KARACHI: June15,2023: In the last few days, USD has seen major downward trend in the open market but there is hardly any fluctuation in the interbank .
This shows banking mafia is not willing to let the rupee appreciate come what may. The commercial banks have their own plans and one of them is to keep ditching the local currency. Since State Bank of Pakistan (SBP) is acting like a mere spectator and has no intention to check as to why the commercial banks are resisting any downward slide of USD.
In open market , USD lost more than one rupee in the first three working sessions of the current week, but there was hardly any change in USD value in interbank.
US dollar was continuously appreciating against the rupee in in open market for the last a few weeks. However, after commitment of top government authorities of meeting Pakistan’s payments obligations with or without the International Monetary Fund (IMF) bailout package, the local currency rebounded to stop dominance of US currency.
In the open market, the rupee-USD parity remained at Rs 291.00 (buying) and Rs 293.00 (selling) on Thursday. On Wednesday, US dollar had closed at Rs 291.00 (buying) and Rs 293.00 (selling) respectively.
In interbank, US dollar rate in interbank today stands at Rs 286.90 (buying) and Rs 287.20 (selling).
Other major currencies rates in Pakistan as follows. Saudi Riyal is trading at Rs 77.40 (buying) and Rs 78.20 (selling). UAE is trading at Rs 80.20 and Rs 81.00. Euro rate is trading at Rs 313.80 (buying) and Rs 317.00 (selling). Pound Sterling is trading at Rs 367.00 (buying) and 37100 (selling).
AUD rate in local currency market is Rs 196.00 (buying) and Rs 199.00 (selling) respectively. CAD rate today in local market is R 217.00 (buying) and Rs 220.00 (selling). Chinese Yen rate is Rs 45.00 (buying) and Rs 47.00 (selling) respectively. Afghan currency is performing even better than the rupee. Afghan rupee is trading at Rs 3.30 (buying) and Rs 3.70 (selling) respectively.