KARACHI: July 26, 2023: After taking hit for many consecutive sessions both in interbank and open market, PKR finally bounced back on Wednesday to get considerable value against US dollar. In the first session in interbank, PKR made gain of one rupee against US currency.
Rescheduling of $ 2.1O billion by China has basically helped Pakistan currency hold ground against US dollar and other major currencies.
China had formally approved rolling over of $ 2.10 billion for Pakistan for two years on the same terms and conditions. China’s great step will ease payments pressure on Pakistan and help its economy absorb some shocks in the future.
With appreciation of PKR of Rs 1.00 in interbank, USD-PKR parity lowered to Rs 287.35 (buying) and Rs 288.00 (selling) at the closing of the first session today.
In open market PKR performed even better and appreciated by Rs 2. In open market US dollar is trading at Rs 288.00 (buying) and Rs 291.00 (selling) respectively.
All Pakistan Currency Dealers Association (APCDA) , chairman Malik Bostan Khan, foresees more gain by the rupee in coming days. Talking to NEWSMAN by phone, top currency dealer said since last week the rupee was under pressure due to clearance of the backlog of blocked containers at ports for quite long time and since these shipments are being cleared by the banks now it put some pressure on the local currency. Malik Bostan Khan asserted that the rupee will make handsome gain against US dollar in coming days.
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 77.80 (selling) respectively. UAE dirham is trading at Rs 79.00 (buying) and Rs 79.80.00 (selling).
EURO is trading at Rs 319.00 (buying) and Rs 323.00 (selling) respectively. Pound Sterling rate in local currency market today is Rs 371.00 (buying) and Rs 375.00 (selling). AUD is trading at Rs 194.00 (buying) and Rs 198.00 (selling). CAD is trading at Rs 218.00 (buying) and Rs 221.00 (selling). Chinese Yuan is trading at Rs 42.00 (buying) and Rs 44.00 (selling) respectively.