KARACHI: March 31, 2023: US dollar lost its gaining spree in interbank against the local currency on the last day of the week on Friday. It lost nominal value of 10 paisa and closed at Rs 283.70 against the last day’s value of Rs 283.80 at the closing of the last session of the outgoing week.
In open market , US dollar , however, did not show any change vis a vis the rupee and remained pegged its last day’s rate of Rs 286.50 . Other major currencies also showed mixed trend in terms of value against the local currency today.
Saudi Riyal traded at Rs 75.0 buying and Rs 76.20 selling respectively. UAE dirham rate remained at Rs 77.20 buying and Rs 78 selling respectively. . Euro rate is Pakistan currency market today is Rs 308 buying and Rs 311 selling. Pound Sterling rate today is Rs 349.50 buying and Rs 353 selling. AUD rate today in local currency market is Rs 188 buying and Rs 190 selling. CAD rate today is Rs 208 buying and Rs 210 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 2.80 buying and Rs 3.30 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.
