KARACHI: , May 17, 2023: US dollar is showing slightly downward trend in interbank, but its surging in value substantially in open market today (May 17). In interbank, USD dipped slightly and it’s trading at Rs 284.80 against last day’s Rs 285.
However, in open market , US dollar is trading at higher rate today. Its value vis a vis the rupee jumped up by Rs 3 to settle at Rs 294.00 (buying) and Rs 297.00 (selling) 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 78.20 (buying) and Rs 79.00 (selling) respectively. UAE dirham rate in open market today is Rs 80.00 (buying) and Rs 81.00 (selling) respectively. . Euro rate is Pakistan currency market today is Rs 318.80 (buying) and Rs 322.00 (selling) respectively. Pound Sterling rate today is Rs 366.00 (buying) and Rs 370.00 (selling) respectively. AUD rate today in local currency market is Rs 193.00 (buying) and Rs 195.00 (selling). CAD rate today is Rs 216.00 (buying) and Rs 219.00 (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 3.60 (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.