KARACHI: July 18, 2023: Despite inflows of billions of dollars in Pakistan , US dollar is continuously appreciating against local market. The rupee had made handsome gain in value a day before, but lost ground in just a few days permitting USD to retake the driving seat. With another appreciation today (Tuesday), USD soared to Rs 279.00 (buying) and Rs 281.35 (selling) in interbank on Tuesday.
USD has gained more than Rs 4 against the local currency in interbank since Friday last.
The State Bank of Pakistan (SBP) had announced increase in its reserves on Thursday and it should have given a boost to the local currency, but it went other way around as the rupee continue to lose value against US currency.
In open market, US currency also appreciated by Rs 1 and it’s trading at Rs 282.00 (buying) and Rs 285.00 (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.
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 75.00 (buying) and Rs 75.80 (selling) respectively. UAE dirham is trading at Rs 77.50 (buying) and Rs 78.30 (selling).
EURO is trading at Rs 316.50 (buying) and Rs 321.50 (selling) respectively. Pound Sterling rate in local currency market today is Rs 368.80 (buying) and Rs 373.80 (selling). AUD is trading at Rs 190.50 (buying) and Rs 194.50 (selling). CAD is trading at Rs 213.00 (buying) and Rs 218.00 (selling). Chinese Yuan is trading at Rs 41.00 (buying) and Rs 44.00 (selling) respectively.