KARACHI: August 2, 2023: The rupee is under pressure again as it lost over Rs 2 to US dollar in interbank in the first session on Wednesday.
The local currency was resisting dominance of USD and other major currencies since beginning of the current week, but Mr Dar’s decision to revise petroleum product prices massively sent a negative message to the entire market. It weakened the rupee vis-à-vis US dollar in interbank as well as in open market
Just a week in hand, Shahbaz government opted to go for a massive increase in petroleum product prices which has hit already badly inflation-hit people of Pakistan. It opened-up a floodgate of price-hike within hours from the announcement. Soon after the announcement, the prices of everything right from the construction material to household items and from transport fare to service cost went- up substantially.
Negative mood shook the currency market also. It left the rupee in lurch again and as a result, the rupee lost Rs 2 plus against US currency in the local market.
With the last loss, USD is trading today at Rs 287.75 against Rs 286.50 (buying) and Rs 288.75 against Rs 286.70 (selling) of the last day.
In open market US dollar also appreciated by Rs 2 and it is trading at Rs 290.00 against Rs 288.00 (buying) and Rs 292 against Rs 291.00 (selling) of the last day respectively.
The data released by All Pakistan Currency Dealers (APCDA) suggests that other major currencies like Saudi Riyal, United Arab Emirate (UAE), Euro, Pound Sterling are also showing upward trend in the local currency market today. Saudi Riyal is trading at Rs 77.00 against its last day’s rate of Rs 76.70 (buying) and Rs 77.80 against last day’s rate of Rs 77.50 (selling) respectively. With an appreciation of Rs 1.50, UAE dirham is trading at Rs 79.20 (buying) and Rs 80,00 (selling).
EURO is trading at Rs 317.00 (buying) and Rs 320.00 (selling) respectively. Pound Sterling rate in local currency market today is Rs 370.00 (buying) and Rs 373.00 (selling). AUD is trading at Rs 190.00 (buying) and Rs 198.00 (selling). CAD is trading at Rs 216.00 (buying) and Rs 220.00 (selling). Chinese Yuan is trading at Rs 41.00 (buying) and Rs 44.00 (selling) respectively.
