KARACHI: July 25, 2023: The rupee is losing its value at much faster pace now. In the first session on Tuesday. the rupee lost another Rs 0.20 in interbank.
With gain of another Rs 0.20 in interbank and Rs 1 in open market which took USD-PKR parity to Rs 280.00 in interbank and Rs 291.00 in open market to a dollar in the local currency. With further appreciation in value in interbank, US dollar soared to Rs 288.00 (buying) and Rs 289.00 (selling) in interbank.
Open market is maintaining its fast volatility. In open market US currency appreciated by another Rs 1 today and it’s trading at Rs 291.00 (buying) and Rs 294.00 (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.
According to All Pakistan Currency Dealers Association (APCDA), 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 77.20 (buying) and Rs 78.20 (selling) respectively. UAE dirham is trading at Rs 79.50 (buying) and Rs 80.50 (selling).
EURO is trading at Rs 321.00 (buying) and Rs 325.00 (selling) respectively. Pound Sterling rate in local currency market today is Rs 372.00 (buying) and Rs 376.00 (selling). AUD is trading at Rs 198.00 (buying) and Rs 200.00 (selling). CAD is trading at Rs 221.00 (buying) and Rs 22400 (selling). Chinese Yuan is trading at Rs 42.00 (buying) and Rs 43.00 (selling) respectively.
