KARACHI: July 10, 2023: US dollar rate rose marginally in interbank today (Monday). It’s trading at Rs 277.75 against its last day’s rate of Rs 277.00 buying). US currency rate in selling market is recorded at Rs 280.00.
According to All Pakistan Currency Dealers Association (APCDA) in open market, US currency is appreciating in value as compared to the local currency. In open market, US dollar is trading at Rs 279.00 (buying) and Rs 282.00 (selling) today.
There was massive gain in value of PKR following signing of an agreement with the International Monetary Fund (IMF) last week but very next day US currency made up lose and gained considerable value against the local currency.
The market experts say that the local currency market is showing correction and there will be more fluctuations in it in coming days. They attribute recent gain of USD to lifting of restrictions on imports by the government.
Pakistan had ended restrictions on imports as a part of its deal with IMF and it has increased demand of US dollar for opening up of the letter of credits (LCs). For the last many months, Pakistan had imposed restrictions on imports as it did not have enough forex reserves to pay for LCs in dollars. Finally, it agreed to IMF to lift ban on imports provided it grants Islamabad a bailout. IMF agreed to this Pakistan’s demand. Honouring commitment with IMF,
Pakistan had ended all restrictions on imports hoping it will restore normal trade activities in Pakistan
Other major currencies like Saudi Riyal, United Arab Emirate (UAE) , Euro, Pound Sterling are showing upward trend in the local currency market today. Saudi Riyal is trading at Rs 74.00 (buying) and Rs 74.80 (selling) respectively. UAE dirham is trading at Rs 76.70 (buying) and Rs 77.60 (selling). EURO is trading at Rs 304.50 (buying) and Rs 309.50 (selling) respectively. Pound Sterling rate in local currency market today is Rs 356.00 (buying) and Rs 361.00 (selling). AUD is trading at Rs 183.60 (buying) and Rs 187.50 (selling). CAD is trading at Rs 208.50 (buying) and Rs 212.00 (selling) . Chinese Yuan is trading at Rs 40.00 (buying) and Rs 43.50 (selling).