RAWALPINDI: June 20, 2023: The currency market remained stable with no fluctuation in the rates of major currencies in the first session on Tuesday.
With no fluctuation, US dollar-PKR party remained stable in interbank. Today US Dollar is trading at Rs 287.10 (buying) and Rs 287.30 (selling) in interbank.
In open market , US dollar showed downward trend and its trading at Rs 289.00 (buying) and Rs 292.00 (selling) against its last day’s rates of Rs 290.00 (buying) and Rs 293.00 (selling) respectively.
Interestingly, open market is responding to the government’s efforts to stablise the local currency and as a result there was considerable reduction in USD value, but the commercial banks are resisting these efforts and trying to maintain the US currency against the rupee. The banks are really working as an East India company and working for protecting its own interests.
The government seems helpless in this case. It has no leverage as the commercial banks mafia is operating under the shadow of the State Bank of Pakistan (SBP) and its independent in regulation of the market.
Other major currencies are also showing slight downward trend today. Saudi Riyal is trading today at Rs 78.00 (buying) and Rs 78.80 (selling) . UAE dirham rates are Rs 80.20 (buying) and Rs 81.00 (selling). Euro is trading at Rs 313.80 (buying) and Rs 317 (selling) respectively. UK pound is trading at Rs 369.30 (buying) and Rs 373.00 (selling) respectively. AUD is trading at Rs 198.00 (buying) and Rs 201.00 (selling) respectively. CAD is trading at Rs 219.00 (buying) and Rs 222.00 (selling) Chinese yen is trading at Rs 46.00 (buying) and Rs 48 (selling) respectively.
