KARACHI: , May 12, 2023: Still political crisis is on the ground but amidst its roaring , the rupee bounced back today recovery in its value in a big way.
In interbank the rupee gained value by Rs 13 and it is likely to maintain gaining streak at least in the second session today. USD had gone up to Rs 301 in open market other day causing panic in the local currency market .
Pakistan currency market had witnessed unprecedented volatility in the last couple of days as a result of violent protests of Pakistan Tehreek e Insaf (PTI) following arrest of its chairman Imran Khan in Al-Qadir Trust corruption case.
In interbank US dollar value is recorded today at Rs 285.00 (buying) and Rs 288.00 (selling). In open market , US dollar is trading at Rs 290.00 (buying) and Rs 293.00 (selling) respectively Other major currencies are also showing downward trend in terms of value against the local currency.
Pakistan never had such a bad time financially in its 75-year history and its costing massively to the local currency. PKR had remained under pressure for the last many weeks.
These are the rates of other major currencies today in Pakistan’s currency market. Saudi Riyal is trading at Rs 76.00 (buying) and Rs 77.80 (selling) respectively. UAE dirham rate in open market today is Rs 78.00 (buying) and Rs 79.00 (selling) respectively. . Euro rate is Pakistan currency market today is Rs 312.00 (buying) and Rs 316.00 (selling) respectively. Pound Sterling rate today is Rs 362.00 (buying) and Rs 367.00 (selling) respectively. AUD rate today in local currency market is Rs 192.00 (buying) and Rs 194.00 (selling). CAD rate today is Rs 211.00 (buying) and Rs 215.00 (selling) respectively.
Chinese Yuan rate today in local market is Rs 46.00 (buying0 and Rs 48.00 (selling) respectively. Afghan’s currency is also performing better than Pakistan’s currency. Its rate vis a vis rupee today in the local market is Rs 3.20 (buying) and Rs 3.70 (selling) respectively.
Pakistan’s currency is under pressure for a variety of reasons like low forex reserves, more demand of USD in the local market. The delay is reaching to an agreement between the government of Pakistan and International Monetary Fund (IMF) is a core reason of devaluation of the local currency against all major currencies. Despite its best efforts to woo funds from IMF and other bilateral donors and lending agencies Pakistan is yet to see any success on this front and its causing financial mess for Pakistan.