KARACHI: June 2, 2023: Within 24 hours, US dollar has gained its last ground and its back on the driving seat in the local currency market.
At closing of the first session on June 2, USD could be seen moving into a comfort zone with a gain of Rs 9 against the local currency in in open market.
US dollar had shed massively on Thursday and Pakistan’s top currency dealers were predicting its more depreciation in the coming days.
Just a day before, US dollar had crashed in open market with huge loss of Rs 27. It was a major upset in the local currency market in recent weeks. Since January this year, Pakistani currency is under huge pressure due to outflow of dollar from open market and continuous payments of interests against Pakistan’s foreign debt.
Delay in signing a formal agreement by the International Monetary Fund (IMF) has also played a crucial role in weakening of the rupee.
However, the government decision to allow payment of credit cards at open market rates shattered the currency business on June 1 and it resulted in appreciation of the rupee dramatically.
In interbank, US dollar is trading today at Rs 285.25 (buying) and Rs 285.55 (selling) today.
Other major currencies are also show fluctuation in their value.
Saudi Riyal is trading at Rs 77.75 (buying) and Rs 78.55 (selling). UAE dirham is trading at Rs 79.50 (selling) and Rs 80.30 (buying). Euro is trading at Rs 310 (buying) and Rs 315.00 (selling) respectively. Pound Sterling is being traded at Rs 362.20 (buying) and Rs 368.00 (selling). Australian Dollar (AUD) is being traded at Rs 188.50 (buying) and Rs 202.00. Canadian Dollar (CAD) is being traded at Rs 213.00 (buying) and Rs 218.00 (selling). Chinese Yuan is being traded at Rs 44.00 (buying) and 48.00 (selling) respectively.