Local currency reaches Rs261.50 against dollar in interbank;Rs266 in open market,
Gold prices increase again in Pakistan
Islamabad/Karachi_The mighty dollar struck back against the Pakistani rupee in interbank market on Tuesday and the hit was hard as the greenback recovered the lost amount it conceded in the morning and then rocketed by Rs1.58,
At the start of the business, the Pakistani rupee recorded its fifth successive gain against the US dollar as the local currency went up by 42 paisas straight way, but the world’s most powerful currency snapped the rupee’s winning streak and scored a massive gain of Rs1.58 and ended the day at Rs261.50, said the State Bank of Pakistan.
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On Monday, the rupee settled at 259.92 against the greenback, up seven paisas in the inter-bank market.
The Pakistani rupee appreciated nearly 1.1% during the previous week to close at 259.99, as news of an inflow of $700 million from China boosted sentiment.
The currency has been on a gaining spree since it hit its all-time low of over 276 earlier in February, with realisation of export proceeds and a higher flow of remittances through legal channels aiding the recovery.
The country’s foreign exchange reserves have increased marginally but the level is still at less than one month of import cover, and underscores the urgent need for authorities to revive the stalled International Monetary Fund (IMF) programme.
Gold regained lost ground on Tuesday as bargain hunting trickled in after prices dropped some day earlier in response to the continued recovery of the Pakistani rupee against the US dollar.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 karats) increased by Rs300 per tola and Rs257 per 10 grams to settle at Rs1,94,400 and Rs1,66,666 respectively.
Meanwhile, 24-karat pure silver prices in the domestic market remained stable and traded at Rs2,080 per tola.
In the international market, gold prices decreased by US$2 per ounce and traded at US$1,810 per ounce.
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