Dollar is soaring on daily basis in local currency market. Today US dollar increased by Rs 0.50
and it reached to Rs 228 level In interbank today. In open market, US dollar rate today is Rs 235.70 today. In open market US dollar appreciated by one rupee.
Practically US dollar is non-existent in the interbank and open market. If someone goes to the bank or forex companies to buy US dollar, he gets an answer that US dollar were not available, but if someone offers extra money for US currency he gets as much as US dollars are required.
Saudi Riyal’s rate today is Rs 66.70 (buying) and Rs 67.30 (selling). It also showed no change in its value today. UAE dirham rate today is Rs 68.60 (buying) and Rs 69.30 (selling).
Euro’s rate today in Pakistan is Rs 268.30 (buying) and Rs 271 (selling). Pound Sterling rate today is Rs 304 (buying) and Rs 307 (selling). Difference of Rs 3 in buying and selling of Pound sterling shows the weak regulations of the central bank.
AUD rate in Pakistan market today is Rs 171 (buying) and Rs 173 (selling). CAD rate in local currency market today is Rs 186 (buying) and Rs 188 (buying).
This is a major question to the Shahbaz government in the given economic scenario. Pakistan is in severe economic crisis and its feeling hard to fulfill its foreign obligations , The government is controlling US dollar rate by introducing restriction on letter of credits (LCs) and also barring the forex exchange companies not to let the rupee down freely . Pakistan’s artificial control of US dollar has damage Pakistan by many ways. LCs restrictions had devastated businesses and industries as they are not getting raw materials for the industries and businesses do not have saleable stuffs to cater to the market.
