KARACHI: May 29, 2023: The rupee made a healthy sign against US dollar in interbank and open currency market on Monday.
The rupee appreciated marginally by Rs 0.35 and settled at Rs 285.45 against its Friday’s rate of Rs 285.80 respectively.
The open market rates of USD and PKR are also stable today . In the open market the local currency remained pegged at its last day’s value of Rs 306 (buying) and Rs 309 (selling) respectively.
Recovery of the local currency vis-a-vis US dollar is a good news and it will at least dispel the impression of losing hope of stopping gaining streak of US currency .
Pakistan’s currency is victim of political turmoil . Its political forces are busy in making political points for petty gains on political front but they hardly consider negative impact of political crisis on the national economy.
Since the last one year or so the political infighting is going on unabated in Pakistan and none of the stakeholders are ready to give up the fight. No matter how its damaging Pakistan’s economy and its repute in international financial market.
The rates of other major currencies are also showing mix trend today. Saudi Riyal is appreciating basically due to Hajj season. It is being traded at Rs 82.50 . The forex dealers are selling SR at Rs 83.50 .
UAE dirham is being sold at Rs 85.50 and bought at Rs 84.70. Euro rate in open market is Rs 332.00 (buying) and Rs 337 (selling) respectively. Pound Sterling is being traded at Rs 381.00 (buying) and Rs 385.00 (selling). Australian Dollar (AUD) is being traded at Rs 199.80 (buying)
and Rs 203.00. Canadian Dollar (CAD) is being traded at Rs 225.00 and Rs 229.00. Chinese Yuan is being traded at Rs 46.00 (buying) and 48.50 (selling) respectively.
