KARACHI: June 23, 2023: The currency market is continuing responding positively as the local currency makes more gains against USD on Friday.
With gains of the local currency, US dollar is trading at Rs 286.30 (buying) and Rs 286.60 (selling) in interbank.
In open market, US dollar is also showing downward trend and its trading at Rs 288.00 (buying) and Rs 291.00 (selling) respectively.
Open market is responding to the government’s efforts to stablise the local currency and as a result there was considerable reduction in USD value, but the commercial banks were resisting these efforts as its club was trying to maintain pressure on the rupee. The banks are really working as an East India company and working for protecting its own interests.
Other major currencies are also showing downward trend today. Saudi Riyal is trading today at Rs 76.00 (buying) and Rs 76.80 (selling). UAE dirham rates are Rs 78.20 (buying) and Rs 79.00 (selling). Euro is trading at Rs 311.00 (buying) and Rs 314.00 (selling) respectively. UK pound is trading at Rs 362.00 (buying) and Rs 365.60 (selling) respectively. AUD is trading at Rs 190.00 (buying) and Rs 193.00 (selling) respectively. CAD is trading at Rs 216.00 (buying) and Rs 219.00 (selling) Chinese yen is trading at Rs 45.00 (buying) and Rs 47 (selling) respectively.
Afghan Afghani is performing better than Pakistani currency and it should be sign a worry for the policy makers and in particular to the economic team of prime minister, Shahbaz Sharif. Afghanistan is in the war for the last four decades and even if after such a long rather unending war Aghan currency is of three times more value then Pakistani economic wizard need to think of Pakistan’s real problems.
Afghan Afghani is trading at Rs 3.00 (buying) and Rs 3.50 (selling) respectively.