Pakistani rupee off to positive start against US dollar in interbank,
Gold prices in Pakistan experience minor rise,
KARACHI – Pakistan Stock Exchange (PSX) reached another milestone during early trading on Monday as the benchmark KSE-100 Index surpassed the 51,000 mark, as market has so far gained 25.27 per cent since the start of the current calendar year.
By the time this report was filed at 10:34am, the benchmark index had touched 51,22023 against the previous closing of 50,731.86, representing a gain of 488.47 points, or 0.96 per cent.
It was in May 2017 that Pakistan qualified for the Morgan Stanley Capital International (MSCI) Emerging Markets Index in May 2017, an upgrade from Frontier Market Index.
The same month also saw the market reaching the all-time high of 53,124 points as the KSE-Index witnessed a huge surge during Nawaz Sharif’s third stint as prime minister.
However, the trend was reversed amid the political and economic uncertainty created by his disqualification with the index tanking to 37,919 points in a matter of seven months.
Meanwhile,
The Pakistani rupee made a positive start, though not a strong one, on the first day of the week against the US dollar in the interbank market on Monday,
According to the information collected from currency dealers, the Pakistani rupee appreciated by 30 paisa’s against the greenback and was currently being traded at Rs278.50.
During the previous week, the Pakistani rupee had snapped its rally against the US dollar and had closed Rs1.18 or 0.42% week-on-week lower to settle at Rs278.80 in the interbank market.
The Pakistani rupee, as per a brokerage house, fell amid higher dollar demand to make foreign payments.
Earlier, the rupee had maintained a positive close for 28 successive sessions – one of the longest appreciation runs as it cumulatively had gained 10.93% since hitting a record low of Rs307.10 in interbank market on September 5.
The unprecedented increase largely came on the back of a crackdown against smuggling and controls on exchange companies.
On Monday, the price for 24-karat gold per tola hit Rs209,000. At the same time, people interested in 22-karat gold can secure it at Rs191,583 per tola.
Even for those looking to purchase less quantities, the rates remain quite catchy. Presently, 10 grams of 24-karat gold are priced at Rs179,184, while 10 grams of 22-karat gold can be acquired for Rs164,252.
This shift in gold prices can be attributed to a significant move in the value of the dollar, emphasizing the relation between currency values and the price of gold.
On the international stage, gold prices have experienced a downtrend, with the current rate standing at $1,972 per ounce.
Its important to remember that gold prices in Pakistan can fluctuate a lot throughout the day, depending on global market trends.
These rates are sourced from reliable outlets, mainly located in Karachi and Multan.
We suggest consulting your nearby gold merchants and jewellers for the most up-to-date and precise gold rates.
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