IMF programme would act as "upward triggers to the rating".

The central State Bank of Pakistan on the weekend slashed its benchmark interest rates by half a percentage point to eight percent.

The bank noted that the economy was now on a more stable footing and was benefiting from the drop in world oil prices.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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US Dollar, Euro, Dirham, Pound, Riyal Rate in Pakistan Today - Currency Rates 23 July 2024

Pakistani currency rates against US Dollar and other currencies on July 23, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.25 for buying and 280.70 for selling. Euro's buying rate remains stable at 354.5 and selling rate is 358.35.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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