Karachi May 30 2023: The gap between US Dollar in the interbank and Open market widens to 31 on increasing demand from piligrims as IMF ask Pakistan to fix its currency market.
Pakistani rupee gained 06 paisas against the US Dollar (USD) in the interbank trading on Tuesday and closed at Rs285.35 against the previous day’s closing of Rs285.41. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market stood at Rs313 and Rs316, respectively.
The International Monetary Fund is working with Pakistan to fix its currency market and resolve other issues before it resumes its $6.7 billion bailout program that ends in June.
Authorities are focusing on the restoration of proper foreign-exchange market functioning, the passage of a fiscal year 2024 budget consistent with program goals and adequate financing, says Nathan Porter, IMF mission chief for Pakistan.
The price of the Euro decreased by 97 paisas to close at Rs305.02 against the last day’s closing of Rs305.99, according to the State Bank of Pakistan (SBP).
The Japanese Yen remained unchanged and closed at Rs2.03, whereas an increase of 38 paisas was witnessed in the exchange rate of the British Pound, which traded at Rs352.58 as compared to its last day’s closing of Rs352.20.
The exchange rate of the Emirates Dirham and the Saudi Riyal came down by 03 paisas and 02 paisas to close at Rs77.69 and Rs76.08; respectively.
