KARACHI: July 20, 2023: Downfall of the local currency against major currencies is continuing and even inflows of billions of dollars have not proven enough to help Pakistan make some steady economic recovery. For the last at least one week, US dollar is continuously appreciating against the rupee in the local market. USD soared to new highs to Rs 283.75 (buying) and Rs 284.80 (selling) in interbank on Thursday.
USD has gained more than Rs 7 against the local currency in interbank in the last one week.
Open market has become even more volatile. US currency appreciated by another Rs 2 today and it’s trading at Rs 287.00 (buying) and Rs 290.00 (selling) respectively.
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 payments made by the banks for letter of credits (LCs) for crucial imports.
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 76.60 (buying) and Rs 77.40 (selling) respectively. UAE dirham is trading at Rs 78.20 (buying) and Rs 79.00 (selling).
EURO is trading at Rs 321.70 (buying) and Rs 324.90 (selling) respectively. Pound Sterling rate in local currency market today is Rs 370.50 (buying) and Rs 374.20 (selling). AUD is trading at Rs 194.00 (buying) and Rs 198.00 (selling). CAD is trading at Rs 218.00 (buying) and Rs 221.00 (selling). Chinese Yuan is trading at Rs 42.00 (buying) and Rs 44.00 (selling) respectively.