KARACHI: April, 26, 2023: US dollar is pegging to its last week value of Rs 283.40 buying and Rs 284 selling in interbank against the local currency on the first working day after weeklong holidays . Its trading at Rs 283 and Rs 284 buying and selling value in interbank on Wednesday respectively.
In open market , however US dollar made handsome gain and its trading at Rs 288 (buying) and Rs 291 (selling) respectively against Rs 286 (selling) and Rs 288 (buying) of April 20 when the currency market closed down for Eidul Fitr holidays . Other major currencies showed mixed trend in terms of value against the local currency today.
Saudi Riyal is trading at Rs 76.20 (buying) and Rs 77 (selling) respectively. UAE dirham rate in open market today is Rs 78.50 (buying) and Rs 79.50 (selling) respectively. . Euro rate is Pakistan currency market today is Rs 315 (buying) and Rs 318 (selling) respectively. Pound Sterling rate today is Rs 357 (buying) and Rs 360 (selling) respectively. AUD rate today in local currency market is Rs 188 (buying) and Rs 190 (selling). CAD rate today is Rs 209 (buying) and Rs 211 (selling) respectively.
Chinese Yuan rate today in local market is Rs 45 buying and Rs 47 selling respectively. Afghan’s currency is also performing better than Pakistan’s currency. Its rate vis a vis rupee today in the local market is Rs 3.00 buying and Rs 3.50 selling respectively.
Pakistan’s currency is under pressure for a variety of reasons like low forex reserves, more demand of USD in the local market. The delay is reaching to an agreement between the government of Pakistan and International Monetary Fund (IMF) is a core reason of devaluation of the local currency against all major currencies. Despite its best efforts to woo funds from IMF and other bilateral donors and lending agencies Pakistan is yet to see any success on this front and its causing financial mess for Pakistan.
