USD Exchange Rate: Rupee makes slight gain

Rupee rises to Rs278.10 against the USD but falls to Rs302.98 for the euro.

The rupee has slightly increased against the USD and declines against euro and other major currencies, according to the latest exchange rates.

The indicative buying rate for the US dollar stood at a selling rate set at Rs278.10 and the buying rate at Rs277.60

Meanwhile Euro at the selling rate was Rs302.98, while the buying rate stood at Rs302.43.

For the British Pound, the selling rate was Rs362.98, and the buying rate was Rs362.33.

Canadian Dollar was priced at Rs201.46 for selling and Rs201.10 for buying.

Australian Dollar’s rate was Rs186.75 for selling and Rs186.42 for buying.

In the Gulf region, UAE Dirham was trading at Rs75.72 for selling and Rs75.58 for buying and Saudi Riyal, the selling rate was Rs74.07, and the buying rate was Rs73.93.

On the other hand, Qatari Riyal’s rate was Rs76.30 for selling and Rs76.16 for buying.

Among other notable currencies, Swiss Franc stood at Rs322.09 for selling and Rs321.52 for buying.

Kuwaiti Dinar (KWD) commands the highest value in the market at Rs907.99 for selling and Rs906.36 for buying.

Earlier, Pakistan has significantly failed to meet the International Monetary Fund's (IMF) requirement to collect Rs10 billion from traders under a new scheme in the first quarter of the fiscal year, managing to collect only 0.001% of the target.

This shortfall of 99.99% is an unusual miss for an IMF condition, reflecting poorly on Prime Minister Shehbaz Sharif's government and raising concerns about the sustainability of the new $7 billion IMF deal.

The IMF had set a target of Rs10 billion for net tax revenues collected by the Federal Board of Revenue (FBR) from retailers under the Tajir Dost scheme for the July-September quarter, but actual collections were reportedly under Rs1 million.