KARACHI: May 31, 2023: The local currency market is showing rare stability these days. The rupee made a healthy sign against US dollar in interbank and open currency market on Tuesday.
According to All Pakistan Currency Dealers Association (APCDA), the rupee appreciated marginally by Rs 0.10 and settled at Rs 284.80 against its last day’s rate of Rs 285.25 respectively. In open market PKR appreciated by Rs 1. With appreciation of one rupee in the open market, the local currency repositioned at Rs 308 (buying) and Rs 311 (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 downeard trend today. Saudi Riyal is trading at Rs 82.40 against its last day’s value of Rs 82.50 . .
UAE dirham rates are Rs 84.40 (buying) and bought at Rs 85.20.respectively. Euro rate in open market is Rs 328.70 (buying) and Rs 332.00 (selling) respectively. Pound Sterling is being traded at Rs 381.20 (buying) and Rs 385.00 (selling). Australian Dollar (AUD) is being traded at Rs 198.00 (buying) and Rs 202.00. Canadian Dollar (CAD) is being traded at Rs 224.00 (buying) and Rs 228.00 (selling). Chinese Yuan is being traded at Rs 46.50 (buying) and 48.50 (selling) respectively.
