KARACHI: July 6, 2023: USD-PKR parity is unchanged today in the local market. USD is trading at Rs 276.00 (buying) and Rs 277.00 (selling) in interbank. US currency had the same value in interbank on the last day (Wednesday).
According to All Pakistan Currency Dealers Association (APCDA),in open market, US dollar rate is also stable as there is no change in value of US currency as compared to the local currency. In open market , US dollar is trading at Rs 276.00 (buying) and Rs 279.00 (selling) today. US-PKR parity was the same the other day in open market.
There was massive gain in value of PKR following signing of an agreement with the International Monetary Fund (IMF) last week but very next day US currency made up lose and gained considerable value against the local currency.
The market experts say that the local currency market is showing correction and there will be more fluctuations in it in coming days. They attribute recent gain of USD to ending restrictions on imports by the government.
Pakistan had ended restrictions on imports as a part of its deal with IMF and it has increased demand of US dollar for opening up of the letter of credits (LCs). For the last many months, Pakistan had imposed restrictions on imports as it did not have enough forex reserves to pay for LCs in dollars. Finally, it agreed to IMF to lift ban on imports provided it grants Islamabad a bailout. IMF agreed to this Pakistan’s demand. Honouring commitment with IMF,
Pakistan has ended all restrictions on imports hoping it will restore normal trade activities in Pakistan
Other major currencies like EURO, Pound Sterling are showing downward trend in the local currency market today. Saudi Riyal is trading at Rs 72.70 (buying) and Rs 73.45 (selling) respectively. UAE dirham is trading at Rs 75.00 (buying) and Rs 75.80 (selling). EURO is trading at Rs 297.50 (buying) and Rs 301.50 (selling) respectively. Pound Sterling rate in local currency market today is Rs 348.00 (buying) and Rs 363.00 (selling). AUD is trading at Rs 180.60 (buying) and Rs 185.60 (selling). CAD is trading at Rs 205.00 (buying) and Rs 210.00 (selling) . Chinese Yuan is trading at Rs 40.00 (buying) and Rs 43.00 (selling).
