KARACHI: July 19, 2023: Downfall of the local currency against major currencies is continuing and even inflows of billions of dollars have not proven enough to help Pakistan make some steady economic recovery. For the last at least one week, US dollar is continuously appreciating against the rupee in the local market. With another appreciation , USD soared to new highs to Rs 282.50 (buying) and Rs 283.oo (selling) in interbank on Wednesday.
USD has gained more than Rs 6 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.
Open market has become even more volatile. US currency appreciated by another Rs 3 today and it’s trading at Rs 285.00 (buying) and Rs 288.00 (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 76.20 (buying) and Rs 77.00 (selling) respectively. UAE dirham is trading at Rs 77.70 (buying) and Rs 78.50 (selling).
EURO is trading at Rs 319.50 (buying) and Rs 323.00 (selling) respectively. Pound Sterling rate in local currency market today is Rs 369.00 (buying) and Rs 373.00 (selling). AUD is trading at Rs 192.00 (buying) and Rs 195.00 (selling). CAD is trading at Rs 215.00 (buying) and Rs 219.00 (selling). Chinese Yuan is trading at Rs 42.00 (buying) and Rs 44.00 (selling) respectively.