KARACHI: Nov 30, 2022: The currency market has taken adverse affect of the inflow of US 500 million as this news did not improve health of the rupee. Rather , the rupee lost massively in open market when it slightly gained in interbank on Wednesday.
US dollar soared up by Rs 45 paisa to take its value to a rupee to Rs 228.20 from last working day’s of Rs 228.75.
In the open market the local currency was stable for many days. However, the rupee lost its magnet in mid week to lose to US currency.
Pakistan has received $ 500 million from Asian Development Infrastructure Bank the other day and it was expected that it will strengthen the rupee against US currency . But factually the rupee lost to US dollar despite surge in Pakistan’s forex reserves.
Saudi Riyal and UAE Dirham lost their value in domestic currency market. Saudi Riyal depreciated by 40 paisa and closed at Rs 63 against its last day’s value of Rs 63.40. Likewise, UAE Dirham also lost its value by 40 paisa and it closed at Rs 65 against its value of Rs 65.40 on Tuesday.
