KARACHI: Dec 30, 2022: This is a major question to the Shahbaz government in the given economic scenario. Pakistan is in severe economic crisis and its feeling hard to fulfill its foreign obligations , The government is controlling US dollar rate by introducing restriction on letter of credits (LCs) and also barring the forex exchange companies not to let the rupee down freely . Pakistan’s artificial control of US dollar has damage Pakistan by many ways. LCs restrictions had devastated businesses and industries as they are not getting raw materials for the industries and businesses do not have saleable stuffs to cater to the market.
In interbank, officially US dollar rate to the rupee today is Rs 226.50 (buying) and Rs226.75 selling in the open market. In open market, US dollar rate today is Rs 233.20 today. But practically US dollar is non existent in the interbank and open market. If someone goes to the bank or forex companies to buy US dollar , he gets an answer that US dollar were not available, but if someone offers extra money for US currency he gets as much as US dollars are required.
Saudi Riyal’s rate today is Rs 65 (buying) and Rs 65.65 (selling). It also showed no change in its value on Friday—last working day of the week and outgoing calendar year. UAE dirham rate today is Rs 68.30 (buying) and Rs 89 (selling).
Euro’s rate today in Pakistan is Rs 260.60 (buying) and Rs 263 (selling). Pound Sterling rate today is Rs 296 (buying) and Rs 299 (selling). Difference of Rs 3 in buying and selling of Pound sterling shows the weak regulations of the central bank.
AUD rate in Pakistan market today is Rs 164 (buying) and Rs 266 (selling). CAD rate in local currency market today is Rs 180 (buying) and Rs 182 (buying).