KARACHI: March 10, 2023 : US Dollar remained pegged at its last day value of Rs 280 (buying) and Rs 280.50 (selling) in interbank today . US dollar had closed at the same rete after gaining substantial value yesterday. The currency dealers say that US dollar always makes gain versus the local currency on Thursday when the government makes payments particularly for oil import.
In open market, US dollar is trading at Rs 279 (buying) and Rs 282 (selling)( today Saudi Riyal’s rate today is Rs 74 (buying) and Rs 75 (selling). . UAE dirham rate today is Rs 76 (buying) and Rs 77 (selling).
Euro’s rate today in Pakistan is Rs 295 (buying) and Rs 298 (selling). Pound Sterling rate today is Rs 330 (buying) and Rs 334 (selling).
AUD rate in Pakistan market today is Rs 183 (buying) and Rs 185 (selling). CAD rate in local currency market today is Rs 201 (buying) and Rs 203 (buying) AUD appreciated by one rupee today and CAD appreciated by one rupee in the local currency market.
Pakistan has received $ 1.2 billion from the Chinese banks and irs reserves available with the State Bank of Pakistan (SBP) have improve , but its yet to go back to business as usual . The banks are still not opening letter of credits (LCs) for public and private sector. The business community is wailing over the government’s apathy in this regard as restrictions on LCs have critically damaged their supply chain system bringing their production side at a grinding halt .
Other than LCs problems the businesses are facing rising import cost of their raw materials due to addition of 25 percent sales tax over and above already being paid at 17 percent.
