KARACHI: , May 10, 2023: As Pakistan’s political crisis goes worse from bad with the arrest of Pakistan Tehreek e Insaf (PTI) chairman, Imran khan , US dollar has jumped up to Rs 285.00 (buying) and Rs 288.50 (selling) in interbank on Wednesday.
In open market , US dollar is trading today at Rs 291.00 (buying) and Rs 294.00 (selling) respectively Other major currencies showed mixed trend in terms of value against the local currency.
Pakistan never had such a bad time financially and its costing heavily to the local currency. PKR is under pressure for the last many months as its political turmoil is not coming to a halt.
All other major currencies are also maintaining winning streak against the rupee . Saudi Riyal is trading at Rs 76.70 (buying) and Rs 77.50 (selling) respectively. UAE dirham rate in open market today is Rs 78.50 (buying) and Rs 79.30 (selling) respectively. . Euro rate is Pakistan currency market today is Rs 315.80 (buying) and Rs 319.00 (selling) respectively. Pound Sterling rate today is Rs 363.30 (buying) and Rs 367.00 (selling) respectively. AUD rate today in local currency market is Rs 193.00 (buying) and Rs 195.00 (selling). CAD rate today is Rs 214.00 (buying) and Rs 216.00 (selling) respectively.
Chinese Yuan rate today in local market is Rs 46.00 (buying0 and Rs 48.00 (selling) respectively. Afghan’s currency is also performing better than Pakistan’s currency. Its rate vis a vis rupee today in the local market is Rs 3.20 (buying) and Rs 3.70 (selling) respectively.
Pakistan’s currency is under pressure for a variety of reasons like low forex reserves, more demand of USD in the local market. The delay is reaching to an agreement between the government of Pakistan and International Monetary Fund (IMF) is a core reason of devaluation of the local currency against all major currencies. Despite its best efforts to woo funds from IMF and other bilateral donors and lending agencies Pakistan is yet to see any success on this front and its causing financial mess for Pakistan.