KARACHI: April, 10, 2023: US dollar is on gaining spree in interbank against the local currency on the first day of the week on Monday. It jumped up to Rs 285.40 buying and Rs 287.25 selling respectively.
In open market , US dollar ,its rate stood at Rs 290 and Rs 293 in buying and selling respectively . Other major currencies showed mixed trend in terms of value against the local currency today.
Saudi Riyal traded at Rs 76.50 buying and Rs 77.50 selling respectively. UAE dirham rate remained at Rs 78.20 buying and Rs 79 selling respectively. . Euro rate is Pakistan currency market today is Rs 312 buying and Rs 316 selling. Pound Sterling rate today is Rs 356.40 buying and Rs 360 selling. AUD rate today in local currency market is Rs 189 buying and Rs 191 selling. CAD rate today is Rs 211 buying and Rs 213 selling respectively.
Chinese Yuan rate today in local market is Rs 44 buying and Rs 46 selling. Afghan’s currency is far better than Pakistan’s currency . Its rate vis a vis rupee today in the local market is Rs 3.00 buying and Rs 3.50 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.