KARACHI: , May 16, 2023: US dollar is showing slightly downward trend in interbank, but it gaining substantially in open market today. In interbank, USD dipped slightly and it’s trading at Rs 285 against last day’s Rs 285.05 .
In open market , US dollar is trading at Rs 291.00 (buying) and Rs 296.00 (selling), showing an increase of Rs 2 against its last day’s rates of Rs 290 (buying) and Rs 294 respectively Other major currencies are also showing mixed trend in the local currency market.
These are the rates of other major currencies today in Pakistan’s currency market. Saudi Riyal is trading at Rs 77.70 (buying) and Rs 78.70 (selling) respectively. UAE dirham rate in open market today is Rs 79.50 (buying) and Rs 80.50 (selling) respectively. . Euro rate is Pakistan currency market today is Rs 316.00 (buying) and Rs 32.00 (selling) respectively. Pound Sterling rate today is Rs 363.00 (buying) and Rs 368.00 (selling) respectively. AUD rate today in local currency market is Rs 192.50 (buying) and Rs 195.50 (selling). CAD rate today is Rs 214.00 (buying) and Rs 218.00 (selling) respectively.
Chinese Yuan rate today in local market is Rs 46.00 (buying0 and Rs 48.00 (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 3.20 (buying) and Rs 3.70 (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.