KARACHI: , May 16, 2023: The currency market showed rare stability on Friday. Almost all currencies including US dollar and Saudi Riyal remained pegged to their last day’s rates.
In the recent weeks, the currency market has seen quick fluctuation. The rupee remained under pressure due to fragile financial position of Pakistan.
Showing some positive trend , the local currency market remained stable on Friday. There was no change in the rates of major currencies including US dollar during the last 24 hours.
In interbank, USD is trading at Rs 285.40 against last day’s Rs 285.00..
In open market , US dollar is trading at Rs 295.00 (buying) and Rs 298.00 (selling), showing no change in its value.
Here are the rates of other major currencies in Pakistan’s currency market today. Saudi Riyal is trading at Rs 79.20 (buying) and Rs 80.20 (selling) respectively. UAE dirham rate in open market today is Rs 81.20 (buying) and Rs 82.20 (selling) respectively. . Euro rate is Pakistan currency market today is Rs 319.50 (buying) and Rs 324.50 (selling) respectively. Pound Sterling rate today is Rs 369.00 (buying) and Rs 374.00 (selling) respectively. AUD rate today in local currency market is Rs 195.30 (buying) and Rs 199.30 (selling). CAD rate today is Rs 218.50 (buying) and Rs 222.50 (selling) respectively.
Chinese Yuan rate today in local market is Rs 46.00 (buying0 and Rs 48.50 (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.
