KARACHI: July 11, 2023: With an encouraging development like inflows of US dollar 2 billion from Saudi Arabia and more expected inflows from the International Monetary Fund (IMF), US dollar rate nosedived in interbank in Pakistan today (Wednesday). It’s trading at 277.00 against
Rs 278.50 on the last working day. US currency rate in selling market has dropped by more than Rs 2 and its rate is recorded at Rs 277.55 against its last day’s value of 281.00.
According to All Pakistan Currency Dealers Association (APCDA), in open market, US currency also lost its value today and its trading at Rs 277.00 (buying) and Rs 280.00 (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 73.00 (buying) and Rs 74.00 (selling) respectively. UAE dirham is trading at Rs 75.00 (buying) and Rs 76.00 (selling).
EURO is trading at Rs 300.00 (buying) and Rs 303.00 (selling) respectively. Pound Sterling rate in local currency market today is Rs 356.00 (buying) and Rs 360.00 (selling). AUD is trading at Rs 182.00 (buying) and Rs 184.00 (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.