KARACHI: March 3, 2023: In a sharp recovery, the rupee bounced back to make correction in the currency market today (Friday)(. The rupee made a gain of Rs 10 against US dollar and settled at Rs 275 (buying) and Rs 278 (selling) in interbank. The recovery mode of the local currency will seize panic in the local currency.
The rupee also made substantial recovery in open market . It surged to Rs 278 (buying) and Rs 281 9selling). The rupee’s recovery will set aside panic that ruled in the local currency market due to huge its fall in value against US dollar.
US dollar had shot up by Rs 17 in interbank the other day. The big loss of the rupee in the currency market had created panic in the local market, igniting the rumors’ mills in the country. There were talks of default of Pakistan at different forums.
Other major currencies also showed downward trend in value today. Saudi Riyal depreciated to Rs 72 (buying) and Rs 74 (selling). UAE dirham 74.50 (buying) and Rs 76.50 (selling). Euro value today stands at Rs 287 (buying) and Rs 292 (selling).
Pound sterling value today in open market is Rs 324 (buying) and Rs 330 (selling). AUD rate today is Rs 180.50 (buying) and Rs 185.50 (selling). CAD rate today is Rs 198 (buying)( and 203 (selling).
