KARACHI: March 9, 2023: US dollar has hit back with a big increase to take its value to Rs 283 (buying) and Rs 283.50 (selling) in interbank. This shows an increase of Rs 4.50 over its last day value of Rs 278.50 (buying) and Rs 279 against the rupee.
In open market , US dollar rate today is Rs 281.50 (buying) and Rs 283.50 (selling) respectively.
It is interesting that US dollar rates in interbank has surpassed the open market and it happens rarely.
Surge in US dollar value at a time when the government is claiming to get the staff level agreement signed with the International Monetary Fund (IMF) and the State Bank of Pakistan’s (SBP) reserves are showing healthy sign and increasing gradually.
The rupee was gaining value till last week and then it started to lose ground early this week. Devaluation of the rupee at this stage is alarming.
Other major currencies are also gaining in term of value against the local currency. Saudi Riyal value in the local market today is Rs 74.20 (buying) and Rs 75.20 (selling) respectively. UAE dirham value today is Rs 76.20 (buying) and Rs 77.20 (selling).
Euro soared to Rs 293 (buying) and Rs 297( selling ) and Pound Sterling appreciated to Rs 330 (buying) and Rs 334 (selling) respectively. AUD value today is Rs 183 (buying) and Rs 185 (selling) and CAD is trading in open market at Rs 202 (buying) and Rs 204 (selling)