KARACHI: July 4, 2023: US dollar crashed in the local currency market as the International Monetary Fund (IMF) deal brings major respite to the rupee.
With opening of the banks USD dropped by Rs 15 plus on Tuesday in interbank. According to All Pakistan Currency Dealers Association (APCDA), US dollar is trading at Rs 270.00 (buying) against its last working session’s rate on June 27 of Rs 285.60. Similarly , USD rate dropped by Rs 11.25 (selling) today and settled at Rs 275.25 against its last week rate of Rs 286.50 (selling). It shows a difference of Rs 11.25.
USD had traded with loss of Rs 7 at Rs 280.00 (buying) and Rs 285.00 (selling) on Monday against its value of Rs 287.00 (buying) and Rs 290.00 (selling) on the last working day of the last fiscal year –June 27, 2023. USD further reduced by Rs 3 today and settled at Rs 277.00 (selling) and Rs 280.00 (buying) respectively.
All Pakistan Currency Dealers Association (APCDA) chairman, Malik Bostan Khan, foresees major gain of the rupee in coming days as a result of IMF deal for $ 3 billion. He believes Pakistan’s currency is going to strengthen its position in coming days and it will have positive result on Pakistan’s economy. Malik Bostan Khan calls upon dollar hoarders to offload their stocks to avoid more loss in coming days.
Other major currencies are continuing downward trend today. Saudi Riyal is trading today at Rs 71.80 (buying) against its last day’s rate of 73.50 (buying). Its selling rate is recorded at Rs 72.50. UAE dirham rate is Rs 73.50 (buying) and Rs 74.20 (selling). Euro is trading at Rs 296.00 (buying) and Rs 301.00 (selling) respectively. UK pound is trading at Rs 347.00 (buying) and Rs 352.00 (selling) respectively. AUD is trading at Rs 178.50 (buying) and Rs 182.50 (selling) respectively. CAD is trading at Rs 203.20 (buying) and Rs 208.20 (selling) Chinese yen is trading at Rs 39.00 (buying) and Rs 43 (selling) respectively.
