KARACHI: May 26, 2023: The rupee made a gain of one rupee against US dollar in interbank and open currency market on Friday.
The rupee appreciated by Rs 1.00 (buying) and settled at Rs
284.95 (buying) and at Rs 285.50 (selling) against its last day value of Rs 285.40 (buying) and Rs 286.50 (selling) respectively.
In open market, the local currency remained pegged at its last day’s value of Rs 306 (buying) and Rs 309 (selling) respectively.
Recovery of the local currency vis-a-vis US dollar is a good news and it will at least dispel the impression of losing hope of stopping gaining streak of US currency .
Pakistan’s currency is victim of political turmoil . Its political forces are busy in making political points for petty gains on political front but they hardly consider negative impact of political crisis on the national economy.
Since the last one year or so the political infighting is going on unabated in Pakistan and none of the stakeholders are ready to give up the fight. No matter how its damaging Pakistan’s economy and its repute in international financial market.
The rates of other major currencies are also showing negative trend today . Saudi Riyal is being sold at Rs 81.70 . The forex dealers are selling SR at Rs 82.50 .
UAE dirham is being sold at Rs 84.50 and bought at Rs 83.70. Euro rate in open market is Rs 328.70 (buying) and Rs 332 (selling) respectively. Pound Sterling is being traded at Rs 378.00 (buying) and Rs 382.00 (selling). Australian Dollar (AUD) is being traded at Rs 199.00 (buying)
and Rs 201.00. Canadian Dollar (CAD) is being traded at Rs 224.00 and Rs 228.00. Chinese Yuan is being traded at Rs 46.00 (buying) and 48.00 (selling) respectively.