KARACHI: June12, 2023 The rupee emerged strong on the first working day of the week as it halted US dollar’s gaining spree in the local currency market on Monday.
US dollar was continuously appreciating against the rupee in in open market in the last week. 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.
On Monday, the currency market remained stable as US dollar value remained unchanged both in open and interbank. The rupee-USD parity remained at Rs 301 (selling) and Rs 304 (buying) in open market with no change in the ratio of these two currencies . On Friday last US dollar had closed at Rs 301(selling) and Rs 304 (buying) respectively.
In interbank, US dollar value is ranging between Rs 295 to Rs 300 following a government step to allow the commercial banks to make payments of credit cards at the interbank rates.
In interbank, US dollar settled to value of its last Friday. It showed no change in the rates. US dollar rates in interbank today stand at Rs 287. 75 (buying) and Rs 286.35 (selling).
Other major currencies rates in Pakistan as follows . Saudi Riyal is trading at Rs 79.50 (buying) and Rs 80.30 (selling). UAE is trading at Rs 82.50 and Rs 83.30. Euro rate is trading at Rs 320.80 (buying) and Rs 324 (selling). Pound Sterling is trading at Rs 374.20 (buying) and 378.00 (selling).
AUD rate in local currency market is Rs 200.00 (buying) and Rs 203.00 (selling) respectively. CAD rate today in local market is R 223.00 (buying) and Rs 226.00 (selling). Chinese Yen rate is Rs 46.00 (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.