Gold prices per tola hits new peak in domestic market,
The value of the US dollar gained record Rs3.02 against the Pakistani rupee in the interbank exchange.
At the beginning of the business week, the US dollar recorded a notable gain of record Rs3.02 against the rupee, solidifying its upward trajectory and closed at 291.51 in the interbank trading.
The dollar rose by Rs3.60 in the interbank market on Tuesday morning, reaching a new high of Rs292.10.
The greenback also rose by Rs6 in the open market, reaching Rs302. The increase in the dollar came amid concerns about the country’s economic outlook.
Currency experts and dealers reported that on the opening day of the business week, the US dollar continued its ascent, becoming more expensive by an additional rupee in the interbank market.
This development comes on the heels of a previous increase, where on the final day of the prior week, the US dollar had strengthened by 89 paise against the rupee in the interbank exchange.
The rupee has been under pressure in recent weeks due to a number of factors, including rising inflation, political instability, and a widening current account deficit.
Exporters, on the other hand, might find some relief as their products become more competitively priced in the international market. Additionally, this development could influence consumer prices domestically, potentially leading to inflationary pressures.
As the situation continues to evolve, experts are closely monitoring the currency exchange rates and their potential implications.
The local business community and consumers alike are advised to keep a close watch on these developments to make informed decisions in response to the changing economic landscape.
The price of 24-Karat gold gained record Rs1,100 in the domestic market and the new price of the gold reached Rs222,900.
The price of 10-gram of 24-Karat per tola gained Rs943 and reached Rs191,101.
The global price of gold per ounce reached $1903 with a decrease of $11.
On the other hand, the price of 24-Karat silver per tola remained unchanged at Rs2750.
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