Thursday, September 28, 2023

Massive Unexpected Drop in UAE Dirham Value Against Rupee! Here’s Today Rate

As the deal with IMF has been made, the Pakistani rupee faced a gain against UAE Dirham which settled at Rs. 74.05 on 4th July 2023. Experiencing an approximate 5% increase of Rs. 3.8865 on Rs. 77.73, the UAE Dirham reached Rs. 74.05 and is expected to fall further.

The $3 billion financial package agreement with IMF has given the country major economic relief. Moreover, a further gain is also expected against UAE Dirham in the coming days. The Chief Executive and managing director of Orient Exchange, Rajiv Raipancholia stated that a 5% appreciation is highly valuable as the rupee has lost more than 20% this year.

In addition, the total liquid foreign reserves settled at $9,340.08 million and the central bank reserves stood at $4,069.9 million. However, a LuLu Exchange spokesperson reflected that Pakistani currency trading will remain volatile and it might trade in the range of Rs. 70 to 76 against Dirham.

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