KARACHI: July 24, 2023: The free fall of the rupee in interbank and open market continues. On Monday, US dollar and other major currencies made major gain.
USD gained Rs 0.60 in interbank and Rs 2 in open market which took USD-PKR parity to Rs 287.80 in interbank and Rs 287.20 in open market to a dollar in the local currency. With further appreciation in value in interbank, US dollar soared to Rs 286.50 (buying) and Rs 287.80 (selling) in interbank.
Open market is maintaining its volatility. In open market US currency appreciated by another Rs 2 today and it’s trading at Rs 290.00 (buying) and Rs 293.00 (selling) respectively.
The market experts say that the local currency market is showing correction and there will be more fluctuations in it in coming days. They attribute recent gain of USD to payments made by the banks for letter of credits (LCs) for crucial imports.
According to the data released by All Pakistan Currency Dealers Association (APCDA), Other major currencies like Saudi Riyal, United Arab Emirate (UAE), Euro, Pound Sterling are showing upward trend in the local currency market today. Saudi Riyal is trading at Rs 77.00 (buying) and Rs 78.00 (selling) respectively. UAE dirham is trading at Rs 79.00 (buying) and Rs 80.00 (selling).
EURO is trading at Rs 322.00 (buying) and Rs 326.00 (selling) respectively. Pound Sterling rate in local currency market today is Rs 373.00 (buying) and Rs 377.00 (selling). AUD is trading at Rs 196.00 (buying) and Rs 200.00 (selling). CAD is trading at Rs 219.00 (buying) and Rs 223.00 (selling). Chinese Yuan is trading at Rs 43.00 (buying) and Rs 46.00 (selling) respectively.