KARACHI: Dec 7,2022: US dollar shed 20 paisa in interbank but gained 45 paisa in open market at closing of mid day session on Wednesday .
In interbank , US rates dropped from Rs 224.20 down to Rs 224 and in open market it appreciated to Rs 229.70 from last day rates of Rs 229.20.
US D – rupee parity is fluctuating between 224 and 224.50 for the last more than a week and almost its maintaining the same trend in open market. For the around 10 working sessions, US dollar is ranging between Rs 229 and 230.
The rates of UAE Durham also appreciated and it showed an increase of 50 paisa to take Durham rates timo Rs 65.50. UAE dirham was also stable at Rs 65 for the last more than 7 working sessions.
Saudi Riyal made no change in its rates and it remained stable at Rs 63 at closing of the mid day session on Wednesday.
Unlike other major currencies , Euro lost Rs 1 in value and it settled at Rs 247.50. Euro had closed at Rs 248.50 on Tuesday.
Pound sterling remained stable till closing of mid day session on Wednesday . It remained pegged at Rs 288.10 against the local unit.
The currency market expert do not see any major fluctuation in domestic market in the remaining working days of the current week.
Malik Bostan Khan , Pakistan ‘ s top Forex dealer agrees with these views. He believes there the State Bank of Pakistan (SBP) was taking corrective measures like slashing online payments to other countries and closely monitoring Pakistan ‘s trade pattern with Afghanistan .
Bostan Khan is of the view that Afghan government was misusing the concession granted by Pakistan to give relief through trade to war torn Afghanistan. He is urging the government of Pakistan to review its existing trade in local currency with Afghanistan.
