KARACHI: July 13, 2023: With an encouraging development like inflows from Saudi Arabia, United Arab Emirates (UAE) and approval of Standby loan for Pakistan by the International Monetary Fund (IMF), US dollar reached to a new low in the local currency market today (Thursday). US dollar lost Rs 4 (buying) in interbank to settle at Rs 273 against its last day’s value of Rs 277.00. USD selling price also dropped by more than Rs 5.50 and settled at Rs 275.50.
According to All Pakistan Currency Dealers Association (APCDA), in open market, US currency also lost Rs 2 and its trading at Rs 275.00 (buying) and Rs 278.00 (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 the rupee improvement in forex reserves of Pakistan.
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 72.50 (buying) and Rs 73.50 (selling) respectively. UAE dirham is trading at Rs 74.30 (buying) and Rs 75.30 (selling).
EURO is trading at Rs 303.00 (buying) and Rs 306.00 (selling) respectively. Pound Sterling rate in local currency market today is Rs 355.00 (buying) and Rs 360.00 (selling). AUD is trading at Rs 190.00 (buying) and Rs 195.00 (selling). CAD is trading at Rs 208.00 (buying) and Rs 212.00 (selling). Chinese Yuan is trading at Rs 42.00 (buying) and Rs 44.00 (selling) respectively.