KARACHI: August 8, 2023: Despite claims of the government of bringing the economy back on the track, the rupee devaluation is continuing in the currency market. In just last two days of the current week, US dollar appreciated by Rs 5 in the open market . It shows structural weaknesses of the economy. The rupee can get stability in the currency market only when Pakistan’s marco economy will start showing positive indications.
In the prevailing situation when the government is dependent on the borrowing to maintain minimum level of forex reserves, there is hardly any opportunity for the rupee to performance better in the currency market.
The data released today by All Pakistan Currency Dealers Association (APCDA), US dollar has appreciated by Rs 1 in the open market today and its trading at Rs 293 (buying) and Rs 296 (selling) against last day’s closing rate of Rs 292 (buying) and Rs 295 (selling) respectively . In interbank, USD is also maintaining its winning streak. Its rates in interbank is recorded at Rs 287.20 (buying) and Rs 287.75 (selling) against the last day’s closing rates of Rs 287.00 (buying) and Rs 287.60 (selling) respectively.
Other major currencies are also showing upward trend for the last couple of days. Saudi Riyal is trading today at Rs 77.70 (buying) and Rs 78.50 (selling). UAE dirham is valuing at Rs 81.70 (buying) and Rs 82,50 (selling) respectively. Euro is trading at Rs 321.00 (buying) and Rs 325.50 (selling) respectively. UK pound sterling is trading at Rs 272.50 (buying) and Rs 377.50 (selling) and AUD value today is Rs 194.00 (buying) and Rs 199.00 (selling) and CAD is trading at Rs 217.00 (buying) and Rs 222.00 (selling) respectively. Chinese Yen is trading at Rs 43.00 (buying) and Rs 46.00 (selling) respectively.