KARACHI: June 26, 2023: The currency market is continuing to respond positively as the local currency maintain gaining spree against USD on Monday.
In interbank, US dollar is showing an opposite direction to the open market and trading at Rs 286. 80 (buying) and Rs 287.20 (selling) against Rs 286.30 (buying) and Rs 286.60 (selling) on Friday.
According to All Pakistan Currency Dealers Association (APCDA), in open market, US dollar is showing downward trend today again and its trading at Rs 287.00 (buying) and Rs 290.00 (selling) against its rates of Rs 288.00 (buying) and Rs 291.00 (selling) on the last working days of the last week.
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 78.00 (buying) and Rs 78.80 (selling). Euro is trading at Rs 310.00 (buying) and Rs 313.00 (selling) respectively. UK pound is trading at Rs 362.00 (buying) and Rs 365.60 (selling) respectively. AUD is trading at Rs 189.00 (buying) and Rs 192.00 (selling) respectively. CAD is trading at Rs 217.00 (buying) and Rs 220.00 (selling) Chinese yen is trading at Rs 44.00 (buying) and Rs 46 (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.