Rupee crashes to another historic low against US dollar

Gold prices hit record highs in Pakistan in line with global market trend,

Islamabad_The Pakistani rupee’s pathetic run against the US dollar seemed not ending as the greenback soared to another historic high in interbank trading on Monday.
According to the State Bank of Pakistan, the Pakistani rupee depreciated by another rupee against the US dollar and ended the day at another historic low of Rs302.
On Friday last also, the Pakistani rupee had hit a new record low against the US dollar, as it settled at RS301 in the interbank market. At close, the rupee had settled at Rs301 after a decrease of 78 paisas or 0.26%.
In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz had stressed the need for early operationalization of the EXIM Bank for enhancing Pakistan’s exports. The enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves.
The central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of August 18, on account of debt repayments, data released on Thursday last showed.

While.

The prices of gold hit record highs in Pakistan in line with the trend of the international market on Wednesday. One tola of pure gold of 24 karats has witnessed a price hike of Rs2,900 to Rs2,36,400 which is the highest price in the Pakistani gold market’s history. The price of 10 grams of pure gold of 24 karats has also risen by Rs2,486, marking a new price point of Rs2,02,675 per 10 grams. The price of 22 karats of gold usually used for jewellery making in Pakistan has also increased and traded at Rs1,85,785 per 10 grams. In the international market, the price of gold also increased by US$21 per ounce to US$1,938 per ounce on Wednesday. On the other hand, the price of pure silver of 24 karats did not change and traded at Rs2,850 per tola and Rs2443.41 per 10 grams.