KARACHI: July 21, 2023: US dollar and other major currencies are continuing gaining spree against the rupee despite a formal announcement of the State Bank of Pakistan that its reserves have gone up by $ 4 billion with inflows of funds from the International Monetary Fund and friendly countries.
SBP had announced that Pakistan’s forex reserves have gone up to $ 14 billion as on July 7 with inflows of funds from IMF and friendly countries.
USD gained Rs 7 against the local currency in interbank in the last one week.
Open market has become even more volatile. US currency appreciated by another Rs 2 today and it’s trading at Rs 287.00 (buying) and Rs 290.00 (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 76.60 (buying) and Rs 77.40 (selling) respectively. UAE dirham is trading at Rs 78.20 (buying) and Rs 79.00 (selling).
EURO is trading at Rs 321.70 (buying) and Rs 324.90 (selling) respectively. Pound Sterling rate in local currency market today is Rs 370.50 (buying) and Rs 374.20 (selling). AUD is trading at Rs 194.00 (buying) and Rs 198.00 (selling). CAD is trading at Rs 218.00 (buying) and Rs 221.00 (selling). Chinese Yuan is trading at Rs 42.00 (buying) and Rs 44.00 (selling) respectively.
