KARACHI: July 14, 2023: Despite rising forex reserves, US dollar appreciated in local market on Friday by around Rs 3 in interbank. The rupee had made handsome gain in value a day before, but lost ground in just 24 hours when USD retook the driving seat. With an appreciation of Rs 3, USD settled at Rs 275.95 (buying) and Rs 277.90 (selling) on Friday.
The State Bank of Pakistan (SBP) had announced increase in its reserves on Thursday and it should have given a boost to the local currency, but it went other way around when the rupee lost its value massively on Frdiay in interbank.
In open market, US currency also appreciated by Rs 2 and it’s trading at Rs 278.00 (buying) and Rs 281.00 (selling) respectively.
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 payments made by the banks for letter of credits (LCs) for crucial imports.
Other major currencies like Saudi Riyal, United Arab Emirate (UAE) , Euro, Pound Sterling are showing upward trend in the local currency market today. Saudi Riyal is trading at Rs 73.70 (buying) and Rs 74.50 (selling) respectively. UAE dirham is trading at Rs 76.70 (buying) and Rs 77.50 (selling).
EURO is trading at Rs 310.50 (buying) and Rs 315.50 (selling) respectively. Pound Sterling rate in local currency market today is Rs 363.00 (buying) and Rs 368.00 (selling). AUD is trading at Rs 188.30 (buying) and Rs 193.30 (selling). CAD is trading at Rs 209.50 (buying) and Rs 214.50 (selling). Chinese Yuan is trading at Rs 40.00 (buying) and Rs 43.50 (selling) respectively.
