KARACHI: April, 27, 2023: US dollar is on the retreat today in interbank as its value shows slight downward trend and settles at Rs 283.25 (buying) against its last day’s value of Rs 283.40 (buying) and Rs 284.05 (selling). .
In open market , US dollar lost one rupee to a rupee and its trading at Rs 287 (buying) and Rs 290 (selling) respectively Other major currencies showed mixed trend in terms of value against the local currency today.
Saudi Riyal is trading at Rs 75.80 (buying) and Rs 76.80 (selling) respectively. UAE dirham rate in open market today is Rs 78.20 (buying) and Rs 79.20 (selling) respectively. . Euro rate is Pakistan currency market today is Rs 314 (buying) and Rs 319.80 (selling) respectively. Pound Sterling rate today is Rs 355.50 (buying) and Rs 360.50 (selling) respectively. AUD rate today in local currency market is Rs 187 (buying) and Rs 191 (selling). CAD rate today is Rs 208 (buying) and Rs 212 (selling) respectively.
Chinese Yuan rate today in local market is Rs 45 buying and Rs 48 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.