KARACHI: June1,2023: Despite inflow of $ 1 billion from China at the last weekend, USD is not showing any fluctuation in local market .
On Friday last working day of the last week, USD had closed at Rs 287 (buying) and Rs 287.70 (selling). US currency did not show any change in its value today on the first working day and its trading at Rs 287 (buying) and Rs 287.35 (selling) respectively.
Pakistani rupee is under pressure due to fragile economic situation and the on-going political crisis . Meanwhile, The International Monetary Fund (IMF) policy of fixing Islamabad has hit it hard.
Other than IMF, the government of Shahbaz Sharif is also facing a homegrown mafia of banks which is resisting any move aimed at appreciation of the rupee.
In the last few days, USD had shown major downward trend in the open market, but there was hardly any fluctuation in the interbank.
This shows banking mafia is not willing to let the rupee appreciate come what may. The commercial banks have their own plans and one of them is to keep ditching the local currency. Since State Bank of Pakistan (SBP) is acting like a mere spectator and has no intention to check as to why the commercial banks are resisting any downward slide of USD.
In the open market, the rupee-USD parity is also stable at Rs 292.00 (buying) and Rs 295.00 (selling) on the last day of the week.
Other major currencies rates in Pakistan as follows. Saudi Riyal is trading at Rs 77.70 (buying) and Rs 78.50 (selling). UAE is trading at Rs 81.20 and Rs 82.00. Euro rate is trading at Rs 317.80 (buying) and Rs 321.00 (selling). Pound Sterling is trading at Rs 371.00 (buying) and 375.00 (selling).
AUD rate in local currency market is Rs 198.00 (buying) and Rs 201.00 (selling) respectively. CAD rate today in local market is R 219.00 (buying) and Rs 222.00 (selling). Chinese Yen rate is Rs 45.00 (buying) and Rs 47.00 (selling) respectively.
Afghan currency is performing even better than the rupee. Afghan rupee is trading at Rs 3.30 (buying) and Rs 3.70 (selling) respectively.
