US dollar reaches all-time high against PKR

Pakistan witnesses significant drop in gold prices,

LAHORE – The US dollar on Monday hit an all-time high against crumbling Pakistani rupee, setting a new record in the interbank market.

Amid the economic meltdown and political instability, rupee fell to an all-time low and breached the 300-rupee mark, reaching a record high of 302 rupees.

The open market witnessed the dollar’s value hitting 300 rupees.

The upward movement in the dollar’s value signifies the continuation of the rupee’s devaluation trend, setting a challenging tone for the week ahead.

The green back’s upward trajectory against the Pakistani rupee showed no signs of slow down as at the start of the new business week, the dollar shot by 0.75 paisas, touching a staggering 301.75 rupees, according to currency dealers.

During the previous week, the rupee demonstrated consistent weakness, recording losses in all five trading sessions and ultimately reaching an unprecedented low of 301 against the US dollar

Earlier,

In a noteworthy economic development on Monday, the value of gold has taken a sharp downturn in Pakistan, sparking reactions across the nation’s financial and jewellery sectors.

According to the latest reports, a tola of 24-Karat gold has experienced a significant drop, plummeting by Rs1,500 to reach a new price of Rs 2,33,000.

Similarly, the price of ten grams of 24 Karat gold has declined by Rs1,286, now valued at Rs1,99,760. This sudden shift in pricing has left many market observers intrigued and businesses recalibrating their strategies.

Notably, the reverberations of this decrease in gold prices have also rippled through the pricing of 22-karat gold, a popular choice for jewellery crafting in Pakistan which is currently trading at Rs 1,83,113 per 10 grams.

On the international front, the global gold market has witnessed a hike in prices of yellow metal. The international price per ounce increased by $1 to settle at $1,915 on Monday.

In contrast, the price of silver has remained stable in the Pakistani market. A tola of silver continues to be valued at Rs2,850 and 2,443.41 per 10 grams.